c9pilot: I'm going to give you the same advice I give others that ask me about this job--be prepared to spend money just as if you were starting any other business--several thousand dollars at least and be prepared to work odd hours just as any other new business owner. It's nice that she's going to send you those referrals to get started, but some of those people will end up with someone else. While I know there are people out there that can do this job part time, most cannot. You've indicated that your are retiring. Just keep in mind that your time will not be your own. When the offer comes in at 5:00 on Saturday night, you have to deal with it. I really believe that one of the reasons there is such a high number of people that leave this career is that they didn't really have their eyes wide open when they started. Many people seem to think we spend our time driving around in nice cars and making lots of money---far from the truth. I don't mean to discourage you, but do believe it's best to begin knowing the sacrifices that will need to be made.

After hanging out with one, it's not the job for me. She used to get calls at all hours of the night, when on vacation, some would just drop by her house. I don't know if this is the norm but after seeing that, no thanks.

Thank you for the advice here.
One of my big questions for her is how much the monthly costs are - maintaining the website, memberships & professional fees, etc. She's basically offering for me to take over where she leaves off; replacing her name on the website, I suppose hooking me up with her broker, etc. Her office is in her home, so I'd have to set up in my home as well.
There is basically only one other realtor in this neighborhood and apparently she is "weird" so the turf is open for me to step in. The weird realtor is chomping at the bit because she thinks she's going to corner the market now, not knowing that my realtor is passing on her legacy.
I'm retiring from the military, so I'm quite used to working odd hours. In my current job, I'm leashed to a cell phone and get calls at all hours. Hopefully my clients would understand if I didn't get back to them over a weekend because I was out cruising, just as I did when she didn't return my emails within a few days.
You reminded me that I would probably have to get a nicer car to drive clients around in...or would they mind driving in a soccer mom mini-van? I am a bit worried, too, that I am going to be just new to the area, and not familiar with the town at all. Where I've been living here in CA for the last two years, I can find almost any house in town without a map.
Any other words of wisdom?

Is she going to get any money from you for doing all this? Because if not I don't see your problem. My best advice is to get a car with a GPS in it so you can find your way around. the next best solution would be to get a portable Garmin which I have used even in Europe and all over the U.S. It even tells you great restaurants in the middle of no where.
Clients may not mind a mini van if you are dealing with boaters.

It sounds like you're thinking about doing this as supplemental income...

Personally, I think you'd do better selling on eBay as a part-time job. Buyers & sellers do not generally understand that you don't want to work before noon or after three & certainly not evenings and/or weekends! :)

As a lender, I've seen thousands of small businesses fail. There's a myriad of reasons; but most can be boiled down to TIME (underestimating the number of hours small businesses people work), EFFORT (unwilling to spend the time/money to stay current in their industry), CASH FLOW (lack of stockpiling 1-3 years' expenses going into the venture), & MENTALITY (you need a different mindset to be a successful small business owner versus being a salaried employee).

I'm thinking, based on your name, that this won't be a problem but as you've described this agent's business you'll need a working knowledge of boat jargon as well as real estate knowledge. This type of buyer is going to phone you asking about a particular home's approach to the dock (port/starboard, prevailing winds, currents, etc.). They're also going to ask questions about the nearest full service marina which may be different depending on what type of boat they have...Cummins diesel versus gas. Or, for blow-boaters...competent sail repair. We own a Nordic Tug (trawler) & find it irritating when an agent can't answer our questions about a home advertised with a dock.

I think if you try to work this territory with anything other than a full-time effort the other agent in the area will seize the opportunity to squeeze you out. It does sound like fun though...

Tricia

C9pilot - I say its certainly worth serious consideration and further investigation. Find out from her what the costs are. Without any real experience I would say that before you can go part-time at this job you will have to do it full-time plus+ for a few years. Then you find someone like yourself to mentor and after they are up to speed you can cut back. Stepping into a ready market is hard to walk away from if you can commit to the full-time part for a few years.

My best advice is to get a car with a GPS in it so you can find your way around.

The mini van my realtor has has one thats built in, not sure of the brand. She was telling me it is also a safety thing; her husband is able to track her if she doesn't phone in after a few hours; which, depending on the area is a nice feature to have. You never know who you're getting in the car with...

I think if you try to work this territory with anything other than a full-time effort the other agent in the area will seize the opportunity to squeeze you out.

Exactly what sounds like the case. Who else would these people go to if they can't contact the OP?

I would prefer to spend some time under her mentorship before being cut loose with her referrals that she's offering me (I move back there by the end of August, by which time she hopes to be cruising the Caribbean).

Is she able to mentor you?

I have a Honda Odyssey Touring model with a GPS. I'd gotten so used to having one on our boat that it irritated the beejeezums out of me not to have GPS in the car. So, spring '05 when it was time to replace my 150K mile plus Chevy Venture I got the Honda. All I can say is, "WOW!" I don't know how I ever got anywhere without the GPS?

I especially like the feature that detours you around traffic snarls, accidents, etc. Mine works from the steering wheel with voice prompts. Never have to take my hands from the wheel. When I'm done for a day...I just say, "ET...Go Home" Love, love, love it! The one on the boat is better though. It's got a 3-D underwater overlay of major channels/harbors, aerial views, & overlayed NOAA weather radar. Gotta love technology! The one on the boat does not talk to me though. :(

/T

I imagine that as a military person, you're more used to your time not being your own than most of us...Also, 'retirement age' is different (i.e., younger).

If you have enuf money to keep yourself going and put into the business, I'd say go for it. The worst that can happen is that you hate it and decide to quit. But if you have the expertise in boating (which I think you indicated you do) then it might be the perfect thing, as there's more of a 'barrier to entry' in that niche than there would be selling townhomes to retirees, for example.

That said, when you need some time for personal business, always say you have a client meeting. People often seem to resent the fact that 'service' people have lives, and expect them put on hold for every little thing. Our REA went to long island for a reunion over a long weekend and gave us the phone number where she was staying. I thought that was a bit nuts. We said, 'don't worry, we won't call you, there's nothing that can't wait until monday.' But many people probably don't have that atittude.

Tricia,

I love Nordic Tugs! Someday, when we get too old to pull the sails up, we expect to end up with a trawler, too.
I know how difficult it is to buy boat-capable property from personal experience, as well. I've had agents show me property upriver from cable crossings, fixed bridges, and waterfront swamp land (what did you not understand about "6' draft"?) It was so refreshing to find our agent via google (she's advertising in cruising magazines now), tell her what our draft, LOA, and mast height and she took it from there (that, along with our personal home preferences).

The marina thing is an issue because we haven't done a lot of boating there ourselves, and we don't think we'll be able to get our sailboat down there from MD until later in the fall. Maybe I'd have to buy that small fishing boat we'd like to get sooner as a business expense? ;)
Anyhow, researching marinas would be a fun job-related project!

All, please note and be reassured that I never said I was looking for a part-time job. What I am expecting for the first year or two would be working full-time hours for what is now a part-time job due to the steep learning curve. I'm not afraid to say it - I'm 41 years old and I'm keeping the gray hairs!

Money won't be a problem if we can sell our MD house quickly. If it doesn't sell, I anticipate having to spend quite a while up there fixing the house up using all the tips that I've learned on this board, but that's another topic. I was out there a couple of weeks ago and very, very unhappy with the tenant's lack of yard care (we dropped his rent in exchange for his taking care of the yard vice hiring a service).

I'm currently in a customer service-type job right now, and I've spent the last couple of years establishing & communicating boundaries, reassuring upset senior officers (admirals & my boss), working with out-of-town & overseas personnel (i.e. odd hours), soothing hurt feelings (apologizing without admitting guilt), patting on backs, awarding awards, handshakes, schmoozing local organizations (lots of speaking engagements in exchange for free lunch) - hopefully these skills will serve me well.
I do want the flexibility in hours to crack the whip during homework time and chauffering to sports & activities.
I've had GPS in a couple of rental cars and it is awesome in an unfamiliar city to type in the name of a great restaurant that you were recommended and it practically drives you there! (almost as good as the GPS/autopilot on a plane or boat!)

I'll tell you the truth, another really stupid thing that worries me is having to plaster my picture on everything. I have always disliked that about the industry, although I understand the concept. We have pictures of my whole staff up on the walls, but not on our business cards! Geez, am I getting trivial, or what?

c9pilot, you might want to ask your question at agentsonline(dot)net. They have several message boards, one of which is dedicated to aspiring agents.

Here is a link that might be useful: Agents Forum

C9pilot:

One thing I have not seen mentioned is terms of the takeover.

If she is going to charge you anything for the business she is "giving" you, you should insist on a "no competition" contract which will also forbid her from working in or consulting in the business in the areas you are taking over.

Good luck!

Fairyprincess

C9pilot,

Wow, with more information the position sounds like it could be perfect for you!

We just had our Tug in Annapolis Memorial Day '06 weekend. We went via the canal into the bay. What a beautiful area you live in. I used to sail when I was a pup but it's too much work now that I'm an old dog. :(

We love our Nordic Tug. We don't go anywhere fast but we go in great style burning far less fuel than many of our brethern. lol Those darn go-fast fishing boats are the bane of our existence on the water! If you don't own a trawler then I'm glad you're sailors. :)

Trawler Fest is here in Mystic (July, I think?). They have it over at the Seaport. Very fun weekend if you're looking for something to do. Check out the Seaport's website.

Tricia

Hi C9pilot, I am in Tampa and have my FL real estate license although I am not a salesperson right now. I don't recall you mentioning what part of FL you are moving to, but I can tell you that the Tampa area is currently in a slump. There are many homes on the market and all the realtors who signed up when the market was booming are not making much money. Hopefully, that will alleviate with the new state property tax law which is in the process of being passed at the moment.

I am assuming that the retiring realtor will allow you to take over her web site and clients for referral fees if you sell to her clients. Perhaps 25%? Nice for her but it will get old fast for you having to hand over a sizeable portion of your commission for each sale. Is that what she has suggested? Will new clients who come to the web site be all yours, or will you have to share commissions with her on the new ones too? Has she said what she is expecting?

"... "no competition" contract which will also forbid her from working in or consulting in the business in the areas you are taking over."

A no-compete agreement between agents/brokers has been tried in court several times and found to be unenforcable.

She has not mentioned money at all - I need to be more sure I want to do this before we talk the real deal and shake hands. Her own house is on the market but hasn't even had anybody looking (same part of the state as jerzeegirl). She'll eventually be relocating to the Oriental, NC area, which is one of the areas we looked for property with very poor luck using the services of a non-boating REA. The other was the Northern Neck of VA with even worse luck.

Tricia, don't worry, we're getting a under-20' low-power go-slow fishing boat, something to tool around in the shallow water, beach it for shell hunting, tour visitors, family (non-competitive) fishing, and expect the boys to be able to take it out on their own in a few years. We'll be getting the minimum HP possible!

Oh, and also for checking out "actual" depths vice "claimed" depths at MLW should I take over this business. I've learned that in the Chesapeake, "deep water" is usually 6' or more. In Oriental, "deep water" is 3' or more. Seems like in Florida they mean about 5' or more. That's a huge regional difference!

Thanks, everyone, for the encouragement, discouragement (important to have eyes wide open!), and words of advice!

Thanks, everyone, for the encouragement, discouragement (important to have eyes wide open!), and words of advice!

I've been following still. I think you got wonderful feedback!

So, will you consider taking this to the next level by asking her those money questions or have you decided you won't go any farther?

Still mulling it over....we've got so much on our plates right now, managing two households, major DIY renovations in one, putting another house on the market, upcoming move across the country, relatives all making us crazy...didn't even get to think about it all weekend.

Anybody know anybody who got their RE license from one of those online or DVD courses?

Here is a link that might be useful: Anybody know of this course?