Real estate boom lures competitors

Real estate is a booming business in Colorado these days. If you don’t’ believe it, take a browse through the classified section of the newspaper and check out the cost of housing.

Or better yet, count the number of California license plates that you see on the road. With the high demand for housing in Colorado, realty could be a very lucrative career choice.

The stellar market does have at least one drawback: competition. According to the Colorado Real Estate Commission, of the 46,000 licensed real estate agents living in Colorado, 26,000 currently operate. Because pay is by commission, such numbers can make it tough to earn a living.

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Yet it still could be very satisfying employment if you are a dedicated agent. That philosophy has proved to be a successful one for Doug Dodds, an agent for The Group Inc., over the past three years.

According to Dodds, “what you put into the work is what you get out of it.” This has meant working 50 hours or more every week. “If the phone rings in the middle of dinner, I could be on the phone for over an hour,” Dodds said.

A career as a real estate agent also can be rewarding in nonmonetary ways. Buying a home is an extremely nerve-wracking endeavor, and a good agent can be one of the best forms of relief.

“Buying a home is considered one of the most stressful decisions that people can make in their life,” Dodds said.

Real estate agency is not a hard career to enter in terms of capital and education. A license is needed and can be obtained from the Colorado Real Estate Commission after an exam, which costs $77, plus a processing fee of $125.

Educational programs offered by such institutions as Front Range Community College and the University of Colorado Continuing Education Program prepare students to understand real estate laws and contracts. These programs are offered as night classes and can be completed in about two months.

Once you are licensed, you must find a broker who is compatible with your needs.

Aligning yourself with the right broker is important because that will determine how the commissions on your sales are divided. Some real estate agencies charge a flat rate or fee for the year, which is a good deal if you are a full-time agent selling a large number of properties.

If you want to work part-time, an agency that takes a percentage of commissions is best.

For the moment, real estate is healthy, and the opportunity is ripe to establish a new career in the field if you are willing to use a little elbow grease to get started.

For more information, contact the Colorado Real Estate Commission in Denver at (303) 894-2166.