Opening a Real Estate Brokerage?

[Bob]

I'm going to college next year and will be studying real estate.

I wish to open up my own brokerage which brokers high-end homes and property. I've grown up wealthy and lived in high-end homes, therefore giving me experience about those kind of properties. My aunt who is a top executive at Prudential said she will gladly help run my brokerage and I value that very much

She recommends that I also do investment properties like house flipping and such. Having an investment department is something I would consider.

Capital isn't a huge problem and I definitely have the BEST mentor-ship available. WHAT DO YOU THINK I SHOULD DO OR KNOW ABOUT GETTING INTO THE LUXURY REAL ESTATE MARKET?

[Kevin]

You're wealthy, you have a top Real Estate Executive for a relative, and you have lived in big houses with swimming pools, and you think we can help you?????

[David]

There is no need to go to college for that, invest your time in marketing or business administration.

A brokerage doesnt "broker" homes. You employ real estate agents that pay a portion of their commission to you. They list the homes they want, doesn't matter if its a 20million dollar home or a 20k condo.

Maybe you mean real estate agent? Focusing on more expensive homes? The problem there is finding the clients, if you came up in a wealthy social group it may be easier for you.

Becoming a real estate agent is fairly easy and just requires classes and some fees. The brokerage requires you to be an agent for a few years first, more classes and licenses.

I primarily do investments but I highly suggest spending a few years doing traditional real estate before stepping into this world.

Whatever you may think of your "mentor", if they are an agent working for prudential they are not that successful. The successful agents own their own brokerage and don't give a % of their income to a broker.