Your very valid question raises even more questions.   

For starters:

What is different now versus then?

You'll need a hefty savings account to withdraw from and to pay your fees from. It could take a long time to go from $10K to something you could live on.

Did you ask your past clients what you could have done better? Maybe that will give you some insight into what to do differently this time.

Real estate is a full job too. Sometimes you have to find what works for you the best and focus only on those skills. Do not try to do everything.

Did a blog bring you any business? how about open houses, did you manage to convert any visitors into clients? etc. 

real estate is hard work with long hours  you have to put into it what you get out of it and it takes dedication and lots of hard work and hours... every day we wake up unemployed and have to find someone to let us work for them. it isn't 9-5 its hard work long hours every day but it will pay off if you make it work.

Many great answers here. Have you given any thought to developing a niche market and focus on that?

Why not? If you think you have it in you - and you know you can make it. why not?

This may sound harsh but why do you think a Real Estate business is for you? Not everyone is cut out to be an entrepreneur which is what we are.

Get a 2nd job and save every penny so that you have a cushion to fall back on when you finally make the switch.

Meanwhile study real estate books so you gain more knowledge.  Knowledge is power. Then take a hard honest look at yourself.  Are you personable? Have a professional look?  Is your car spotless?

There is more to real estate than just being out there...

Eve

Without knowing ANY details of your situation, I feel confident in saying: Going back into real estate IS risky.  The real estate business is as difficult now as ever.  The failure rate is 87%. You were a statistic of the majority. You have to go in with a plan and be willing to work the plan and build the business.  You need substantial financial reserves to do so.  Working as a part of a busy team is probably the best way to get back into it.   I have seen many agents do that and go on to be independently successful.  

If you're serious about getting back into real estate, ActiveRain is a powerful platform jam packed full of wisdom shared by successful agents all across the U.S. and Canada.   Immerse yourself in reading blogs posts here and you'll get an education you can't get anywhere else.  

Have some money saved up so you can live for about 6 months.  When you get back in have a business plan, manage your time, and prospect every day.

Keep your day job and ease into it again - maybe try to shadow an agent who is in production and learn from that agent - having something that you are passionate about will make the day job easier to bear and having the day job will take the pressure off you as you get back into real estate - Also practice your scripts because if you are spending 8 hours a day making calls you should be able to prospect like crazy around new listings and get business that way - if you have good scripts

So, you did all the stuff those brokers with 'train'n' programs told you to do, but failed to realize you were a participant in the well established FAILURE SYSTEM designed to take $12,000 of your hard earned dollars and make you blame yourself for failing.

So far, I have not read anything in your words that would change the outcome.

What should you do? Exactly the same thing any citizen wishing to start their own business would do.

This is not a hobby. It's a business. 

One will need to be bold enough to use a name...even a fake one is better than ANONYMOUS.

Michael Jacobs nailed this one!

learn to market yourself and get back into real estate....

In real estate you need to target your efforts to potential leads who are actually ready to buy or sell. Dropping off 100,000 post cards can be a waste time. Perhaps joining a team that already has listings, buyers and sellers where you can get a running start?

Lots of good responses, but I would recommend that you evaluate your financial needs and then maybe start as an assistant to a busy, more experienced agent so you can learn from someone who is doing it and earning a good income.  Good luck!

I have no idea what you did before that caused you to make so little money in real estate, so hard for me to counsel you on what you should do.

Sounds like you need a plan if you are going to do this.  I would start with a Brian Buffini workshop, even if you don't do the coaching. 

Only if you will do what is necessary to be successful.

Sure, you should

What the answers! 

Not if you have a good paying job!

That is a good question, and it does take reserves to get started again.

I would consider something else.

You sound like so many other agents who went the way of a full time job when the going got tough and now many are trying to make their way back into the industry

I mean this with all due respect, but I don't think real estate is for you - keep your job and maybe do it part time or on referral basis

If the want to give it a try again, look to go in as part of team and develop good business practices and build your confidence. You may be able to work out a draw of some sort.

Real estate... one of the few times you see someone working 80 hours a week to avoid working 40.

Since you hate the phone job, I'd definitely leave that one!  You have to love and enjoy what you do, otherwise why get out of bed?

Unfortunately, I don't know your area and have no clue if $10k (assuming that's net after broker split) is a good number or not.  Out here, you can make more than $35k/yr on minimum wage.

It sounds like you were doing the right things.  If your office has "floor time" maybe consider that as a way to get any upcalls that come in.  Asking for referrals helps too.

Spend some time learning how to do it right this time around.

Perhaps keep your job while you build a client base.

It depends on your situation. Very good question!

 Try real estate again... but join a team or partnership.

I completely understand. If you absolutely love it but think it wasn't successful for you, I think you should give it a try again with better guidance. Getting started it's not easy and a lot of people get into real estate thinking it falls on your lap. There's so many ropes along the way that you only learn best by experiences. 

Good luck

If you work it right you can make lots of money.

If your full time effort brings a PT income, it is time to consider doing other things.  99% of agents drop out when  Upkeep a license costs as much as your PT earning.

If you did, you'd have to try new strategies, maybe get a good coach or mentor, since your previous efforts didn't work. Or maybe you just gave up too soon? 

You might consider starting out on a team as a buyer agent or at least finding someone to mentor you. And having moeny saved up to live on is essential - probably 6 months. There are some other good ideas here, too

Only you can answer this question. You obviously know what doesn't work for you. I would seriously think about it before quitting your current job.

Perhaps that is not it for you...keep seeking until your passion shows up

I would suggest to join an active real estate team

I love Lise Howe's answer - While you're doing what you do, work your own sphere also.  Be in-touch with your market and prospect, prospect, prospect!

Sounds like you ned a mentor to help you get started!

No; we’ll watch it for you

$35K for a salaried position sounds like a dead end job.