what are the steps to become a realtor ?

[zemez_man]

what are the steps to become a realtor in a local place ? pls give me any url for me to read too .. local place like cebu philippine real state ? thanks in advance

how much should i ask from realtors if i become an agent and closed a deal with a buyer or seller of property ? i mean the percentage ?

[TagTeam]

first thing you need to do is save up enough money to survive on for at least a year plus enough money for advertising

[Codythebest]

First thing first, pass the exam...:D

[james.ash]

1. Check with your state for its licensing requirements. Usually states require you to take a State Authorized Real Estate Training Classs that can cost somewhere in the vicinity of $400.

2. Next you have to pass the National and State Real Estate exams that are usually administered by a professional testing company. These are usually computer driven tests that give the testor up to about an hour and a half per test. (these are generally acknowledge to be very difficult tests unless you have prepared extensively) and they usually cost about $90 to take the National and State together.

3. Apply to your state for a License, if granted Congratulations you are now a Real Estate Agent. It is always good to have a Designated (Supervising) Broker selected before this step.

4. Now you are a Licensed Real Estate Agent and you have a Designated Broker. But you don't have acces to the MLS. Guess what more money is required. You must join the Local Board of Realtors to have MLS access, this should cost you about $350 per year. Then if you happen to be in a large Metro that uses electronic lock boxes you may need to lease an e-key from GE-Supra which may cost you a one time $50 setup and about $120 per year to lease the device, or $50 setup and $15 - $25 a month to have it installed on you smart phone.

5. Congratulations nearly a Thousand dollars later you are a Realtor. (begin your renewal hour training immediately 2 years seem like a long time in the beginning but very short at the end, take all of the free reneneal hours you can get)

6. What percentage of commissions you may be able to earn is a combination of local market conditions (you can't charge 7% when all of the other brokers are charging 6%, well you could but no one would want to list with you) and what your Broker will allow you to charge. Next, Your broker not you the agent has the ultimate say on what commission rates are allowed to be put in contract, and your broker has ultimate say on how much of that commission he/she is going to share with you, Broker/Agent split need to be in a contract.

Commissions are generally originated in two ways (1) The Seller offers a percentage of the Sales price to the Seller's Broker, who in turn may split that witht a Buyer's Broker. (2) A Buyer may pay a Buyer's Broker Commision if the Seller does not offer compensation to Buyers Broker. It is generally illegal for money to change hands in a Real Estate Transaction unless it is authorized by state law and fully disclosed. The Commission is paid to the Agent by the "Employing Broker" Typically if you are working for a Franchise Broker (Century 21, Re/Max) it works someting like this; You are the Buyer's Agent and the Seller is offering a Co-Op 6% (for the sake of this example your commission split with your broker is 60you/40 broker) Your client offers $200,000 for a property, Seller accepts and deal is closed. The total commission is $12,000. The Seller's Broker retains $6,000 and the Buyer's Broker (your designated broker) gets $6,000.... 8% of that is contractually obligated to the Franchise leaving you and your designated broker to split $5,520 you get 60% of that or $3,312


Its a nice pay day but for new Licensees and Realtors it may be a long time coming.

One good way to supplement your income or in some cases actually have an income and possibly generate listings is to write BPOs (Broker Price Opinions) very similar to a Comparative market analysis comparing listed and sold comps to a subject property, with the main difference being you are doing it with the possibility that it may lead to a listing. Note holders, (Banks, Mortgage Companies, VA-OCWEN) often solicit BPO orders from Realtors as a means of verifying the market conditions for a particular property, this saves them tons of money each year by not having to order a full blown appraisal. (Remember in a BPO you are giving an OPINION of Market Conditions NOT A DETERMINATION OF VALUE).

Doing BPOs accomplishes three things it gets you in touch with the local market and Listings and it provides INCOME, most importatnly it is a path to generate listings. Drive By BPOs (just like it sounds, drive by, take 3 or 4 pictures) then you fill out a web form giving 3 sold comps and 3 listed comps...usually pay around $50 - $75 and vary from company to company.

Your work is graded and the better you do the more work they will send you.

Here are three URLs to get you started if you wish to supplement your income by doing BPOs



Countrywide Home Loans
W W W DOT cwfieldservices.com/cfsc_newcontractor.asp

US Government (VA/FHA) OCWEN FEDERAL BANK

H T T P S // W W W DOT ora-rmsi.com/webtop/registration/default.asp

[zemez_man]

this is really a great help for my cebu real estate website which is johngamer . com

[Eric Cooper]

this is really a great help for my cebu real estate website which is johngamer . com

But if you are in the Philippines , this forum is in the USA and we have different regulations than you do. It appears from you website that you are not in the USA or Canada. Therefore, you need to seek help in your country not here, thanks

[chrishummel]

Definitely check with some local about education & rules you need to follow.

Chris Hummel

(http://www.hummelcompanies.com)

[Bobbygunn]

this is really a great help for my cebu real estate website which is johngamer . com

Isnt the laws different for selling real estate in the phillipines v. USA?

[zemez_man]

i think its different and i changed my website now to johnvill . com

[TahoeResource]

Broker fees are not set by law, but are rather negotiated between a broker and a client, depending on the location and type of property in the transaction. The seller usually pays the broker fee, which is split between the seller's broker (listing agent) and buyer's broker (selling agent), typically 50-50. Broker fees can only be paid to brokers, who may then compensate their agents for consumnation of the sale.

Some general guidelines are as follows:

* Listing commissions are typically 4-6% of the sale price for residential or commercial property, 6-10% for land, and 8-10% for business opportunities (split between listing and selling agents)
* Referral fees are typically 25% (the recepient broker pays the sending broker 25% of gross commission earned on the side of the transaction reffered)
* Broker-agent splits should range from 50-100% of the commission earned, and typically start lower and increase as the agent increases sales volume.

[keziah_sandiego]

You need to pass the Broker's Exam. The best you can do is look for review centers and enroll. They'll help you in the whole process, and you can ask them questions, and I know they'll gladly answer your questions.:)