Interested in the Real Estate Business

[skg1396]

Hi, my name is Stephanie, and I am considering Real Estate as a career move and am very excited, but first I am doing a bit of research and have a few questions that hopefully someone can answer :)

1. I understand that there are fees that each realtor charges a real estate agent. What are they and what is the average amount?

2. I currently have a full time job that will be getting the (financially) through the first year or two after obtaining my license. Isnt there an amount of "office time" each real estate agent is required to do per week? Do most of you just work from home?

3. What is an average commision split? 50/50, 70/30...

4. As a new agent, how hard is it to sell your first house?

These are just some of the questions I have, but I didnt want to take up too much time :)

Thanks in advance for the responses!

Stephanie

[RE Consulting Services]

Hi Stephanie!

Brokers can sometimes charge fees to agents but not all do. It depends upon the brokerage firm, what they offer, and what your split is.

Typically, the more fees you pay, the less support and paid marketing you receive from your broker and the higher commission split you get. Fee-based brokerages are usually for experienced agents that don't want a broker involved too much with their business and they want the highest split possible. They pay for all their own support and marketing.

A no-fee brokerage will typically pay for quite a bit of your "stuff" like advertising on your listings in newspapers and magazines, have yard signs available for your use, pay for some postage for mailing of postcards, etc. offer lots of training and support but will give you a lower commission split in exchange. Even though they do provide this... it IS limited so be sure to request an exact list before signing up with anyone.

A broker is running a business and as such has to earn an income from the agents working underneath them. It is up to you whether you would rather have more paid support and less commission or more commission and less paid support.

With time spent in the office, again this is going to be a broker thing. It really depends upon what your broker wants. When you are interviewing brokers, be sure to ask about what they require from new agents. New agent typically spend quite a bit of time in the office training and working with their sales manager. Once you're experienced then working from home is definitely a viable option. The best thing for you is to explain to any brokers you are considering that you are planning on working part-time and explain what you're thoughts are as to how often you would see yourself in the office and how much time you can devote to real estate as a career.

As to how hard it is to sell your first house... that depends on you :)

-Angela

[fmike630]

Stephanie,

Do you know a seasoned Realtor who would be able to help you after you get licensed? The basic material you learn in school really don't assist in the marketplace.

You need to develop marketing, mls training, contract preparations, and many more issues that arise in a transaction.

I only pay $150.00 flat fee per transaction.

Write me if you have any questions I would be glad to help

fmike630 at msn dot com

[skg1396]

Thanks for the responses :) they were very helpful. I do not yet have someone who can show the the "ropes" yet, although I am still just trying to get my feet wet in this industry. I appreciate the help and will keep you in mind once I get things rolling. Thanks again for the feedback!