Thread: Options as a broker

I received my CA broker license last year. Initially, I applied for it because my educational background allowed me to waive most of the educational requirements as well as the 2-year saleperson requirements. I haven't done much of anything with it since I got licensed at about the same time I got involved in an entreprenurial activity w/ a partner of mine.

Well, the venture didn't go as we had planned and I'm looking to shift gears back into real estate. I am faced w/ a dilemna on how I should approach this given the state of the RE market, my lack of real estate/sales experience, and my dwindling bank reserves.

I would like to emphasize that my goal is to make enough money to live off of for the first 3 to 6 months. I do have enough reserves to hold me for a year, but I cannot take the risks of further depleting my account at this point. Instead of going the route of chasing deals on my own, I'm looking into getting involved with the sellouts of new housing communities (condos). Is there anything wrong with approaching a broker and asking for a meager salary and low split rather than what the saleperson/broker split is?

I would highly suggest opening your own company or just get a virtual office. Then again, if you don't have the capital, there are brokers who go work for other companies or established brokers. Usually its a low salary and a low split or just based on a higher split. But then again, if you already have your broker's license, what's the point? As a broker you get 100% of the commission from the deals, so theoretically, you should only have to close 1 deal per month to have a pretty decent income. There are ways of using your broker's license to your advantage as well. Maybe you should switch to mortgages rather than focusing on real estate