How much money and time do I need to begin earning commissions, and where should I work?
I want to become a residential real estate agent in either Tampa, FL or Colorado Springs, CO. I have no former training or contacts in either city as I have never lived there. I also will need a car when I get to the city of choice.
Renting & Real Estate - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
sounds like you are putting the cart before the horse, you need to pick your city, move there, go the a real estate school and get certified by that state, and hopefully by then you will have been there long enough to know the area and be able to help people, when someone is spending hundreds of thousands of dollars on a home and ask about the neighborhood, they don't to hear "i don't know, i'm new"
2 :
Read a lot of books and don't assume anything.
3 :
Your very first contract, which could take a couple weeks to a month, may entail another week or two before it is approved. At that time, it may take 30-60 days before it closes. If you continue to write a contract at the rate of one a week, you can extrapolate that. If you write a contract every couple days on a regular basis, you can probably enjoy a nice income beginning at 45-60 days. It can take longer, depending on your contract rate. Remember that the Broker/Owner may receive 50-60% of the sales commissions on a closing. Some % are 50-50. You pay all your own expenses and of course deduct all business related expenses from gross income. You will need enough cash to support your living expenses plus business expenses for at least 60 days. Maybe more as a cushion. You will be expected to knock on doors in order to garner listings for the Broker. All listings that you obtain and if you sell that property, no commissions are split with any other sales person. Any sale by you of another's listing, the commission is split with the one who listed the property. The Broker receives 1/2 of the total, first. If another sales person sells a property that you listed, you in turn receive half. This applies even on properties that are listed by a competitive Broker.
I want to become a residential real estate agent in either Tampa, FL or Colorado Springs, CO. I have no former training or contacts in either city as I have never lived there. I also will need a car when I get to the city of choice.
Renting & Real Estate - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
sounds like you are putting the cart before the horse, you need to pick your city, move there, go the a real estate school and get certified by that state, and hopefully by then you will have been there long enough to know the area and be able to help people, when someone is spending hundreds of thousands of dollars on a home and ask about the neighborhood, they don't to hear "i don't know, i'm new"
2 :
Read a lot of books and don't assume anything.
3 :
Your very first contract, which could take a couple weeks to a month, may entail another week or two before it is approved. At that time, it may take 30-60 days before it closes. If you continue to write a contract at the rate of one a week, you can extrapolate that. If you write a contract every couple days on a regular basis, you can probably enjoy a nice income beginning at 45-60 days. It can take longer, depending on your contract rate. Remember that the Broker/Owner may receive 50-60% of the sales commissions on a closing. Some % are 50-50. You pay all your own expenses and of course deduct all business related expenses from gross income. You will need enough cash to support your living expenses plus business expenses for at least 60 days. Maybe more as a cushion. You will be expected to knock on doors in order to garner listings for the Broker. All listings that you obtain and if you sell that property, no commissions are split with any other sales person. Any sale by you of another's listing, the commission is split with the one who listed the property. The Broker receives 1/2 of the total, first. If another sales person sells a property that you listed, you in turn receive half. This applies even on properties that are listed by a competitive Broker.
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