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Updated 10 months ago on . Most recent reply
What Real Estate (RE) license benefits a RE investor?
It is silly to ask but I hope you guys don't laugh at me. I've just passed a Real Estate (RE) salesperson exam. My license states that it is a non-working status. What do I need to do next? How does a RE license help for your own RE investments?
Most Popular Reply
Congratulations Lilian! When you speak with brokerages don't forget to ask them questions such as:
Do they charge an admin fee on a transaction? Is that fee reduced if you are paying a referral fee to another agent? These fees can be as much as .179% of a transaction's price.
Do they charge you a franchise fee?
Do they charge an annual "worldwide fee" which supports their name brand? These can be as much as $400.
What is your commission split? Does this number require you to sell more to achieve a split which is more favorable to you vs them? For example. 70%/30% up to $X in sales, then 75%/35% up to $Y in sales. If you have a down year, the answer can really hurt you the following year, making it harder to recover.
What is your annual commission cap? For example, some brokers are as high as $26,000.
Are they charging you for E & O insurance, Skyslope, a CRM?
Do they charge you a monthly fee?
Do you receive a commission check at the close of escrow? Will they allow you to receive direct deposit? Can you still receive direct deposit even if you don't use their transaction coordinator?
Do they have an office? Do you want to pay for that office via fees?
Do they offer company stock, and provide passive revenue share income which is willable to your heirs?
Do they offer a nationwide learning forum where you may view videos 24/7 from the company's best agents who train you for free? Then, those agents are compensated to offer better trainings via company stock.
Will an agent sponsor you that is available 18 hours a day, seven days a week when you have questions? Can you sponsor other agents and receive compensation when they succeed? If yes, how much compensation?
Do they have an online forum where you will see other agents asking for an agent that serves your area so that you can apply for a referral?
Do they charge an admin fee on a transaction? Is that fee reduced if you are paying a referral fee to another agent? These fees can be as much as .179% of a transaction's price.
Do they charge you a franchise fee?
Do they charge an annual "worldwide fee" which supports their name brand? These can be as much as $400.
What is your commission split? Does this number require you to sell more to achieve a split which is more favorable to you vs them? For example. 70%/30% up to $X in sales, then 75%/35% up to $Y in sales. If you have a down year, the answer can really hurt you the following year, making it harder to recover.
What is your annual commission cap? For example, some brokers are as high as $26,000.
Are they charging you for E & O insurance, Skyslope, a CRM?
Do they charge you a monthly fee?
Do you receive a commission check at the close of escrow? Will they allow you to receive direct deposit? Can you still receive direct deposit even if you don't use their transaction coordinator?
Do they have an office? Do you want to pay for that office via fees?
Do they offer company stock, and provide passive revenue share income which is willable to your heirs?
Do they offer a nationwide learning forum where you may view videos 24/7 from the company's best agents who train you for free? Then, those agents are compensated to offer better trainings via company stock.
Will an agent sponsor you that is available 18 hours a day, seven days a week when you have questions? Can you sponsor other agents and receive compensation when they succeed? If yes, how much compensation?
Do they have an online forum where you will see other agents asking for an agent that serves your area so that you can apply for a referral?