Another question about getting your realtor license....

[Raven Parmer]

As may others have, I am thinking about getting my realtor license. I know you have to find a brokerage, but I don't really plan on doing anything with my license for a couple of years. The only reason I am considering it now is that i will be off work for maternity leave in a couple of months, and that would be a good time for me to do the courses. So, what's in it for a brokerage for you to hang your license there? Do they charge a fee if you don't actually represent clients and bring them in commissions? What other expenses would be associated with having my license? Is there an annual fee to keep my license active? Is there continuing education or anything like that to maintain my license? Or, alternatively, could I go ahead and take the test, and not join a brokerage for a couple of years until I'm ready? Or is there a time limit - could the license lapse?

I'm sure someone is going to ask why I wont be using it for a couple of years, so I'll go ahead and address that as well. My husband and I bought a 117 year old duplex with a separate carriage house, and we are renovating it, mostly ourselves. And we work full time jobs, and we have 2 kids with one on the way....

[Christopher Phillips]

@Raven Parmer

It's expensive to get a salesperson license and not do anything with it. If you're going to have a license, you should have a plan to minimize the expenses

There are three things to consider:

1> Passing the exam. The exam isn't easy. If you have a background in finance or banking, then it shouldn't be too difficult. But you want to make sure you pass the exam the first time. You can take prep classes online or in a classroom, depends on your learning style.

2> Once you pass the exam, you have to hang your license with a brokerage. Doing so, you'll have to pay a monthly office technology fee at a minimum to use the office services (internal network, agent websites, CRM databases, helpdesk, company online training). If you get a cubical or an office you'll have to pay a monthly fee for those as well. Once you're setup, you will have access to training, coaching, mentor programs.

Your commission split will depend on the office you go with. It comes down to a balance of commission you want to keep versus the services the office pays for. If you are with a small office and they do all the marketing, overhead, and training, you will keep very little of your commission. If you go with a 100% commission brokerage that charges a flat transaction fee, expect zero services. 100% commission brokerages are more for experienced agents due to the lack of training and support.

3> To gain access to the MLS, you have to become a member of the local board of Realtors and pay the annual dues. This will give access the MLS, their online services, and usually a lockbox electronic key. Having a license requires you to do a minimum number of continuing education courses through the board or with state/national programs. This is all separate from your office training/expenses.

PM me if you have any specifics you wish to discuss...