Check in here Real Estate guys

[PUREPWR]

Ok my friend just took this real estate class that helps you get your real estate license. Now he just has to take the state real estate board test and he will be a licensed real estate agent according to him. He also claims he will make a base salary of 80k a year plus commission i guess. Now my question is, to get a job as a real estate agent or anything like that, is all you need is a real estate license or do you need some sort of associates degree or bachelors atleast. I would never trust this kid with any of my real estate, he is the dumbest kid i ever met. He got a 12 on is ACT test, has no common sense and always thinks people are trying to get the best of him. He tried a community college but couldnt pass Math 055 which is triple digit addint, subtracting, multiplying and dividing and has failed it 4 times.So what im thinking is that you can be the dumbest person in the world and still get a RE license. What do you need to get a job as a real estate agent?

TOM

[raroZ28]

My grandmother and both aunts are real estate agents. They only have their high school diploma's. They do NOT make 80k/year. I want to say it's all commission.

Every office is different. When they were with century 21, century would take a % of their commission from each house. They office they're with now, they have to PAY to work out of the office. The guy that runs it doesn't give them any kind of salary. They make their money off of closings. All they work for is commission.

My uncle does have college degrees, but it isn't any different for him. He pays for office space just like everyone else.

He is right though, all you need to do is take the tests and you're in. Same for a builder. You take a class to learn what you need to learn and prepare for the test, then you take the test, then you're licensed.

[Red20170]

My wife is an agent here in Northern VA. She does really well. It took a few years to get going. It takes a few years to get your name around and build a good reputation. It is commission based. It eats a lot of your time. Their is no set pay plus commission. In the first year, You pay out way more than you will make. You have to associate yourself will a broker. You need your key and lock which cost $$$. You need to pay for the Realtor version of the MLS which cost $$$. Joining the association of realtors $$$. All your materials $$$ Website $$$ That test is no joke. Lots of law and lots of math. Buyers do not pay the agent. Only the selling agent does. So if you sell your home for 6% half goes to the selling agent half goes to the buying agent. So on a 400000 home which is typical here. 12000 is what goes to the selling agent. Now you may think wow that's alot. But consider 30% for the broker. 28% for taxes. Various expenses. Like gas, the sign in the yard, etc.... 12000 turns into a little over $5000.00 It takes alot of homes to make 80K a year.

[TraceZ]

It's commision only. The commission is usually around 6% and thats gets split roughly 50-50 between the salesperson and the agency.

sell a $300,000 house and you get around $9,000

sell 5 of those a year and make $45,000.

Lots of young kids try to make quick money in realestate like this. Most wash out. Think about it.... How many people do you know with a few hunderd thousand dollars to spend that would trust a young kid to handle the deal?

It goes the same for really young kids that try to get jobs selling new cars. All commission = high washout rate.

I wouldnt get too excited about it if I were you.

This is exactly why most realestate sales people are older. You have to be able to afford to go without any income while you establish your name in the market. Usually this is something older people are able to do after they retire from a job. Also, with age comes the impression of respect and responsibility. Home buyers are generally more comfortable dealing with someone older.

Wish your friend good luck!!

[Steel2686]

My Wife and Mother are both Realtors. My Mother has been a CT Realtor for 25 years. As everyone here has stated, it's all commission. No base salary. The commisiion is normally 3% take home as Tracy posted, but it can be negotiated between the buying and selling agents.

Sometimes my Mother or Wife will knock their own commission down to 2%, giving the buyer's agent a 4% commission just so she can off a house that won't sell quick.

Your friend may have misunderstood someone. They probably said he could make up to 80K a year if he hustles.

[Fb0dY HoTTiE LS1]

hey thats the main reason why i'm not selling cars right now, w/ the market hurting and i will only get $125 before tax a week so if i dont sell a car i'm pretty much screwed on that so i'm going to stick it out with my boring receptionist job only becuase it pays good, but the owners keep trying to force me into sales i won't even bother wasting my time