How do i find a broker to sponsor me as a licensed Realtor without it being SO expensive? help!?
I passed my real estate exam and received my salesperson license, but i need help or advise on how to begin as a contractor without having to spend so much money getting a sponsor. Last place i contacted, they wanted me to give them over a 1000 dollars down plus a fee of over 100 dollars a month. I need help, i want to do this but it seems soo hard to begin..
Im located in the dallas area..
You are going to incur a certain amount of one time fees regardless of where you decide to work. You will need to join the MLS, get an MLS key, perhaps join the Association of Realtors if the office you choose has membership (no choice, if office belongs, you must be a member).
Some brokers will pay the fee to the state to hang your license.
All brokers have different plans for working at their offices. Some have minimal monthly fees (L & I, MLS dues) and you work on a commission split. Others have a monthly desk fee AND other monthly expenses.
Some brokers may allow you to carry these monthly charges each month & they will them be deducted from your first commission check.
Interview lots of offices to find out what their monthly & start up costs will be. Prudential, Century 21, Coldwell Banker, Windermere will all have some great "quick start" programs & you will get lots of training.
Keller Williams tends to be more of the "Amway" (multi-level marketing) of real estate. They push you hard to recruit others into the real estate business so you can earn fees on someone else joining.
Your efforts right now are better focused on learning & getting new business as soon as possible rather than doing Keller Williams recruiting.
where are you locatedby mscarriem - 6 years ago
A recommendation I once heard said that to become a realtor, you needed to have at least 6 months income in savings, to live on until you start to earn income.by quizzard123 - 6 years ago
Try Keller Williams Realty...they are national and you will like their compensation program...they should be local to you.
They charge minimum fees
Keep in mind that joining the MLS is very expensive..it's around $1500 to $2000 depending on what time of the year you join....that isn't going to change no matter where you work.
Source(s)by Expert Realtor - 6 years ago
Becoming a Realtor is very pricey but I would suggest trying a broker that has some kind of mentor program. In Orange County , CA I think First Team and C21 have these types of programs. YOu take a large hit in commission but you get to learn the biz and not pay desk fees. Good Luck!!by REO Master - 6 years ago
Where do you live? I've never heard of an agency requiring payment from a new hire, so maybe that's a practice in some areas and not in others.
I can understand the $100 a month - because furnishing you with a desk, phone, etc. is expensive and they don't know if you're going to work and be an asset to the company. When I was a broker I didn't charge, and it did sometimes cost me $$.
Many agents just sit at their desk sand wait for business to come to them, and that is an expense to the company.
Have you checked the classifieds for agencies searching for new agents? If I were you I'd call each one of them first. Be very business-like and ask about their policies and procedures.
You need to know a lot of things - such as the commission split, the expenses they pay vs. the ones you pay, their advertising policies, floor time, and availability of mentoring (if any).
Check the independent agencies as well as the franchise agencies. You may find an owner/broker who is willing to help you get started just based on your sparkling personality and your eagerness to succeed.
Remember - don't go begging. Yes, you're looking for a job, but the person who hires you is looking for someone to help him or her make more money. Focus on what you will give - not on what you hope to get.
If you need to take a smaller split for a few months while you prove your worth, do it. Then do a better job than all the seasoned agents in the office.
Source(s)by Marte C - 6 years ago
To become a realtor you need to find a broker to hold your license and here in KC, you don't pay to have someone hold your license, more than a $50 to $100 a month.
You will need to pay for your own classes, exams, testing, signs, business cards, etc and it would probably cost you about $2000 of your own money to get started. You will be an independent contractor and need to expect some up front costs and fees - it's not free - you are starting a business and $2000 or so and about $100 a month to start a business is fairly reasonable
Source(s)by Kim in KC - 6 years ago