Anybody know about the Real Estate business at all?

[Heyo]

How do you get into it? What are the pros and cons of it?

I know you can go to school, and then get the state license.. and then what? That means you can work for a broker, and show houses?

Do you get paid on commision then? Or have to actually be a broker?

Can anyone who knows give me the lowdown on getting into the R.E. business?

(It's just an idea I have been toying with)

Heyo

[ohiosmith]

1. Contact your local Board of Realtors.

[R Hickey]

2. Commissions are about 6%.

These are split four ways, Listing broker gets 1/4 th, listing sales person gets 1/4 th Selling broker gets 1/4 th and selling broker's agent gets 1/4th.

[Heyo]

4. Is that 6%..

.. of the total sale price of the property?

[Kathy in Cambridge]

3. It depends on the state

I would check out the State of Florida Web Site and see what the qualifications are. In MA, it's pretty strict: you have to go a class, pass the exam, and then work for a year as a salesperson under a broker FOR FREE before you can qualify to take your broker's license.

Remember that you work solely on commissions, and when you're new, it can take you a long time to build a customer base and sell your first house. It's something to do part-time, unless you already have a large book of business.

I have my license, and Mr. RR has worked in RE for years. It's a great living but it takes sometime to get going in it....

[ScreamingMeemie]

5. I am an appraiser of real estate. It is a great job if one is ethical.

No commissions. Straight fees paid for each appraisal if you work on your own. You make your own hours. I don't work evenings or weekends because the city offices are closed and it is too dark to shoot off pictures. Training varies from state to state. Here in Michigan you must take 75 hours of state board approved courses to receive your limited license. With this license you train with a licensed appraiser for 2000...then you take a state test for full licensure and you're on your own! Well worth it. Good luck! :hi:

[Heyo]

6. Hmmmmm..

2000 hours of teaining with the licensed appraiser.

I take it that is "unpaid"... ?

Not the kind of thing you can do if you still have to have a regular job during the week, huh.

hmm

Heyo

[ScreamingMeemie]

8. I got paid for my training. It was a "fee split". If the appraisal was

$300. I made $150 and my trainer made the other $150. Even if you do one to two a day, that is some pretty good cash. Appraisals here in MI range anywhere from $200 to $500. The work you put in ranges from 2 to 8 hours. As you get the hang of it, most never take more than 4 hours. :hi:

[MadHound]

7. Other than it is a scam? No, nothing at all

Sorry to those of you out there who are realtors, but my experience with them has been horrible. The insistence that we, the seller, who are paying them good money, work around THEIR schedule, do what THEY want done, make the offer THEY want, is rude and ludicrous. All while paying them three to six percent off the top of the closing price.

Having had to sell a number of house in the past few years, I gave up on realtors after the first three. Found out that I could do a better job myself, and get a better price. And it's great to keep the extra thousands that would have otherwise gone to a realtor.

Again, not wanting those here who are in the biz, it isn't anything personal. I've simply never had a good experience with a realtor.

[Carolab]

9. I'm a new construction agent

directly licensed to a builder/broker. Our payout, split between 3 agents, is 2% per home. We payout 2.7% to the buyer's broker (broker's agent usually keeps about 1%). It's a different picture from selling existing homes in that we are actually construction consultants. Business walks through our door. We don't have to chase it. Buyers actually benefit from hours upon hours of our expertise in designing and pricing not to mention the hand-holding during the four months it takes to complete their homes. Training was pretty straightforward and inexpensive--a few weeks of classes and a relatively low fee for taking the exam. The hard part is getting in with a builder.