Getting My Michigan RE License

5 Replies

Hello BP.

So, I've decided to take the plunge and get my RE license. I start my pre-license course next month and I couldn't be more excited.

To any realtors/agents from Michigan, what kind of monthly/yearly fees and splits should I be expecting?

Would you recommend a "big" broker (Re-max/Century 21/Keller Williams/etc...) or a smaller, local brokerage?

Any advice would be appreciated. Thanks in advance for any answers!

Shawn,

It really depends whether you want to work as a "traditional realtor" or got the license primarily for your own investment purposes. It also depends whether you want to do only residential or also commercial deals. Some of the brokers allow you only to work with properties that fit into a certain mold. I would speak with several brokers (even different offices of the same larger companies) and see where feel comfortable you could get the most training and support. In my experience, when you start out in the residential real estate world, splits and fees are comparable between the bigger brokers and can often be negotiated after a few months.

@Shawn Daniel I interviewed with a local KW branch about 9 months ago. If I remember correctly, the office fees ran about $75 per month, board of realtors membership was about $200 per quarter, access to the MLS was another $70 or so plus you need to obviously buy all your own marketing material. The splits if I remember right were 60/40 for the first three deals and then 70/30 up to a predetermined amount.

I ended up using my license in a different way so that's about the extent of my knowledge about it. 

@Akiva L. For the most part, I bought the license for my own personal use. But the main reason (for now at least) is for MLS access and to potentially save on some commissions. There's always a chance for a career change and I could become a full-time agent though. Haven't made it that far quite yet.

@Nick Keesee So looking at around 2 grand a year. It should be worth that, but the only way to find what'll work for me is to interview different branches/companies...if you don't mind me asking, how did you end up using your license? 

I'm with auction.com and hang my license there.  It's not a commission based position but it still required me to hang my license with them.

Originally posted by @Nick Keesee:

I'm with auction.com and hang my license there.  It's not a commission based position but it still required me to hang my license with them.

@ Nick Keesee - How does that work? Are you saying that auction.com is your broker that you work under as an agent? If so, what did you need to do to have that position? 

Thanks, 

Joe