So my wife and I are thinking of getting our agents license here in Central Texas. Well, I am thinking, she has decided to go forward with it. As far as I understand the process, to get your license after passing the required classes and exams, you need to be sponsored by a broker. Can someone help me understand how that works? What is the process? Are there fees involved? Do you then work for that broker as an agent?
After actually becoming licensed, where do you go from there? Do you have to join a team, like, Century 21, Remax, Keller Williams, etc.? Or do you go at it on your own? What are the every month fees associated with just being a realtor?
The reason for one or both of us to get our license is to supplement our investing. We are new to both areas as I'm sure you can tell.
I'm sure each state is a little different with all of this. Any advice would be greatly appreciated!
Hello @Trailson Moore ! First off, welcome to Bigger Pockets. There's a ton of great information here.
Although the laws may vary slightly from state to state, they all follow a general principle. I'd recommend talking to the instructor of the pre-licensing course you (or your wife) is taking, for the most accurate information in Texas and don't take my word for it. I'm no legal expert! Most of my information is based off of New Hampshire, and while the process is probably very similar, the monetary amounts and exact procedures may differ a bit :)
Essentially the way having a real estate salesperson's license works is as follows. As a salesperson, you are not allowed to practice real estate without working under a broker. A broker's license is the "step up" from a salesperson's license. It also requires a few other things specific to your state, but you're not worried about that. To take the test, you have to send in money (in New Hampshire, its $155) to your state real estate commission. You have to spend a bit of money for a background check ($25 here), and then if you pass the test, you have to send in money for your license ($90 here).
From here, you need to sign on with a broker. If you're planning on solely using your licenses to save a bit of money on your own deals, I'd recommend finding a brokerage that has a higher commission split (how much money you get versus what the office gets per transaction) and working with them. If you think you're going to work as a real estate agent at all, I'd recommend forgoing a higher commission in lieu of finding an office that has great people and a great education program. While I can't speak for any other companies, Keller Williams has fantastic training programs, and were recently named the #1 training organization worldwide, across all industries.
Signing on with an office usually has a fee associated with it... and you might also have to pay a monthly fee depending on which brokerage you sign on with. The best advice I can give you for finding an office would be to interview a variety of companies, both big and small, national and local, until you find the one that feels right to you.
I hope I haven't rambled on too much. Good luck with your endeavors :)
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