Hello everyone! I am currently working on my real estate salesperson license in Pennsylvania. I live in West Virginia and from what I understand I need a broker to, in a way, sponsor me in able to receive my license. Can anyone confirm or deny this? Also any advice would be greatly appreciated!
Hi Richard, what attracted you to real estate?
You’re right you do need a sponsoring broker before you can work as an agent, they hold your license and you work under their name. Different brokerages charge different fees, and also have commission splits, where they take part of your commission, it may be 80/20 or 70/30 etc, just depends on who you go with. They may have training, some might give leads, but you are your own business, so as an agent you have to run yourself like a business as any entrepreneur would and market yourself to build clients. Are there any other specific questions you have about being a new agent?
@Richard Carl Swanson Yeah @Spence Kal nailed it. You DO have to work for a broker/brokerage as a licensed sales associate. And which one you join should be entirely dependent on your goals. What are they? Do you have any factors that may influence your decision? Are you getting your license just to invest or help others find homes as well? Will you transition part time or jump in full time? Do you plan to use your license in PA and WV? Love that area by the way. Driven through there a million times!
The terminology sponsor is widely used, but not great. You need to work for a brokerage, even though all realtors are independent contractors. It's how you protect yourself and put your license under a larger umbrella. The only way you can use your license is through a brokerage. To figure out the fit, you have to decide how you want to use the license and based on that, what brokerage model would be a good fit.
@Charlie Cameron I am currently working on my license and saving up money so that I can comfortably jump in full time. My goal is to start in residential sales and possibly look into investments down the road. Any brokerage recommendations would be amazing!
@Richard Carl Swanson I was where you were a year ago. Happy to share with you what I've learned in that time! One suggestion for you: be thinking about investing and growing multiple income streams from the very start! Yes, focus on what you need to do to go full time (like I am), but never stop working a little bit closer to your ultimate goals. You have to start on them as early as possible to achieve them!