Depending on the area you are located. Some states are Broker only, others allow sales associate. look into your local education requirements (pre-licensing, state exam and post license course). Along with this cost, find your local Realtor organization, ask for an itemized list of required fees. Then figure in who you are going to work for and what fees are required. There are a lot of time and money required to get a real estate license. I recently aquired a sales associate license in Florida. Pre-licensing class $300.00 (63hours of class time required) $83.00 State exam, $125.00 post license class (45 hours online), $1187.00 realtor organization fee. Business cards, name tag, advertising fee (all adds up)! Make sure you know that you are in for before taking the plunge. Your area maybe less or more?
Depending on the area you are located. Some states are Broker only, others allow sales associate. look into your local education requirements (pre-licensing, state exam and post license course). Along with this cost, find your local Realtor organization, ask for an itemized list of required fees. Then figure in who you are going to work for and what fees are required. There are a lot of time and money required to get a real estate license. I recently aquired a sales associate license in Florida. Pre-licensing class $300.00 (63hours of class time required) $83.00 State exam, $125.00 post license class (45 hours online), $1187.00 realtor organization fee. Business cards, name tag, advertising fee (all adds up)! Make sure you know that you are in for before taking the plunge. Your area maybe less or more?
Get your license. It's worth the investment. Not to save on fees but to put yourself in a better position to succeed as an investor. Having a license will not necessarily make it easier to find deals but you'll be more likely to connect with someone that can help you learn.
It's not a bad career to look into. It's very competitive. But if you find a good broker to show you the ropes, you might find a career you love. High drop out rate thought. If you've never worked on 100% commission, you might want to talk to someone who does.
I've had my license for a long time now. In very competitive markets I find great value in letting other agents represent us. If an another agent has a listing I want to buy, we let them represent us... They have a huge incentive to get our offer accepted.
I live in northern Illinois, Do I have to be apart of an organization in order to make a sale of a property for my friends and family?
I guess I'm not aware on how expensive it is, there is a pre license course for $495 for 6 weeks. That is all I know, I know that if I did want to take it as a career then advertisement is key. I have thought of the idea of giving a 1% cashback of the property bought or sold.
I currently have a annual income of $80-$90k job, but I don't want to work 9-5 till retirement.. Just want to get started with real estate/investing
glad to hear you like it @Sara Tremeear, hope I will to !
Getting your license to save broker fees obligates you to a higher standard of excellence and paperwork than selling a property you own as a FSBO. This may increase the likelihood of being sued by the buyer if it is a house you lown and should have "Known better" as the agent of record. You may never be able to sell FSBO because of the license. If you sell FSBO you pay no realtor fees. So yes you can sell as the owner to friends, family and even total strangers as long as the deed is in your name or you are the trustee.
Yes you will be able to scour the MLS for deals. You can do the same if you work with a good agent.
Agents split their commissions four ways. Listing Agent / Listing Broker / Selling Agent / Selling Broker. You can earn up to two of those commissions if you work hard. It will be Years before you can earn all four. So lets say you sell it your commission will be about 20% of the standard 6% here in Illinois.
Just listed a $329,000 property and negotiated a sales commission of 4.5% with the listing agent so there are exceptions.
You do not need an real estate agent's license to succeed in this business. Just FOCUS on what you can do!
I was told that if all I wanted to do is learn about real estate, then prepare for the exam, but don't take it. Being licensed means taking on a legal duty that limits one's ability to take certain actions other investors can take.
I know people who became licensed stock brokers but never got a job in the industry. They're still not allowed to speak their minds about companies and markets because of SEC rules that limit what they can legally say.