Koltin, new to the hustle in Colorado

Englewood, CO · Member since 2016 · 1 post · 2 votes

Hello there! I'm very interested in moving into a career in real estate. A brokerage firm offered to pay for school, and guarenteed me a job afterwards. Is this a scam?

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Mindy JensenPro Member

BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

Hi @Koltin Brokamp .

When I got my license, it cost me almost $3000 for all the associated fees, courses, test, background checks, MLS access for a year and $52/month desk fees.

I wouldn't say this is a scam - if it's one of the big name brokerages then it wouldn't be. I'd ask for more information from them. Do they require a certain amount of production from you in the first X months or you have to repay the costs of the license?

[email protected]Podcast Guest on Show #261

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Chad Hawkins
Investor · Panama City, FL · Member since 2016 · 15 posts · 11 votes
9y
Welcome Koltin, probably not enough info for the group to go on...you'll soon find out;)
This is a very helpful and supportive community for folks like yourself who are "interested".
That's the first step!
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
9y
Hi @Koltin Brokamp .
When I got my license, it cost me almost $3000 for all the associated fees, courses, test, background checks, MLS access for a year and $52/month desk fees.
I wouldn't say this is a scam - if it's one of the big name brokerages then it wouldn't be. I'd ask for more information from them. Do they require a certain amount of production from you in the first X months or you have to repay the costs of the license?
[email protected]Podcast Guest on Show #261
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Bill S.Pro Member
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Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
9y
@Koltin Brokamp welcome. Scam, I don't think so. I have heard of brokerages offering that. Now you do need to read the fine print. I'm with @Mindy Jensen that it's probably tied to some sort of production quota. If you don't meet the quota, then you probably have to repay them. Bottom line is, read the fine print.
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Kevin Grinstead
Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
9y
Hi Koltin, There are many options for becoming a Real Estate Broker in Colorado. I took the online class which was very inexpensive and took the test once. Paying for the license is like $700 dollars and then it depends on which brokerage firm you choose as to how much it costs up-front. In Colorado, you are required to be under a managing broker for at least 2 years. I am with Keller Williams and for new agents to learn the industry and set themselves up for success they are one of the best. Let me know if you would like to talk to the managing broker about the options.
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