I guess that it depends where you are at because in addition to the fees mentioned, most brokers, including myself, will charge E & O insurance - either per deal ($75 to $150) or per year ($800+). I’m in California. A real estate license is useful if you are in the business full time since in most cases you can use the commission to help with the down, etc. I do anywhere from 30 to 40 deals per year with 2 assistants in addition to my brokerage business. Most companies in my area will not accept part time agents because of the libility. Especially, the “BIG” national companies!
Realtors Please read…( Carmen, Rob, etc…) - Posted by Patricia_Fl
Posted by Patricia_Fl on April 24, 2002 at 23:46:57:
Hi all,
I am trying to convince my sister to become a real estate agent in order to get access to the MLS, and to have someone I trust on my side presenting my offers as fair /favorable as possible.
My sister would only be able to work part time as she already has a full time job. I need any good or bad points that you can offer to help me convince her that this would be in her benefit. like making xtr $$ wouldn’t be enough for her
Are there any fees that she would have to pay?
Do offices allow part time workers?
Are quotas required?
Any info you can provide would help me extremely helpful.
Re: Realtors Please read…( Carmen, Rob, etc…) - Posted by Detroit Erin
Posted by Detroit Erin on April 25, 2002 at 14:01:05:
I have my license and am going to hang it with a large company on a part time basis. I also will have the MLS fee of $38/month, but my only other fees are $375/year for attorney’s fees (the company uses their own attorney) and $350 to join the “board” of Realtors. The downfall is my broker takes 8% off the top, and then his split of 50%. Of my 50%, I get 60% and the office gets 40% for helping with open houses, paperwork, etc. Signs are extra, but do not plan to use alot. Hope this helps.
Not knowing your sister’s area, but here the cheapest rate I have seen is; $1500 up front, no desk fees, and the broker’s cut is 7% of commission. Next best I have seen, where I am at; $280 month desk fee, no broker’s cut. That is just to hang my license up. I still have pay $37 a month local MLS dues, and a new $8 a month fee for our new keys. So I am out $325 each month, just to maintain my license. Of course, it only takes 1 deal a year to pay for the whole year’s fees, but she should be aware of this. And one last thing, I don’t know if her area has full commission offices that have reasonable fees where she is at. If not, she might have to work for a 50%-90% cut with some broker to maintain the license and they most likely will have quotas and desk time.
If you only want MLS access, hook up with an agent you feel comfortable with instead. You could always have this agent present your offers, or pursuade him/her to let you explain the deal when dealing with listed properties.
That was my point in bringing the costs into the conversation. For just MLS access and representation, the fees necessary to retain a license may not be worth it. You can work with an agent on an as needed basis instead for both representation, and whatever data it is you want from the mls.