I have just past my real estate exam and would like to know what to look for in a sponsoring broker and what fees will be required once I start working? Any help will greatly be appreciated.
136274
HOOOOO BOY! It ain't cheap. But it's necessary. You've got quarterly MLS dues, Local board dues and national board dues. They add up to somewhere between $400 and $500. Can't remember and could be wrong. Not cheap though. There are definitely some things you'll need and some you won't. Business cards are your first expense. They're your life blood. LEAVE THEM EVERYWHERE! Run out? Order more! There are all kinds of marketing materials out there. Most you really don't need to start off, but be ready to get them once you're rolling. \n\nYou really need to write a business plan and plan where your money's going in advance, because it will snowball on you if you're not careful. If you don't know how, find a business coach to help you. It's a worthwhile expense. There are a lot that charge on a sliding scale, depending on what you make. \n\nTo pick a broker, interview at least three. Go with the one you feel most comfortable with. The one you feel like you can go talk to if you have a problem. They should have a sales manager that doesn't actively sell. Just manages agents. If you need structure and classes, Century 21 and Keller Williams have pretty solid reputations. Keep in mind that most offices are independantly operated though, so one C21 office could be 100% different from another. Go with your gut. It's your best judge. \n\nWhere are you in Texas? I'm in SA and can point you in the right direction if you're in town. \n\nAll it takes is hard work and a willingness to keep learning. Period. Be ready to work though.
194274
The laws are different in each state - there is usually a state part of the test that you need to take/pass and a national part as well.  And in some states, if you need multiple state licenses, if you get a high enough score on the national part of the test, they allow that to count in the new state and you may not have to take the national part again.  There are educators in each state that offer the classes (usually a 40 hour class) that you need to take in order to get licensed.  Check with NAR or your local state Association of Realtors and they will have the details available for you.
269743
I think what you are asking is: If you go directly to the brokerage company, or property management company, do you pay an extra commission?  No.  You sign the lease and pay the monthly rent each month.  Before you move in, you also pay the security deposit, an extra deposit if you have pets, maybe a charge for the credit check, a key deposit if it's required, and the last month's rent if it's required.  While it is not legal to pay the selling commission directly to you because you are not licensed, you may be offered move-in incentives, more flexible terms, or other discounts (where legal) if there is no selling commission to be paid to a selling Realtor.\n\nIf you use a Realtor, he may ask you to pay his commission, or he may be paid by the brokerage company, or he may ask both of you to pay him a fee.  If the brokerage pays his commission, and he is happy with that, then you do not owe any extra.  Many times, property managers cooperate with Realtors, many times they don't.\n\nIf the brokerage company lists the rental in multiple listing, your Realtor will know the commission the brokerage company is offering before he contacts them.\n\nA Realtor you hire as your agent in a lease may be able to negotiate terms of the lease in your favor, especially if it is a unique, or complicated rental situation, or you are looking for a long term rental of say 5 years or more.  If you are planning on sub-letting, that usually must be added to a standard lease. You may want a certain structure to your yearly rent increases.  You may not want to make equal rent payments every month. You may want a certain agreement written into the lease regarding maintenance or repairs or improvements to the property, for example, who will be responsible for lawn care and snow removal, or can you have a garden area, or put up a fence, or put up a storage shed.  Maybe you need something modified so it is more accessible to the handicapped.  You will also want to be clear on what pets you are allowed to keep, or whether you allowed to smoke if you wish.  You may even need to make changes regarding how many people are allowed to stay with you.\n\nIf you go to the brokerage company on your own, take time to thoroughly read everything in the lease before you sign it.  If you have issues with certain provisions of the lease, you are always free to try to have them changed to your satisfaction.  \n\nOne way to negotiate rent payments: You tell the brokerage company what you want, and tell them to rewrite the lease before you sign it.  Another way would be: You sign the lease you are given but you would cross out the yearly rental amount you don't like and write in the amount you want.  Then you would change the monthly rent payment in the same way, and initial both changes.  Another way to negotiate the rent: You cross out the entire clause regarding the rent, type up a new rental clause and make it part of your counter-offer, then sign the lease, and initial your new rental clause.  You will also want a time limit which forces the landlord or his agent to consider your changes within a certain amount of time, like 5 days, otherwise your counter-offer is no longer valid.\n\nAnd for your protection, always have an attorney review the original lease, as well as your counter-offer, before you sign or present it, or give a deposit to the brokerage company.
359548
STOP!!!! THINK for a minute here -- and really LISTEN to those who know you the best.  There are some IMPORTANT Points to think about:\n\nYou just got your real estate license, and are starting work for a broker.  OK -- that is fine ... but really ... have you thought about BENEFITS?  You know, are you on salary -- do you have a medical, dental, hospitalization plan -- life or disability insurance -- is it enough to live on your own and pay your own bills -- well into the future?\n\nand ... now that you are in the 4th year -- WHY GIVE UP NOW -- you do realize that NOT having a Degree is a Financial Disadvantage in moving up in ANY Business Environment -- so how in the world do you think you will be able to branch out into property management, mortgage brokerage, or any other specialization in Real Estate that will allow you more earning power IF you do NOT have a degree with you?
59592
Realtors make money off their referals to local banks.  Some will push it to the point that they ywill only work with you if you use their lender.  Beware.  See the Money magazine artivel below for more info..\nhttp://money.cnn.com/2006/02/13/real_estate/closingcosts_money_0603/index.htm
551272
Why would you want to pay closing costs twice, by refinancing?\n\nThere are too many variables for a specific answer, but\nyou need to be asking this broker some questions- why do I need a cosigner- what's the rate- how much do I need to bring to closing- is it a fixed rate-for how long-is there a prepayment penalty?, etc.\n\nRead all the paperwork and don't sign it unless you understand it, and don't give anybody money until you are comfortable moving forward. \nShop around, but don't let people keep pulling your credit. Get your scores from the broker and be honest when you are talking with another broker.
128321
If you can get in with Realtors, go for it.  There are so many "B Credit" loan officers out there that the Realtors don't need you.  They have a guy already.  Concentrate on doing one thing really well and let them know what that one thing is.  That's your only hope going directly to them.\n\nSend letters to all your office's past clients.  Give them an article or something that will interest them and publicize a mortgage or credit seminar.  Call this list of people and ask them if they'd like to reserve a seat.  You can advertise but you may not need to depending on how big your house list is.  I did all this and of all the people who attended, only about 1/4 or less came that saw the ad.  Everyone else came after I spoke to them on the phone.  It will get you some deals but, most importantly, it will spread good word of mouth about your company.  \n\nHere's the most important part.  Take these new deals to Realtors that like you.  If you give them deals, they'll do the same.\n\nThis is one of MANY options.  You could work with local FSBO's by PreQualifying their potential buyers.  Or call "for rent" ads and send them info about investor and commercial loans.
294233
If you sell mortgages for a bank, you don't need to be licensed.  You will likely have to be licensed to work in a broker shop.  Most states have caps on what you can make on the loan.  In Ohio it was 7.99%, but it's changing to 5%.  Many lenders have their own caps on what they'll let you charge as well.  Really it comes down to the customer.  Good luck charging the cap unless you're their only hope, and you'd have to be pretty good to be the only one to come up with a program no other broker can do.  Also, broker shops have become very competitive with slowing sales.  If you can prove that you can meet a steady (and impressive) monthly goal, you're in a good bargaining position (over 50% of your fees).  Remember .. the broker has to make some money too, or there is no shop!  :)
673937
This is a dangerous question to ask.   Always be watchful for the wolf in sheeps clothing.   I work for the State of Indiana in a capcity that investigates real estate fraud.   Guru's and Personal coaches (although I'm sure some well meaning people exist) are mostly predators that seek to swindle people out of money that they don't have.   Become an expert on the subject of real estate investing.   Read.  Join real estate trade organizations learn your trade before jumping in.   Another alternative is to trade your time (labor) for knowledge with a local real estate investor willing to work with you on such an arrangement.   Please be careful.
419081
You get a real estate license, start at the bottom selling small properties, and work your way up the ladder.  If you hustle and work hard all the time, are smart enough to recognize opportunities, work hard, risk your own money at times, work your butt off, promote yourself to the big brokers, and work harder than the other realtors, you can make it.\n\nBut you'll have to work hard - did I mention that?
516782
I worked in architecture and engineering as a graphics specialist and project manager for almost 10 years before switching full time to being a Realtor.  We also have to engineers in our office that work part time as real estate agents.  One of them, a structural engineer, quit his job this year as he made over 100k as a real estate agent.  Considering this was one of the worst years in 10 in the Denver market.  That's pretty good.\n\nIf you want to be an Architect, I assume it's not about the money.  It will be a long hard haul until your making good money as an architect.  \n\nI would highly recommend taking an online course to get your real estate licence.  I completed all the required course work online in about 5 days.  The costs for the class, my license, insurance and my Realtor dues amounted to about $1500 for my first year.   There are lots of small brokers/companies that would be more than happy to have you and there is potential for a lot of money even without going full time.  Look for one with a niche that will make it easier for you to compete as a young broker.  \n   You would most likely be on a commission split between 50% and 70% on each deal depending on how you get your leads. You should look for a place that doesn't charge any desk fees.  My last year part time with my architecture job I made almost 35k spending less than an hour a day following up with clients and leads as a Realtor.\n\nBottom line,  I highly recommend it.  The return on your investment into being a Realtor will make you a better architect by having a better understanding of the value that your buildings will bring to your clients.  And of course, you can make a lot more money than as an architect if you apply yourself.   You can also be both without any real problems but you will  have to learn to manage your time well as you will be getting calls on a regular basis.\n\nGood luck
259053
Appraisal fees are mostly based on the property and the property type. Around in Southern California, the fees are from 300-450 dollars for basic apprasials (Single family homes under a million).\n\nThey need to be licensed. Once licensed, they can work for themselves, banks or other companies.\n\nThere's something called a Broker's price opinion. They are not as detailed as an appraisal, but they run 100-150 bucks each (around here). Basically a broker runs comps of the property and makes a physical inspection of the property and gives his opinion on how much he/she thinks the property is worth.\n\nYour best bet is to have a real estate agent run the comps for the properties you like and have your purchase agreement be subject to the property appraising at x amount of dollars.
57684
Start by getting a credit card-a gas card will even work. Just charge a tank of gas or so every month on it and pay it off as soon as you get the bill. This will start helping you to better establish credit. You may want to go ahead and talk to a real estate agent. You don't pay them. All of their fees are paid by the sellers of the house. They can go ahead and tell you what to do to build up your credit and get you pre-approved. Sellers deal more readily with pre-approved people because they don't have to wait as long to finalize the deal. My realtor helped me find a state program that gave me a $2500 down payment assistance loan that had to be paid back at $36 a  month for 7 years. I ended up getting into my house with only $300 out of my pocket if you can believe it!
304854
I can help you, I think.  I am a ne agent in AZ myself.\n\nFirst visit the AZ Department of Real Estate's website @ http://www.re.state.az.us/ and click on licensing information.\n\nFirst you will have to take 90 hours of classes at an accredited school. Then take and pass their test.\n\nThen you will have to take and pass the state/national exam given in two parts.\n\nThen you will have to find a broker to hang your license with. Essentially this means that you will have to find a firm to hire you.\n\nLastly comes the fun part.  You will then need to find clients who want to employ you to sell them a home.\n\nGood luck in your new career choice. If you have any other questions drop me a line
671081
You can always negotiate mortgage terms.  Origination and interest rate are negotiable.  Remeber that the loan broker has a family and a job as well.  On that note if they wish to continue to do buisness it is in their best interest to take care of you.  Origination points are not the only area of concern.  Title companies overcharge at times as well and less shopping is done for them.  There are sometimes junk fees on the loan as well.  If you want me to look at it (licensed mortgage broker) I will.  I have nothing to lose if you are not in a state I do buisness and if I am I will walk through the shopping process.  Smart customers always shop but you need to know what to look for.  Let me know.
199801
I looked into becoming a realtor a while ago, I'm a SAHM so it sounded good.  Hours wise, its pretty flexible in that you decide how many you want to work, how many clients to take on.   Depending on your financial need, you might just need to sell one house a month.  But what I found out (which is why I couldn't do it) is that it's a lot of start up costs.  You have to pay for the training (usually given through a real estate company), pay for your testing, pay for your licensing and to be on Realtor Boards.  Plus there are annual dues for being on the Realtor boards (which is required by most real estate places).  So here, start up was going to cost about $1700.  But if you can swing that, its really flexible in that you decide how much you want to take on.  But, keep in mind that most open houses are on the weekends, and that most people like to go see homes on the weekends or after THEY get off work.  So it might not be a real scheduled job for you, just flexible in how much you want to take on.  Money wise, its like 7% that you get.  So whatever the sold house goes for, you get 7% of it (in Michigan anyway).  So the money can be very good.
61627
You should be close to the area you want to 'work'.  \n\nIf your sphere of influence is near where you live, you need to consider moving closer to that area.  The only way to make sure you get off to a good start in real estate is to service the people you know.  \n\nI've been in the business 3 1/2 years, and the referral base is really only now getting what I would call 'good'.\n\nIf it's not working in that location, you need to look inward and determine why.  Is it because of location, or are you making sure you're doing all the things you need to do to succeed.  In my short time in the industry, I've watched a lot of people spin their wheels and eventually leave the business.  \n\nHang in there.  If you have any questions, feel free to contact me.  Good luck!