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Agent2Agent : Nationwide Real Estate Advice

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Activity 11,289
A few hours ago
Kathy Burgreen answered:
As a successful former realtor, I will tell you it will be very difficult to work part time in real estate. BEFORE taking your exam, read the following & ask yourself the questions I posted.

1. As a realtor, you are self employed. You will not receive a regular paycheck, your pay is from commissions earned on sold homes. If you don't sell anything, you don't get paid.

2. From your gross commission check, you will have a signed contract that states your broker will take a percentage of your commissions. For new agents, this varies about 40 - 60%. Example: let's say you sold a home for $400,000. The seller's listing contract states the listing agent gets 3% ($12,000.) and the buyers agent gets 3% ($12,000.). From the $12,000. commission that you earned, your broker will take 50% = $6,000. From the $6,000. that you keep, you will need to pay Federal income taxes, Social Security taxes, health insurance & put some money into your savings or retirement account. Texas has no state income tax. What's left? Not much. As a self employed realtor, your broker does not deduct taxes & other items that regular employees see on their paychecks.

3. Do you have cash / savings to start your business with? As soon as you pass your state exam, you will start interviewing at brokerages and choose one to work with. To start working as a realtor, you will need to pay for start up fees / costs: MLS fee, lockbox fee, legal fee, brokerage fee, training fee, desk fee, advertising costs, etc. All these fees come out of your bank or your paycheck from your job.

4. Do you have a list of people you know personally who is looking to buy or sell in your area? If yes, you won the lottery - congrats! If you don't, start creating a list of everybody you can think of who is looking to rent, buy or sell. You need to learn that brokerages will NOT give you a list of people to buy, sell or rent. Brokers expect you to get your own leads yourself. This is why it takes time for new agents to get their business started. You will need to sell yourself to people who are willing to work with you.

5. Do NOT expect to earn a commission for at least 6 months unless you know somebody who is selling or buying right now.

6. If you only work part time in real estate, develop a plan when buyers or sellers expect you to be available at their convenience - not yours. You need to learn that if you're not available at their convenience, they will quickly forget you and select another agent to work with. How quick? About 5 seconds.
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Yesterday at 11:25am
Diane Christner answered:
Unless you go to work for a builder, who may (or may not) offer a salary plus some sort of commission on sales, agents get paid by commission...period. It's a results based industry. You get paid after a successful closing.

Keep in mind that your broker will take a portion of your commission check earned for his/her share as well. You'll also need to set aside a portion of each check to pay your taxes -- income, social security & medicare. Remember, your broker does not contribute to the SS & medicare, it comes entirely out of your pocket.

You will also have to join the local MLS & pay local/state/national board dues in order to have access to the MLS data for agents.

Expect start up costs to run upwards of $2000. Then there are the ongoing expenses such as business cards, lockboxes, advertising, etc.

As a new agent, it is typical to go at least 2 or 3 months before you earn your first commission check.

Real estate can be a rewarding career, but you need to be aware of what to expect up front in the way of expenses. Approximately 80% of new agents leave the industry in a year or less. With good planning, you can become one of the 20% that make it.

Good luck with your new career.
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Yesterday at 10:14am
Maureen Kile answered:
The leads are bad. Disconnected phones or numbers that ring to infinity, no voice mail etc. waste of money.
0 votes 23 answers Share Flag
Yesterday at 6:37am
Ryan Beesley asked:
Wed Apr 26, 2017
Scott Godzyk answered:
Trulia does not update profiles, scroll up, click on your name and scroll to listings. You can add sold listings from there
0 votes 1 answer Share Flag
Tue Apr 25, 2017
Jlibman answered:
try working with a small but experienced team.make sure you ask for " buyer and seller leads" .....good luck.
0 votes 118 answers Share Flag
Mon Apr 24, 2017
Pam Anderson Gard asked:
The listing is only 2 days old but your website says 180 days. Please make the correction and let me know how to make changes in the future.
0 votes 0 Answers Share Flag
Mon Apr 24, 2017
Amankansal answered:
If your personal website does not generate leads, let the leads come more from Trulia etc. but use your personal website to convince visitors why you are the best person to work with. So they can see that when they visit your personal website, such as to vet you after finding you on Zillow.

See for example http://www.thebrettjenningsteam.com/. No listings there but a lot of material about marketing themselves.
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Mon Apr 24, 2017
Mark LeMenager answered:
You have asked this question in Florida in the USA, which is a very long way from the Indian Ocean if you really mean Reunion Island and not Reunion Resort in Kissimmee.
0 votes 1 answer Share Flag
Mon Apr 24, 2017
Mhealy3 answered:
I tried them for 1 entire year in 3 zip codes. I spent almost $3,000 and I didn't receive one customer or client from it. Not on person contacted me from their ad. DON'T WASTE YOUR MONEY! THEY DO NOTHING FOR YOU! ... more
0 votes 113 answers Share Flag
Sat Apr 22, 2017
Susan Hansford answered:
Having a tenant pay an entire year’s rent up front is wrong on all levels. There is NO benefit to a landlord to take a full year’s rent upfront.

Paying a year’s rent upfront sounds very fishy and sends up many red flags.
1. What is their motivation for paying upfront?
2. Can they show documented proof (W-2s, 1099s & tax returns) where the source of funds came from?
3. What exactly is their credit score?

Personally, I would never accept payment in advance, because it remains the property of the tenant until the beginning of each month and the landlord may not use any except the amount owed each month. There is no benefit to a landlord and, plainly said, it is a bribe to entice dumb greedy landlords.

Suggest to your client that he/she put the funds into an account which they pay their rent from each month- if they can’t manage their money, that’s their problem- a landlord doesn’t want to make it theirs.
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0 votes 19 answers Share Flag
Fri Apr 21, 2017
Scott Godzyk answered:
You should really ask a lawyer what form of ownership will suit you both. A LLC can have members, a manager or co managers. When you set it up, you set it up like you need to suit your needs. ... more
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Thu Apr 20, 2017
Steve Armstrong answered:
I have three for sale I can send pictures and I am having them deprogrammed from my MLS provider relpy to Steve@exitlegacyutah.com
0 votes 74 answers Share Flag
Wed Apr 19, 2017
Marco Clavijo answered:
I did pay for the premium service and I am 5 months in no listings. I also only paid for zip codes where NO ONE was paying for premium service which puts me #1 on the list for that zip code. No listings. My rep was extremely helpful during the sign up process, always called back and walked me through every step and even gave me discounts. Since I completed everything, I have never been able to get her back on the phone. Extremely disappointed!!!! ... more
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Tue Apr 18, 2017
Johnny.benson asked:
Working with Carol Kerber on this issue yesterday, please help, jb
0 votes 0 Answers Share Flag
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