I am just starting out as the Administrative Assistant to a real estate agent team. I want to know is it possible to be a part time real estate agent if I decide to complete the license process. Are there any legal or ethical ramifications to doing this on the side of my full time job. Do I have to share my commissions/income with the team even if its on my own time or with another agency?How do you stay loyal but make extra money in this industry? -Breaking into the industry
In every state there are: 1. Real Estate Agents 2. Real Estate Brokers Only brokers can receive commissions. Agents are subcontractors or employees of brokers. As such, agents can earn compensation off the broker's commission. An agent must be employed by a broker in order to work. Agents can only be employed by one broker at any time. So, if you were to try to sell real estate on the side, you would either: 1. Get licensed as an agent and work for your current employer (i.e., the broker that owns the office) 2. Get licensed as a broker and work for yourself. (As soon as your current employer learned of your broker's license, you would be fired.)
In North Carolina, one can only become licensed as a real estate broker. The study for a real estate agent has been combined. Loyalty floats out the window when you become licensed. Your fellow co-workers will wonder if they can trust you around their clients and the services they offer. For instance: 1. As an Admin. ***'t, you are probably a salaried (or hourly) employee (guaranteed income). Sales people are paid by commissions. No sales - no income. 2. If you were to represent a client interested in buying one of your co-worker's listings, then they'd have to exclude you from conversations. For instance: Your co-worker represents Client A (Seller). Your client (Client B) is a Buyer. If Client A's property hasn't sold in 3 months, and confides to your colleague that s/he is willing to accept $20,000 less - and you overhear of it AND tell your Client B - (and Client B has possibly considered offering full price), then your colleague and Client A will feel cheated out of $20k. Its unlikely that the Broker-in-charge of your firm will allow you to be in both roles. And yes, the BIC can/will take a % of your commission.
