My boyfriend and I are trying to get into a real estate class......However we can't afford it. I work for a real estate company. Is it possible to get my broker to pay for it, but we sign a contract saying we will work for this company as agents and pay him back in payments or as our commission comes in? Is this called sponsering..?
Here, you HAVE to have a sponsor to work. You can take the class, but you can't actually get your license without a sponsor. In a lot of cases, the broker will pay for the school (especially if he has a hard time finding decent agents who actually want to work) and then you may or may not have to pay him back. But, regardless of whether you have any type of agreement with the broker to pay for the course, you will still need a sponsor to get your license.
Yes and he's being generous most won't pay although it's worth asking the question. This is different than any other job I know...You should interview the brokers and choose the one who will give you the most-training , response time, Is you broker good at the business? Do they compete with you? Will they give you leads? Ask better questions and then see if there is anyone else out there who wants you bad enough to help you out! If you have a good line of friends or contacts that is gold in this business! So talk it up.
Attend open houses. Also, pick up the local real estate books that they give out for free. Find a few houses you like and call the listing agent and ask to see the house. That will give you a chance to meet a few local agents and see if there is anyone you mesh well with. We used Remax with our last purchase/and sell. However, I would not base my decision on a specific company name....each realtor is different and unique. Try to stick with a company that has a more well known name (none of those discounted fees places or tiny companies) so you know you are getting the most accurate information possible. If possible, it would be nice if the agent was close to your age, so that they can relate to why you are looking for certain features or locations, and can better foresee other homes that may be perfect for you that maybe you are overlooking as being somewhat unfamiliar with the area. Good luck! Look at several houses before making any offers!
Not likely. What you have to understand is, selling real estate isn't just taking classes and passing an exam. It is really having your own business, but the law requires you to be licensed under a broker, unless you are a broker yourself. To start any business what do you need? Capital/money. You'll need 2 years or more worth of income to a footing until you make money selling. There are also costs you have to pay, again it is a business, you'll typically pay for advertising, office supplies, office space, etc. You don't get the whole commission. It is split, sometime 4 ways, and not evenly. It can be 45/55 split, then split again, then all expenses come out of your net before you see a check. Then you have all your own personal bills and taxes to pay. It is not easy. Cold calling, talking with people who don't think much more of you than a car salesman. And how do you avoid them, being on the do no call list! So now you can't call, what do you do to get business? It's hard work, sometimes very fustrating because you can spend money to market a home and it doesn't sell and the seller gives the listing to someone else. That is money down the drain. You can drive buyers all over the world and back only to have them walk into an open house and buy it without you. Are you sure this is what you want to do? You might consider investing in real estate rather than selling it. Save money for downpayment and start buying different kinds of real estate. While the risk is higher, the reward is better.
Talk to your Broker and I think its possible that he may want to develop a long term relationship. A big part of real estate is communications and this may serve to be a real opportunity for you. Best to you
