I'm thinking about getting into real estate. I'd like to know the process of becoming a real estate agent, what you need for certain to be able to apply.I'd also like to know what you get taught/trained to do and how much commission money you would make for an average sale. do you only get paid for every sale or do you get paid for going to work? if so, how often?one last question, is it a grueling job? to the point where you cant stand it? or is it a nice job with a few challenges here and there?thank you so much for your answers!
The average real estate salesperson, according to data that is a few years old now, makes less than $30K a year. Why? Because in real estate, even though you work with a Broker, you are responsible for whether you succeed or fail. Many people think it's easy money - but it takes work to build a referral network and some business savvy to effectively market and distinguish yourself from the thousands of other agents in the market. Those who find their niche and hit their stride by contrast, can easily make six figure incomes. The discipline comes in with regard to tax planning and self-imposing a work schedule when there's no clock to punch. Real estate can be an interesting and rewarding career - but it takes someone who is self-motivated and disciplined to succeed. On the other hand, you essentially set your own hours and the more you put into it the more you can get out of it.
You need to choose 1 agent and they will represent you as a BUYING AGENT. They will find properties for you that suit your needs even though it is listed through a different listing agent. You need to get a preapproval first, which will give you more power when making an offer. Plus the agent will more likely help you once they know what you can afford. Keep in mind, if you find a house, alot more goes into buying than just a walkthru and say you want it. The mortgage loan process which involves income, credit score, debt to income ratio, downpayment, home inspection, appraisal, survey, title search etc. Good Luck in your search and definetly deal with one agent that will respresent you as a BUYING AGENT
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You need to take classes whether online, in college, at a real estate school or with a real estate company. You would be taking Real Estate Principles, Real Estate Practice and an elective which could be real estate accounting, escrow, property management,real estate law,etc. I would also suggest you take an accounting class, time management, marketing, public relations. You would be trained by the book in what real estate is all about, certain laws,land contracts, HOA, developments,etc. Too much to try to explain here but too short in the books. There is no average sale because it is based on what you produce and your commission is usually a standard amount of 3%. Yes, 6% commission is broken down to 3% for buyers side and 3% for sellers side (selling and listing). You get paid when each transaction is closed, you don't get an hourly fee, just commission at the end of each transaction. Depending on how many transactions you do a month would determine how much you will make. It can be a job where there are difficult days just like with any other job. You have to remember this is not an employee/employer situation. You are working for yourself and therefore your success depends on you. *side note- out of your 3% commission comes any desk fees,phone,internet,copier,E O insurance,company fees,etc.
