I hang my license at RE eBroker, a firm down in San Diego. I don’t pay them anything. No desk fee or crap like that. Only pay them a flat fee when I do deals. They recently changed the commission structure. I have to look it up to see what they are exactly. Their commissions and fees were the lowest when I looked 2 years ago.
Good info thanks… Yeah lawyer used to waive into broker but they changed the law to protect brokers. Can’t say I blame them for trying
Good info, @manch. I was wondering how folks got around the “experience” or real estate office affiliation part of it. I may have to finally get my license during down time at work. I have tried to convince my wife to do it, since she would be perfect for the real estate game. She speaks at least 4 chinese dialects and because people love working with her she gets so much referral business. If she can pull 6 figures doing inside sales without a degree, imagine what she could do in real estate. We could be a decent husband/wife team but I get it that it is best one of us keeps the steady job with the benefits.
Why work so hard? You two don’t get along?
I know, but as you can tell by my active participation on this site, I do love the world of real estate. I would do it as a career change as I head on into retirement and just let my wife be as she is established and doing fine.
Nice, would love to know the new structure. This is all what I found on their website: “100% commission directly from Escrow Only $500 or 10% (whichever is less) and $135 E&O fee per closed transaction”. That’s pretty good compared to some broker wants 20% - 40% around here.
This is from the email I got from REeBroker back in July:
Dual Agency Transaction
Dual Agency transactions that are entered into the REeBroker Group website after August 1, 2016 will be assigned to a designated Broker-Supervisor from our office. The Broker-Supervisor will be responsible to oversee the entire transaction, may provide agency representation to buyer(s) or seller(s), and consult with the principals to prevent any possible conflict of interest. They will have the authority to not allow the Dual Agency Transaction if they see any potential legal issues. To cover the broker, supervision, liability, and other costs, the total fees will be 1.5% of the sale price. The remaining commission will be allocated to the agent.
Selling Agent Own Property (AOP) Transaction
Selling AOP transactions that are entered into the REeBroker Group website after August 1, 2016 will be assigned to a designated Broker-Supervisor from our office. The Broker-Supervisor will be responsible to oversee the entire transaction, may provide agency representation to buyer(s) or seller(s), and consult with the principals to prevent any possible conflict of interest. To cover the broker, supervision, liability, and other costs, the total fees will be 0.75% of the sale price.
Also, they don’t allow buying or selling your own property AND represent both sides. That is they don’t want Dual Agency on top of AOP. They said legal risks are too high.
Thanks @manch. I’ll do some rearch, but it seems like what we are looking for when we got the license.
.75÷2.5 is 30% of the commission to the broker…pretty expensive. .The wife will give you a better deal
What outfit did you use to get the real estate coursework requirement done (prep for test)? Did you go with an online course or did you attend a teacher lead, class room setting course? I am not too worried about the test but if you felt your particular course was good let me know the details. I am seriously thinking it is time I got it done. Too many realtors I know are aging and I am willing to learn from them for free or at least get my foot into some referrals. Please PM me if you feel it is necessary. Thanks!
I did mine with Allied School
And their practice exams are eerily similar to the real exam… I remember maybe 10 or 15 questions are verbatim the same!
What’s the major benefit to get a realtor license?
Seems that there are quite a few licensed realtors here, but none of the “realtors” are doing any deals for buyers or sellers other than Sam.
Do any of the forum “realtors” use the license to buy and sell for themselves?
You can save 2.5% on your own deals, and pick up a few friends and family deals…Advertising eats up a lot of your profits as a full time realtor. …I know big time agents that have $20k/month overhead…lots of expenses to become number one in your area…A rat race where the rats get eaten alive…
Come on, what are the chances that it was peaceful? Your damn positive realtor spin again…
One previous tenant has passed away peacefully inside the property with a heart attack during occupancy
I had one house that was haunted…Even a tenant that died peacefully could haunt the house. Fortunately according to my Russian friend who is a witch, the ghost that haunted my house was friendly…
Peaceful means no murdurer or other violent crimes, right?
My mom died in her home peacefully at 78. .I am sure she she haunts the place…But no one has complained…She loved her house so I bet she is a good ghost…Her maid refused to go back in the house after she died, very superstitious
Well I can’t imagine a hear attack is peaceful…
Yes lead generation is important, also is marketing, negotiations, follow-ups and even aftercare. As a Real Estate Agents you are all over the place to run you business smoothly.