A Career In Real Estate ?
Here's a typical breakdown on the costs of getting licensed:
Approved Colorado Real Estate school $900- to $1,100-
Fingerprints for a background check $ 60-
State Testing $ 75-
Errors and Omissions Insurance $230- (per year)
Fee to Colorado Real Estate Commission $150-
Business Cards $100-
Monthly fee to your broker office $50 to $200-
Optionally, if you want to join the local
Realtors Association $450+ (per year)
- the 'Realtor' designation is not required, it's a voluntary association that offers 'branding' and sells you stuff.
That's about $2,000- to get started. Plus the study time.
- Beware of companies that want to charge a 'sign-on' fee to hang your license. Always negotiate this away.
If you have no experience as a straight commissioned salesperson, consider one of the local Coldwell Banker or Keller Williams franchise locations. You will often see their ads for a Real Estate Career Night. They offer the training and coaching to get you comfortable with the prospecting and sales processes. They will coach you through your first few transactions. However you will pay 36% to 50% of your commissions to the company. (in addition to your monthly office fees) So learn quickly. It costs almost nothing to transfer your license to a lower cost brokerage. With two years experience you will have many options.
You may get recruited into one of the new (and hopefully temporary) Multi Level Marketing real estate programs. Companies including Keller Williams and Exit Realty will push you to 'build your down line' of recruits so that you can get a percentage of their earned commissions. It becomes more of a focus than doingactual real estate transactions.
I currently hang my license at Brokers Guild. Why? Because I'm experienced and independent. I don't need a coach to tell me to 'get motivated'. They offer full brokerage services and don't charge any commission splits. (There's no national franchise that has to be paid) That's an average of $2,500- that I don't have to turn over at every closing..... Thus, I can charge lower listing commissions.
Brokers Guild Cherry Creek only allows experienced agents to join. Must be licensed for over 2 years. If you want to transfer your license please let me introduce you. Then I'll buy you lunch and discuss how we might be able to work together to make some good money! It really is a fun business.
