You Got Your Real Estate License - Now What?

You Got Your Real Estate License - Now What?

So you have just received your real estate license and now you need to find a great office to work in. Deciding where to hang your real estate license can be a very tough decision. After all, choosing the right real estate company is a major decision.
In fact, there are a number of key factors that should be considered when deciding on a company to work with. We provided a few things for you to think about, below:

1. Do you feel that your business and moral principles are a good match for this firm? 2. How confident do you feel associating yourself with this particular brokerage? 3. Does this brokerage have any additional perks or benefits? An example might be additional education or even mentoring programs that would help you establish yourself in the industry.

There is now way around it, but money is often the leading concern for most new agents. There are very few brokerages that offer their agents a salary as the industry standard is to work on a commission.

You will find that there are two types of companies out there, commission based and split commission companies. The commission based companies typically charge what they call a desk fee. That is a flat fee that usually covers your franchise fee as well as your costs associated with doing business.

On the other hand, the Split Commission companies will usually offer you a split of your commission, often based on your number of sales or the dollar amount of your commissions. One nice thing about this type of company is that there is no real initial expenses, however, you may notice a fairly drastic reduction in the amount of commission you receive.

You may want to consider chasing the power of a large company name to increase sales as you are starting out. Companies like Coldwell Banker and Prudential are well known brands that bring in business. On the other hand, should you be interested in a smaller brokerage you may require additional time to establish your name and buid up a list of clients.

One alternative option is actually not in real estate sales at all, rather in Property management. That is correct, some states do require property managers to hold an active real estate license. The nice thing about this field, is that it it usually a salary based pay. This means that you can get right to work without the need to build up a client list.

Please just try and remember that it is your good name and your real estate license that will be on the line. So make a well informed decision before hanging your license any real estate firm.