I have seen a lot of questions over the years regarding employment status, tax returns, my Clark Kent vs Superman personsa or your Kara Danvers Personna vs. your Supergirl personna. So maybe getting your Real Estate License will solve a lot of these issues. I sold my business and got bored hanging around the house and saying I was retired at my age. I didn’t want to become someone’s employee and punch a clock and I certainly did not want to start a business that would drain cash. Besides my son was getting tired of saying his dad was retired. I did a lot of research and got my Real Estate License a few years ago. I wish I would have done it years earlier.
So what are the advantages?
First, you are an independent contractor. You set your hours and you get a 1099.
You usually work from home if you need to do paperwork. You don’t have office hours.
You have business cards and an occupation on your tax return.
Most Realtors do only 1 or 2 deals a year so it is not like a high pressure job.
Expenses are tax deductible. Your broker may help you form an LLC which could take income from all sources.
You have access to the MLS service to see all the details on condos and houses. If you buy or sell real estate, you do it really cheap.
You have plenty of time to do other work. Many agents have other day or night jobs.
How do you get licensed?
Most states require you to take a 2 week course with 80 hours. I had to actually take the class. Some states now offer the classes on-line. So, do it from home.
You have to pass an on-line national and state test and get like 70%, It had real estate terms and some simple math. It was not hard.
You have to be sponsored by a real estate broker. They are always looking for sales reps and it is not very hard to find one. BUT, you better pick one that works for you. More later.
How do you pick a broker?
Legally, you have to be under a broker for supervision as an agent. They provide you with the independent contractor’s agreement and all the tools to buy and sell real estate. Here is how it works. Depending on the broker, you get a split of what you sell. Of the usual 3% commission, you may get anywhere from 50% to 90% of the 3%. In addition they will charge you various fees or royalties. My first broker charged my $50/month for my office fees including copy machines, a tech fee of $300, and $500 for E&O insurance. In addition, I had to join the National Association of Realtors, Multiple Listing Service, and lock box. The total cost for being a Realtor is about $3000/year.
You have to be careful as how they have commission plans varies widely. One national firm actually charges you a range of like $500-1,800/month like a quota. You could actually go in debt to this national firm.
Training and administrative support is critical to have as they teach you how to do contract offers, agency disclosures, listing agreements, etc. Once you do a couple its no big deal. But you need to do it right.
The broker I currently have charges me $85/month for everything and I get 85% of the 3%. They have excellent training and systems. If you want detail I can be PM’d.
You can visit any real estate office and ask them for an interview to see how it works. Check out their website and look at their agents.
Anyway just an idea I wanted to share.



Reply With Quote


) that said they reimburse people that take the class(es) for this, I guess they hire too?
Bookmarks