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Answers (5)
Best Answer
- Barbie Oehlschlager, "Barbie Oehlschlager"
- Contributions:37
If you are interested in getting your license immediately NVAR (Northern Virginia Association of Realtors) is offering a course from March 26-April 5.
You can find additional information on their website.
In general you need to take a 60 hour course that has been board approved. The course will include a test at the end. After passing the course test you are then able to take a state proctored test at a separate testing location.
After passing the second test you are licensed, but in order to do business you must post your license with a brokerage firm.
In general, new agents tend to under estimate the amount of time and money it takes to become an established agent with enough business to pursue real estate as a full time career. Earning a license is very easy, but for every year of maintaining an active real estate expect to spend at least $3000 on becoming licensed, professional insurance, joining local, state, and national associations, membership to the MLS, a sentrilock keycard to access properties, and a few other bare necessities. If you plan on doing any marketing or listing homes for sale there are additional costs.
If you have a great network of friends and family that will refer you clients, you might be able to have some income generated within 3-5 months. If not you're looking at closer to 6-9 months if you are working 40 hours per week or more. In general, it's a good idea to have 9-12 months of living expenses set aside fo the time you are becoming established.
You can find additional information on their website.
In general you need to take a 60 hour course that has been board approved. The course will include a test at the end. After passing the course test you are then able to take a state proctored test at a separate testing location.
After passing the second test you are licensed, but in order to do business you must post your license with a brokerage firm.
In general, new agents tend to under estimate the amount of time and money it takes to become an established agent with enough business to pursue real estate as a full time career. Earning a license is very easy, but for every year of maintaining an active real estate expect to spend at least $3000 on becoming licensed, professional insurance, joining local, state, and national associations, membership to the MLS, a sentrilock keycard to access properties, and a few other bare necessities. If you plan on doing any marketing or listing homes for sale there are additional costs.
If you have a great network of friends and family that will refer you clients, you might be able to have some income generated within 3-5 months. If not you're looking at closer to 6-9 months if you are working 40 hours per week or more. In general, it's a good idea to have 9-12 months of living expenses set aside fo the time you are becoming established.
- Barbie Oehlschlager, "Barbie Oehlschlager"
- Contributions:37
Your split with your firm is negotiable. Traditional full service firms have a predetermined percentage they offer new agents and a chart that increases your percentage based on production. If you don't know better or need to work on negotiation skills you'll be at 50% as a new agent. If you've been in the business a long time and generate strong revenue for the company, you'll obviously be in a better position to negotiate a higher split.
Firms that charge the agent a monthly fee have significantly better fixed splits for the agents, usually in the range of 85-100%. But be prepared to shell out another $600-$1700 per month every month regardless of your production. I wouldn't suggest this to many new agents but if you're a powerhouse agent it's the best financial scenario.
- unix
- Contributions:2
Thanks everyone!! I read that brokers end up taking as much as 40% of your commission..?? That seems too much after having spent on overheads etc. etc.!! Is it true?
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:925
Unix,
The licensing process is relatively straightforward and simple. Your goal is not merely to get the license but be able to keep it - hopefully with no complaints filed against you with DPOR :-)
Understanding Agency laws, Fair Housing Laws, Contract, the real estate market is absolutely crucial. I suggest that after you pass the licensing exams and select your broker, sign up for as many educational classes with local REALTOR Associations as you can. Real Estate is a life long ongoing learning career - there is no substitute for knowledge and experience.
The licensing process is relatively straightforward and simple. Your goal is not merely to get the license but be able to keep it - hopefully with no complaints filed against you with DPOR :-)
Understanding Agency laws, Fair Housing Laws, Contract, the real estate market is absolutely crucial. I suggest that after you pass the licensing exams and select your broker, sign up for as many educational classes with local REALTOR Associations as you can. Real Estate is a life long ongoing learning career - there is no substitute for knowledge and experience.
- Ritu Desai, "VARealtor"
- Contributions:697
You will first need to take pre licensing classes and test. Once you pass your sales person license you need to affiliate with a brokerage company.
Earning potential depends on your, some new agents ride the boat for few months had start earning some for years.
Earning potential depends on your, some new agents ride the boat for few months had start earning some for years.
What's the process of becoming a real estate agent in North Virginia? How long does it take to be ab
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