Characteristics for Success:

• Patient
• Multi-tasked
• Good organizational skills
• Computer literate
• Good communication skills
• Enjoy working with people

Benefits of a Career in Real Estate:

• Independence – no boss
• Unlimited income potential.  You determine your income!
• Flexible hours
• Relatively low start-up costs for an entrepreneurial enterprise
• Great opportunities to expand your knowledge and income potential when you take designation courses

What to expect when you start out:

• Long and odd hours
• Expect to work nights and weekends
• Average time for your 1st closing is generally 4-6 months, which means 4-6 months without an income
• You are an independent contractor – 100% commission
• $15,000 is the average 1st year gross income
• CRRA “Rookie of the Year” averages $45,000 their first year
• $30,000 - $45,000 is the average 2nd year income
• Seasoned agent makes an average of $52,000 working 50-60 hours per week

Getting Started in the Real Estate Business:

• Take the 75-hour pre-licensing course
• Pass the classroom test and apply for your real estate license
• Take the state exam
• Interview with several real estate firms to determine the right fit for you

Questions to ask firms:

• Do you offer New Agent Training?
• Size of firm?
• Type of products (do they specialize)?
• Volume of business handled by firm?
• Is mentoring provided (as well as ongoing training)?
• Areas of city represented?
• Number of offices and locations?
• Firm provided perks (i.e., paid advertising, admin help, etc.)?
• Desk fees?
• Talk to agents in the firms you are interested in
• Talk to new-home builders or other types of firms

Expenses Involved: *Estimates
Expect to incur about $1,200 in initial expenses with additional monthly expenses.

• CRRA – initiation $150/yr
• CRRA dues - $324/yr
• CMLS - initiation $150/yr
• CMLS – quarterly fees $165
• Supra Key - $300+/yr (prorates monthly)  $120/yr after initial year
• Business cards - $85*
• Errors and Omission Insurance - prices vary depending on the insurance company
• Signs, brochure boxes, forms-starting at $21 for 1 of each
• Lock box - $92.45
• Advertising, brochures – varies depending on printing company
• Computer - $1,000 +*
• Software – Approx. $300+*
• Cell phone & monthly fee - $50 for phone + $35/month*
• Health benefits (if you desire) approx. $300/month*
• Decent car (to show properties)
• Post-licensing education expense - $540 - $600 (Required to complete within 3 years of initial licensure.)

Note: You pay your taxes & FICA quarterly to IRS and state.