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Old 02-13-2008, 11:07 AM
 
101 posts, read 436,798 times
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I have been wanting to take real estate sales course for quite some time. I am also getting ready to search for a new home. Am I best to wait to take realtor's exam before purchasing a home- or would it benefit me to be a realtor and be able to represent myself for own sale????? How does commission work when realtor purchases a home? Thanks!
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Old 02-13-2008, 11:17 AM
 
4,146 posts, read 9,909,042 times
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Even if you have your license, it doesn't mean you're experienced. Licensing classes teach you how to pass the test. Learning real estate is something you have to personally experience first hand. Get a buyer's rep to help you out and ask them to talk you through the experience. The builder doesn't charge you more for working with an agent (they'll tell you they will, but it's not true). The builder pays that commission out of a separate account. Not out of the proceeds of the home.
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Old 02-13-2008, 02:11 PM
 
Location: Just south of Denver since 1989
11,606 posts, read 32,107,226 times
Reputation: 8393
Quote:
Originally Posted by nadia32 View Post
I have been wanting to take real estate sales course for quite some time. I am also getting ready to search for a new home. Am I best to wait to take realtor's exam before purchasing a home- or would it benefit me to be a realtor and be able to represent myself for own sale????? How does commission work when realtor purchases a home? Thanks!
No such thing as a Realtor's exam.

You take pre license courses, as the state you want to be licensed in requires, and you pass the state's exam, which includes a Federal portion. Then you may apply for your license from the state.

Then you join a Brokerage, who may or may not be a member of the local Realtor Association. If/when you join the Realtor Association and attend the orientation, then you can call yourself a Realtor.

Some builders, since they are not Realtors, will pay you a commission even if you are not a Realtor. But your Brokerage, may require a split on all income earned...per your contract with the Brokerage.
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Old 02-13-2008, 07:31 PM
 
Location: Columbia, SC
10,364 posts, read 20,166,094 times
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You could partner with someone and learn from them. Chances are you won't adequately represent yourself because you're new. You don't know what you don't know yet.
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Old 02-14-2008, 07:04 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,516,829 times
Reputation: 1006
If you can handle the stress of getting your license and also looking for a new home, then go and take the test. Why wait? You want one. So go get it!
When you go to hang your license with a broker, if you have not purchased a home by then, tell them that you are looking to purchase a house and what is the procedure for that regarding splits. Many brokers do not charge a split on the first purchase/sale of a sales associates own property. Some charge a reduced fee. Find out up front but don't just choose a broker because of their reply, go with the one that will give you the most training. From there, either the broker can assist you in the purchase of your home as part of your training or you can offer to pay a set fee to one of the other sales associates. Good luck on the test and happy shopping!
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Old 02-14-2008, 03:15 PM
 
69,364 posts, read 60,439,700 times
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Quote:
Originally Posted by nadia32 View Post
I have been wanting to take real estate sales course for quite some time. I am also getting ready to search for a new home. Am I best to wait to take realtor's exam before purchasing a home- or would it benefit me to be a realtor and be able to represent myself for own sale????? How does commission work when realtor purchases a home? Thanks!
Take the classes, get the license, and then benefit by getting a % back (i.e the realtor fee) and use that as part of the down payment.
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Old 02-16-2008, 01:46 PM
 
Location: Woodbridge Twp NJ
316 posts, read 1,191,246 times
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Smile Say what ! pay for

Quote:
Originally Posted by palmcoasting View Post
If you can handle the stress of getting your license and also looking for a new home, then go and take the test. Why wait? You want one. So go get it!
When you go to hang your license with a broker, if you have not purchased a home by then, tell them that you are looking to purchase a house and what is the procedure for that regarding splits. Many brokers do not charge a split on the first purchase/sale of a sales associates own property. Some charge a reduced fee. Find out up front but don't just choose a broker because of their reply, go with the one that will give you the most training. From there, either the broker can assist you in the purchase of your home as part of your training or you can offer to pay a set fee to one of the other sales associates. Good luck on the test and happy shopping!
Say what! Pay for training to my broker!
when hell freezes over! he makes enough money off you 30% percent!
Where hang my lic. it free traning! and we have benitfits
you don't have to share your deal with anyone for training.
unless you want a one on one coach for 250.00 out of your closings
don't pay for anything you can get for free interview with a few companies
the only thing you should pay for is you realtor dues and mls fees also for your lic. and your E&O insurance.
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Old 02-16-2008, 11:30 PM
 
3,632 posts, read 15,426,080 times
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I had my license a few years ago and then let it lapse and expire. I then was looking for a home to buy and went through several agents and none of them worked very hard to find me a home, so I decided to go back to the classes and take the lic exams again! I got through it all in 3 weeks and was back to looking for a home. The BEST part was that I had MLS access and could go whenever I wanted to look at homes. I must have looked at a 100 homes. Both my boyfriend and I loved the fact that we were on our own.

I didn't do any transactions when I had my license before, I only had heard of several experiences of my friend who was a realtor. I understood the basics of how buying a house goes and had the help of a great broker. We ended up finding our home and had a successful close and I made my commission. We were very happy.

I say do it yourself! The freedom is wonderful and it's nice to have a big check coming to you when you sign.
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Old 02-18-2008, 06:56 PM
 
101 posts, read 436,798 times
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Thanks everyone for the great advice!
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Old 02-18-2008, 07:15 PM
 
101 posts, read 436,798 times
Reputation: 39
Sablebaby, did you split commission with your brokerage?
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