Question for FL Real Estate Professionals- Looking into becoming an Agent (RE market, contracts)
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Becoming a real estate agent in Orlando, Florida area, costs to get started, real estate classes, course requirements, pricing, real estate license, residual income, real estate commissions, online course offerings
I am seriously contemplating becoming a Real Estate Agent in the Orlando area. I was wondering if someone could give me a rough estate on the cost of everything that I will need to get started.
I know I have to take the 63 hour class and it can run up to around $300
What I'm wanting to know is what is the cost for the test, NAR, FAR, MLS and anything else that I may need?
If you all could help me out with this I would really appreciate it. I want to know what I'm looking at before I get into it, so that I can plan ahead.
Um, you do realize that FL (overall) is one of the top 4 worst real estate markets in the country.
So...If you plan to do real estate in Fl, then I would suggest you have 3-4 years worth of living expenses banked, because it will take you a long time to make any money.
Forget the initial costs...you need to have a financial plan in place. Being an agent is expensive no matter where you are.
You might want to email PalmCoasting, and she can give you all of those specific numbers, or if she catches this thread can answer those for you.
Um, you do realize that FL (overall) is one of the top 4 worst real estate markets in the country.
So...If you plan to do real estate in Fl, then I would suggest you have 3-4 years worth of living expenses banked, because it will take you a long time to make any money.
Forget the initial costs...you need to have a financial plan in place. Being an agent is expensive no matter where you are.
You might want to email PalmCoasting, and she can give you all of those specific numbers, or if she catches this thread can answer those for you.
Thank you for your input, but I'm just trying to find out the initial cost to get started right now. And I do know how FL is as I have lived here for 10 years. I am married and have a wonderful husband who supports our family. I'm looking to get into this to do something for me and feel that if I get into right now while it is slow it will give me time to get accustomed to all of the procedures before things start to pick up and I do believe that things will pick up. But I also understand that it could take awhile for that to happen.
Hi, I'm in Texas so my qualifications are different. However, I just wanted to let you know that there is a real estate agency that gives you the opportunity to make RESIDUAL income. Not only residuals, but also retirement and beneficiary. they are in the U. S. as well as Canada. They are the reason I finally decided to start my career in real estate. I just want to add, the real estate market is not going away. There will be good and bad times, but in my opinion, anytime is a great time to start a career. IF you search online for your state's real estate commission, they will list the requirements to become an agent and places you can take it online, if you choose. Good luck!
JenCrane,
Since I understand your situation better
Expenses
1) MLS
2) Lockboxes
3) NAR if required by MLS
4) E&O insurance
5) website
6) marketing materials (business cards, brochures, logo design, etc)
7) Hardware (iphone/treo/blackberry, fax, scanner, computer, internet connection)
8) GOOD camera
9) virtual tour software
10) contact management software or buy office/outlook to start
Laptop
Auto Insurance upgrade (possibly)
Appropriate Clothing
Signs (this can be a big expense if you go after listings)
Depending on what company you sign on with, they propably have a monthly fee to pay also.
I found it to be a lot more expensive than I thought it would be, so plan ahead. I would say it cost me between $3000 to $4000 to start up and two years later it seems I'm always dishing out money. With this market, a lot more money is going out than coming in but I'm hanging in there. I use Vistaprint free printing for a lot of my marketing materials. They just overcharge for shipping but I think it has saved me a lot of money. Good luck!
Thank you for your input. Well I can knock some of those things off this list as I already have a laptop plus a new desktop at home, Microsoft office suite, a good digital camera, full coverage auto insurance and some appropriate clothing to start with. So that should help out with the cost a little bit.
I'm looking into a pretty big company that offers website, office help and some training.
Now I just have to start working on the rest of it
1) MLS
2) Lockboxes
3) NAR if required by MLS
4) E&O insurance
6) marketing materials
9) virtual tour software
Signs (this can be a big expense if you go after listings)
A new Smart phone
Um, you do realize that FL (overall) is one of the top 4 worst real estate markets in the country.
So...If you plan to do real estate in Fl, then I would suggest you have 3-4 years worth of living expenses banked, because it will take you a long time to make any money.
Forget the initial costs...you need to have a financial plan in place. Being an agent is expensive no matter where you are.
You might want to email PalmCoasting, and she can give you all of those specific numbers, or if she catches this thread can answer those for you.
Oh, that is so incorrect... 'the worst market'. There are plenty of opportunities in this market. We may have situations as far as being one of the worst with mortgages and stuff but that encourages people to purchase in the down market. My area is quite brisk and so is Orlando. They are vacation and second home desinations, so don't write us off.
I've PM'd the OP on how to find the costs for the tests and her MLS.
She does not need to carry E&O insurance...her broker will do that, but if she chooses to do so it's something like $150 per year. Again, her broker will carry it so she doesn't need to. She will need to pay for her supra (or whatever they use in her area) key but not pay for the lockboxes. Her broker will supply those. She obviously already has a computer and does not need a laptop in addition. I have one and don't use it.
She doesn't need to have virtual tour software that costs anything, she just needs a website that includes it and those can be very inexpensive, I've told her to let me know when she's ready. She doesn't need to pay for signs, just riders if she wants her name and phone number out there (which she should), her broker will supply the signs. Business cards she can get free at vistaprint. She's not going to be the broker, so she doesn't need a logo...they will give her their logo. She doesn't need a new smart phone, she needs a cell phone and the right plan. She can get an excellent fax/scanner/copier for home use (if she's going to work from home) for $125 and if she doesn't work from home she can use the one at the office. To receive faxes she can use one of the online fax options for what..$15 a month. Our contracts are sent as a link to a buyer, so that's done online through the FAR website. She has a husband that is supporting the family so she doesn't need 6 months living expenses.
Go forward, pass the test, figure about $1K to get you in a position to start marketing yourself effectively (from course to marketing) and then each sale you make pull a certain amount out of it to put back into yourself and slowly upgrade/expand. You'll be fine. And, again, once you have your license, PM me. I'll send you the website info.
Oh. And don't forget. You'll need to prepare to send in money to the IRS at the end of the year.....you'll be 1099 with no taxes taken out. Get a VERY good accountant that knows how to do taxes for the self employed.
Oh, that is so incorrect... 'the worst market'. There are plenty of opportunities in this market. We may have situations as far as being one of the worst with mortgages and stuff but that encourages people to purchase in the down market. My area is quite brisk and so is Orlando. They are vacation and second home desinations, so don't write us off.
I haven't written FL off at all. It is one of the top 4 foreclosure markets, according to Realty Trac, which is why I said overall as well. I do realize that some parts of FL are holding their own.
I was just trying to make sure she understood what she was walking into. She's in good shape. She has a steady income with her hubby, so that means she can take the time to learn the profession. She also has some tools already so she doesn't have to spend a lot to get going.
I was worried she was going to jump in and think she was going to be able to support herself right away.
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