TopProducer
New Contributor
It depends.
I became a RE agent to do it part time and I had my license for about 3 months before I quit my job; I hadn't closed a single deal. I didn't even have a deal going. My full time job was taking up too much time to meet clients, preview houses, go to training, and etc. So I quit my day job.
Now, this next bit isn't meant to discourage you, but it's a piece of info that I wish I knew before jumping in. I'm not in a major metro, but our commissions are about 3-3.5%. Now, depending on your broker, they will take 30% of your commission, on average. Then, you are responsible for taking taxes out as well, which you figure another 35% (I personally plan for 45-50% set aside for taxes - don't want to be unable to pay - whatever is left is still mine to play with). Then there are MLS fees, realtor dues, continuing education. That is all stuff you have to pay regardless of how many deals you close. So, you have to sell $2.4 million in volume and your take home is in the $30K range? Depending on what the market is in your area, that will either be easy, or painstakingly hard. If your broker feeds you leads, great. If they don't, it's up to you to find them, and you better believe there are companies out there willing to sell you leads for a few hundred a month.
Now, the last bit, time to close a deal. It also depends on who is buying and how. I love working with investors. Good ones pay in cash and deals close in weeks at most. If you're dealing with the general public, time to close could be a few weeks or 3-4 months depending on how the deal goes, which again, plays into that bottom line.
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I became a RE agent to do it part time and I had my license for about 3 months before I quit my job; I hadn't closed a single deal. I didn't even have a deal going. My full time job was taking up too much time to meet clients, preview houses, go to training, and etc. So I quit my day job.
Now, this next bit isn't meant to discourage you, but it's a piece of info that I wish I knew before jumping in. I'm not in a major metro, but our commissions are about 3-3.5%. Now, depending on your broker, they will take 30% of your commission, on average. Then, you are responsible for taking taxes out as well, which you figure another 35% (I personally plan for 45-50% set aside for taxes - don't want to be unable to pay - whatever is left is still mine to play with). Then there are MLS fees, realtor dues, continuing education. That is all stuff you have to pay regardless of how many deals you close. So, you have to sell $2.4 million in volume and your take home is in the $30K range? Depending on what the market is in your area, that will either be easy, or painstakingly hard. If your broker feeds you leads, great. If they don't, it's up to you to find them, and you better believe there are companies out there willing to sell you leads for a few hundred a month.
Now, the last bit, time to close a deal. It also depends on who is buying and how. I love working with investors. Good ones pay in cash and deals close in weeks at most. If you're dealing with the general public, time to close could be a few weeks or 3-4 months depending on how the deal goes, which again, plays into that bottom line.
Sent from my XT1575 using Tapatalk