Gary Keller – Why I got into Real Estate. Looking to get into real estate? Contact us and we will connect you with a school or office in your area! Looking to join Keller Williams? Use the form and we will be ready to help.
1.) Choose a School in your Area or online
2.) Follow the Process for State Licensing
3.) Talk to Lori Ballen about Keller Williams 🙂
You might like to review the following advice for agents just getting started in real estate
Why Become a Real Estate Agent?
Well, hopefully you are thinking of becoming a real estate agent because of how much money you can make! Seriously, there is no limit. There agents who work small, only doing enough transactions to pay for their “extras” in life. Some make it a business and pay their bills which allows them to be their own boss and control their own hours. Some kick it into high gear and build local teams, others (like those at Keller Williams) are taking it to a higher level than ever with team expansion, working real estate with partners around the globe. Some get a license for investing, and others become brokers. There are no limitations to what you can do once you get your real estate license.
Now There’s a loaded question. Some agents never earn more than one time commission and others are millionaires. Some struggle and move in and out of the business in a short time, while others thrive.
I can break this down for you pretty simply though.
Let’s say you represent a buyer and sell a house for $300,000. Knowing that there is never a “set” or “fixed”commission, let’s just say you are getting paid 3% of the closing price as offered by the listing broker. You would earn a $9000 commission. Now, don’t take that to the bank just yet. You will have fees with your broker, and possibly franchise fees. You may also be on a team that has splits. Rarely will you keep the entire commission. If you are able to keep it, you are probably paying desk fees and monthly fees in other ways to your broker.
So, if at the end of all of it, you keep about 70%, your earnings would be $6,300. If you did one of those a month, you’d keep about $75,000. Of course you will need to invest some back in for marketing, office expenses, licenses and dues and so forth. Double that and do two transactions a month, and now you are earning about $150,000 before taxes and expenses (after broker fees).
And of course if your average price range in your market is higher, you can increase the earnings from the math shown here.
As a real estate agent, you could also explore real estate jobs and opportunities such as administrative, showing partners, paid open house sitting, and even office level positions including leadership.
Remember, the only limitations on what you can earn, will be set by you.
How much will getting my REAL license cosT?
Depends on your market. You’ll probably have the cost of school, fingerprinting, testing, a license fee, and fees for joining your local real estate division and board of Realtors®. It’s not all up front, yet could run $1000 – $2000. Depending on the brokerage you join, there could be a filing fee there as well. Keep in mind some simple costs such as your business cards and magnets for your car!