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Getting started in the real estate business

How to choose a real estate office

Empty open modern real estate office in orange county

Upon finishing the real estate course at ADHI Schools, LLC many of our students ask, "How do I pick a real estate office to work for?" Definitely a complicated question. The main thing to remember as Read more...

Upon finishing the real estate course at ADHI Schools, LLC many of our students ask, "How do I pick a real estate office to work for?" Definitely a complicated question. The main thing to remember as a new agent is to pick an office that has a structured and scheduled training program. Don't be enticed by high commission splits (easier said than done - I know!) or empty promises. Learn the basics like how to fill out a contract, how to get clients and service them right. Give it time - The money will show up if you stick with it and do a good job! When interviewing brokers be sure to ask for a copy of the WRITTEN training schedule. If the office doesn't have a WRITTEN program and structure chances are they are just "winging it" and you should beware.Give it time - The money will show up if you stick with it and do a good job! When interviewing brokers be sure to ask for a copy of the WRITTEN training schedule. If the office doesn't have a WRITTEN program and structure chances are they are just "winging it" and you should beware. Also be advised that some offices do have desk fees. Technically desk fees are calculated by taking the total expenses of an office and dividing by the number of salespeople. As an example, if an office has total expenses of $20,000/mo and 100 agents, each agent may be required to pay $200 to offset the hard costs of running the office. This is a watered down example of how desk fees are calculated, but each broker has their own policy in terms of what is charged to the agent and when these fees are paid. Typically, you may expect to receive a slightly higher commission in this type of office because you are paying in each month, but again every office is different. Brokers that are affiliated with a national franchise may also have something called an "off-the-top" fee. This ranges from 4-8 percent and is calculated before your commission split. As an example, if you were on a 60-40 commission split and there was a 5 percent off-the-top fee, 5 percent would be deducted from the gross commission prior to calculating your 60%. Example: $10,000 gross commission. - 500 (off-the-top/franchise fee) -4,000 (40% to broker) ________ $5,500 (agent take home) Check out this YouTube video explaining how real estate commissions are paid. Got questions about a certain office or what they are offering? Call our office today at 888 768 5285. We'll walk you through it. Or better yet, call us for recommendations. We'll lead you in the right direction! Love, Kartik

By Kartik Subramaniam

September 29, 2008

Real estate licensing stuff

Are you a lawyer that wants a real estate license in California?

Lawyer studying for the real estate license exam

If you are a licensed attorney in California you are exempt from the college-level course requirements in order to obtain a real estate salesperson or California brokers license. In other words, you Read more...

If you are a licensed attorney in California you are exempt from the college-level course requirements in order to obtain a real estate salesperson or California brokers license. In other words, you can pop right into the sales license exam without needing to complete Real Estate Principles, Real Estate Practice, or the elective classes that are normally required. Evidence of admission to practice Law in California must be furnished, such as a photocopy of both sides of a California State Bar membership card. However, the requirements for an attorney to qualify to take the broker exam are different. If you are a licensed attorney in California, you must have two years full-time licensed sales experience within the last five years or have at least two years real estate related experience within the last five years related to your law practice. Before applying for the broker exam, licensed attorneys will need to submit a RE 227 Equivalent Experience Verification document form outlying this experience along with their brokerexam or broker exam/license combination application. ADHI Schools has had many licensed attorneys in California take our program and obtain either a sales or broker license. By the way, nothing waives the requirements for either real estate exam itself. All real estate license applicants regardless of experience or education must pass the state exam for either license. One last tip - you can't have both the sales and broker license at the same time in California - it's one or the other. Got questions? Call ADHI Schools, LLC at 888 768 5285 or visit adhischools.com for more information!

By Kartik Subramaniam

September 23, 2008
 

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