Re: Band Director Turned Realtor
Posted by Realtor on 12/5/2019, 10:35 am, in reply to "Re: Band Director Turned Realtor"
I retired after 30 years of band directing and went into real estate after a two year break. I can say it is enjoyable for the most part. You can work as hard as you like. It is rewarding in terms that you get to help people and the commissions are not bad. You should know it is somewhat expensive—about $1500 - $2000 to get your license, then you spend about $1200 - $1500 per year with membership fees to your local real estate board, plus MLS access fees. You can do your study for your license online, or take real time classes. |
You will need a sponsor/broker who will work with you. It seems the person answering above could be a good resource if you are located in their area.
Downside—1.competition is tough. Many of the discount outfits are not as much a bargain as they seem, but still some people will go with them.
2. It will take awhile to build your network, but being a band director you will have a circle you can start working through for leads.
3. Everyone will be asking you for money—there are hundreds of businesses out there that have products that can help you. These can be very expensive and much of what they do, will be things you can do on your own.
4. Understand that your sponsoring broker/the firm you go with will charge you a portion of your commission. Some will have other fees. My broker does a 80/20 split up to 15K and also other fees. What that means is you receive 80% of the commission you bring in and the broker receives 20% up to the point the broker has earned $15,000. After that you received the full 100% commission. Make sure you understand your commission split and other fees your broker will charge you
5. You will do your own 1099 for much of the commission
6. Plan for taxes carefully
7. Plan to see no income for 3-12 months
8. Plan for the slow time of the year. Generally that is now through the end of about Feb, or March, although I am very busy right now.
9. Don’t get your feelings hurt by hearing no
Real estate can be feast of famine, plan for that.
Uggh—that’s some solid 2nd division spelling in my previous comment, sorry!