Designated Broker

Your new real estate license does not become active until you hang it with a designated broker. While looking for a broker is similar to looking for a job, a licensee also interviews the broker to a certain extent. The choice of broker can be a pivotal career decision. Commission rates vary from brokerage to brokerage. When a licensee makes a sell, she typically shares the commission with the broker. Depending on the brokerage and the licensee’s experience and production, the percentage amount might fluctuate. Discover if the broker provides training, what professional services he provides and fees you are expected to pay. You might need to rent office space from the broker or pay for specific services, such as Internet connection or phone.

Shopping

Even though the real estate licensee works under a broker, unless he is a salaried employee he is considered self-employed by the Internal Revenue Service. As with all self-employed individuals, there are certain business purchases to make. The real estate agent needs business cards, real estate signs and lock boxes. Consult with the broker before making these purchases, as the broker may supply these items, and the broker must approve any items displaying advertising.

Training

Real estate brokerages vary. Some provide training and supervision, while others offer the agent minimal supervision and no training. Some brokers do not allow agents to work with clients until after the agent completes an in-house training course. If working with a broker who does not supply training, it is the new licensee’s responsibility to seek out courses and training to assist him in the management of his business. Refer to the local Realtor association and state real estate department for information on additional real estate education.

Realtor Association

References

Modern Real Estate Practice; Galaty, Allaway and Kyle; 2006

Resources

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