re: Being a real estate agent.......

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Based off earning 1.5% commision after his broker gets through with him.

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So many people get this wrong. A property is usually a 6% commission and the selling agent gets 3% and the listing agent gets 3%. That 3% is split between the agent and their broker but no broker takes 50% of it. They would never keep any agents taking that large of a chunk. 65/35 would be a good average to assume. Some have sliding scale splits as you reach yearly sales milestones, some take desk fees, etc but it still equals more than the $15K you estimated.

But can't you do other things to drum up your own leads on the sides? Bringing doughnuts to an office, leaving a stack of cards?

I'm currently employed as a professional in oil and gas and getting a little fidgety about the prospects going forward. Is there any way I can get a license and just dabble to start?

I think you need a 60 hour class and then pass a test.

My wife was a Realtor for Century 21. The split I quoted was based on her experience. That, of course, was unless the broker didn't actually cut the overall % just to make the sale.

I'm sure agent experience varies, but he better have a natural ability to sale if he plans on making decent money in that industry today.

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you need a 60 hour class

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In LA it's 90 for an agent and 12 hours of continuing ed every year after that.

4 years experience and 150 hours to become a broker. Used to be 2 years and 120 hours but they raised it years ago.

I would pay a few grand per transaction. It isn't a career where folks should be earning huge salaries unless they have a ton of transactions.

Again, I am biased and see little value that real estate agents bring to the selling process for residential. Commercial and developers could be a different story.

90, that's right.

I don't know how it is around here (or where anyone else is), but where I'm from there are 3-5 major players and everyone else gets the scraps. It's very hard to make big money.

I was stating that in response to the guy who wanted a flat fee not predicated on selling price.

As a seller: For the most part you are paying the broker to run ads and do open houses. A few agents are good at closing deals. Pick wisely to ensure that the agency is making the best decisions when spending your marketing budget. If you want it sold then find a good agent/broker but save yourself a few bucks and do it yourself otherwise.

As a buyer: If you hire an agent then expect him/her to call you daily with the house he/she has found that's perfect for you, and pays them the most commission. Again, pick an agent with skill or else you will sit at closing thinking that you could have saved a few bucks and read the ads yourself.

As a career: If you have the money then learn the ropes as an agent then become the broker, it's a bit more of a stable income. If you happen to be an outstanding agent then forget being a broker and let someone have the headache of running the agency.