So as the title suggests, I have a RE license in California (1 year old), but have never practiced real estate. Part of the reason for this is because I have a major in Finance which I've been focusing on recently since I have a family and need a stable reliant form of income.

Lately however, I've begun to think that I'd like to maximize my earning potential by practicing real estate part time. Plus, I have friends and family who are thinking about buying RE but they haven't reached out to me for fear of me screwing it up for them. I understand their reasoning, as I'm very nervous as well. I'm afraid of forgetting something in the process and ruining a deal.

Moving on, I realize that RE sales can be tough when you're working part time, but I figure if I can build up some confidence and knowledge, my contacts will begin to trust me, and more imoprtantly I'll trust myself and eventually I can sell RE full time.

Now on to my question, I don't have much startup money to put into Real Estate at the moment. I'm hoping you all can give me some information on the minimum startup costs for an agent. What sort of agency should I look for? These are just a few of the questions I have, but they're probably the ones that are hindering me the most. I did go to one agency (21st Century) and the amount of support seemed well, but only if I was willing to pay for it. At this point I'm willing to take a lower split in order to gain some knowledge and funds.

Any help is appreciated.

Usually the big companies might provide a more efficient training for different reasons, but they all lead to the fact that they want you to be full time, so they can make tons of money on you with the side fees (desk fees, house fees, advertising fees, etc....)
On the other side you find small brokerage companies that do not train you formally, but they will put you on the right track in terms of training and knowledge. Usually the small broker takes care of you more than an office manager at a big company, meaning you get more friendly support any time of the day and they care more for your clients . I never worked for a big company. I have been in this business for 4 years and I have always worked for small shops. In good times I was making 3 times more than a good Remax agent and now I am still making money while they left to get full time jobs.....go and figure........but if you want, send me a PM and I'll give you more advise........I am located in Tustin. Are u in Irvine?

If you work under a good broker, they should be able to mentor you such that you can safely do deals with your friends and family. Find someone that you like and think you can work with. Training is great too.

For startup costs, look at $1200 - $2000 depending on a few variables you will encounter along the way.

Also keep in mind that many offices will charge you a monthly fee to be a part of the office. You may have to be willing to live with that to get the training you want.

Also keep in mind other monthly costs such as advertising that can be just about anything ( I currently spend about $700 a month ).

R

RebelBroker- I understandthat advertising costs can get high, but I'm hoping to have zero advertising until I can get some income through real estate. What are some of the means of generating sales and leads without advertising? Am I going to have to get lucky and snag a sale on floortime?

Also, do all offices charge some form of fees? Which of the chains has a goot fee/training ratio (meaning little fees and good training)?

Thanks

I work with Keller Williams in Texas and the training is abundant and my only mandatory fee (aside from MLS and Board fees) is $60/mo for tech/advertising. You do not get an office or desk for this, but there are agent "workstations" you can use for free. If you want an office or cubicle, it's pretty reasonable though (at least at my office) - I pay $50 a month for a cubicle with storage, phone, chair and hispeed internet access

I am lucky in that my office is a very very positive, upbeat enviornment, however I won't lie, sometimes I feel a little "lost in the crowd" - just because of the sheer number of us - and yearn for a more personal mentor type relationship with a smaller office/broker. I figure for now I will glean as much from the training as I can and try to give it 2 years here and reevaluate then.

But, back to your question, for me the $60/mo vs. the amount of training I am getting - totally worth it. Oh, and my split is 70/30 with a cap at 2 mil in production - then it's ALL MINE I think that's a pretty decent deal

yes, interview with Keller Williams. No need for me to repeat texastwostep, Everything he/her said is the same for me. My office does a page or two in the local Real Estate book and allows us to put a small ad for 30 bucks per month. Can't beat that.