Work-at-home feature: Realtor

Income Earned: Enough to support my couponing compulsion! While the sky is the limit on what income could be made as a Realtor, the average Realtor amazingly makes just a few sales a year.  Besides having the freedom to stock up on great deals in the store, having our own office has afforded the opportunity to soon take a 10-day mission trip to Baguio, Philippines in August.

How and why did you start your work-at-home position?
Seeing the trend of people keeping their homes as rentals (when they couldn’t sell them for what they owe), we began our own company, CrossRoads Realty. Starting our work-at-home position last March, my husband and I decided it was time to expand into Property Management. Our office at that time (Keller Williams Realty in Federal Way…a great office) does not offer to its agents the option to manage rental property. Since not many Realtors offer Property Management to their clients, we felt this niche as another arrow in our quiver of options to help our clients, while also supplying a steady monthly income when sales happen to decline.

When first starting our office, we made economy a game, seeing how we could stretch every penny. Being an avid couponer since the early 1980’s, it was second nature to bring the savings game into the office. It has been fun and challenging to learn in business how to best lead with revenue. Working from home made the most sense and clients love to meet at Starbucks!

What exactly do you do in this position?
I am a fiduciary to sellers, buyers and property owners when we manage their rental property. We also support our agents on our team as well as those in the company. We show houses, market, advertise property for sale, stage and/or advise clients on how to stage their homes, lead generate, purchase supplies, manage files/paperwork, attend/hostess Brokers’ Opens & Open Houses.  There are a myriad of tasks that are not on the Job Description, and being a Real Estate Broker means there is seldom a dull moment, especially when one has a driving personality.

What do you need to get started?
One must take 90 hours of approved education.  A popular place to get an online real estate education is www.rockwellinstitute.com. Once you get licensed, you will need to “hang your shingle” with a company for at least three years. A typical split for a beginning broker (every real estate agent as of July 1st is now called a broker), is anywhere from 50/50 on up to 100% when one pays a monthly “desk” fee of $240.  One can usually call any real estate office and get a complimentary overview of the benefits working from that office. As we find with our grocery sales, the cheapest is many times not always the best.

Once licensed for three years as a full-time broker, one can take another 90 approved clock hours to become a Managing Broker, which means that one can become a Designated Broker (the boss) of the office.  At this point one could also open their own office.

Starting a business can be done on a shoestring, yet there should be ample planning and organization prior to beginning your business. It is important to have things done decently and in order before opening an office.

There are many costs involved in being a Realtor. Some of them vary from company to company. Among some costs are: Subscribing to the MLS (Multiple Listing Service), subscribing to Supra (where one gets a “key” to access homes), Errors and Omission insurance, Realtor fees, WAR fees and office fees.  The cost of doing business can put a serious bite into the budget, and a good way to estimate the cost of doing business is to take one’s income and divide it into thirds. One third goes toward advertising, one third for office costs and the other third for self.

What excites you about this position?
The transition from student to teacher and helping meet other brokers’ needs is extremely satisfying.  It is also exciting to have full control of the company, and make the decisions. Being paid well for what I enjoy doing is just a bonus of living such a dream. There is no turning back!

What is challenging about this position?
The market, over which one has no control; however, when we find a closed door, we look for the open window! There are always people getting married, moving or needing a home to be managed, etc.

What do you need to make it in this position?
Successful brokers are known to be hard workers, have a love for people, are self-starters, possess a never-say-die tenacity and generally have a great attitude.

How can you learn more?
Once you have taken the required course to become a Broker, taken and passed the test, it is a great idea  to become a part of a team concept, where one can get hands-on training and extended learning. It is hard to start out alone (ask me how I know)!  The required course to become a Broker does not adequately prepare one to become a Realtor.

Following the steps at the Department of Licensing website, one can best grasp on how to begin preparation for starting a business in WA.

To learn more about hiring The Smith Team as your Brokers or Property Managers, please contact us at team@crossroadssells.com or give us a call at 253-507-4638. I love email and access it daily, so welcome your correspondence and would be happy to answer any of your questions. Our website is www.crossroadssells.com. If you have interest in becoming a broker or are a seasoned broker who is looking for a most cost-effective way to do business (where you can work from home), feel free to contact us.

Thanks, Meladee!