27 May FAQ Continued (#2)
If you missed the first post with our frequently asked questions, you can find it here.
Every month, we get dozens of inquiries from people who want to get started in real estate and people who are interested in making the move to Keller Williams. We decided to post some of the questions we hear on a regular basis. Do you have any other questions for us? We’d be happy to add them to the list. Send us a quick emailand we’ll get back to you ASAP.
What’s the best way to get started in real estate?
The best advice we have here is that if you’d like to get started in real estate, find a way to make it your ONE thing as quickly as you can. We understand that going from a salaried role to a commission-based role can be a little unnerving if you’ve never done it before, BUT you’ll only prolong your agony if you try to do be part-time agent to start. You will have the best success in the shortest period of time if you jump in with both feet and put in the work. We made a fun little video to answer this question as well.
How much to become a real estate agent?
The answer to this question changes depending on a few different factors. The two biggest variables are the state licensing fees and the Realtor association fees. Usually, you should budget about $1000-$1500 to cover real estate school, state licensing fees, Realtor dues and various startup costs. You won’t need that money all at once, but you’ll need it over the first few months.
How do real estate agents get paid?
A few weeks ago, we detailed post about the different compensation models in the real estate industry. The vast majority of real estate professionals are paid on a commission structure. A VERY small number of agents are on a salary plus bonus structure, but those situations are rare and usually not financially favorable for the agents doing the work.
What is the Keller Williams commission split?
Keller Williams commission split was unique when it first started back in the 1980s, and now there are some copycats out there who do similar things. Keller Williams agents are on a commission split that “caps” every year. The way starts is a regular commission split like an old-fashioned brokerage (70/30, 80/20, etc.), BUT the brokerage stops taking money from the agent once the agent has paid a certain dollar amount every year (the “cap”).
The dollar amount changes from market to market, but it’s usually equal to about ten average transactions worth of productivity. Once the Keller Williams agent reaches their cap for the year, they move to a 100% split for the rest of that year. We consider that the agents’ fair share and once they’ve paid that, we don’t think our agents should have to pay any more to the company that year. Also, the years run from the month an agent joins, not January 1st through December 31st. If an agent joins Keller Williams in July, their “year” will go from August 1st to July 31st.
Is it difficult to become a real estate agent?
It is not difficult to pass the real estate school exam and the state exam. Some people are better test takers than others, but you’ll be fine if you learn the material. That’s the easy part. The part that is difficult for some is getting people to like you and trust you enough to hire you as their real estate agent. Don’t worry, though, with a little training and practice, you’ll do just fine. We have extensive Keller Williams training to help you get started in real estate the right way.
There are various real estate job titles, but we teach our agents not to worry too much about that. Job titles matter in corporate America and they are less important in real estate.
How much does Keller Williams real estate school cost?
We get quite a few questions about Keller Williams real estate school. Every Keller Williams office is independently owned and operated even though we’re all friendly and play by the same set of rules. Some Keller Williams locations have a dedicated school and others outsource the school to a third-party. We can check on the school options in your area if your state isn’t on our recommended list of schools.
Please let us know if we can answer anything else for you! Use the contact form or send us an email for the fastest response.