I’d typically answer, “Why not?”
Even if you just found 1-2 family members or friends to help each year, it’d likely cover all your fees and be some great side income. Do a few more deals than that and the side income compounds.
Here’s a quick example:
Let’s say you have a family member who is planning to sell their home & purchase another one. You’re planning to represent them for both transactions.
I’ll assume they’re moving up in home, so they’ll sell their home for around $300k and buy another home for $500k.
If you make around 3% commission on each transaction, that’s:
- $300,000 x .03 = $9,000
- $500,000 x .03 = $15,000
Remember you have to split that commission with your broker so it’s helpful to find a 100% commission broker in your area if possible (I’ll share more about that in the next email).
Let’s say you find a broker like this and they just charge a transaction fee of $500.
$9,000 + $15,000 - $500 - $500 = $23,000
Your fees for the year would likely range from $1,500-$3,000, so even at the higher-end, you’re looking at an extra $20,000 of income just from helping the family member sell a home and buy a new one.
Imagine if you did that for a few more people. It can quickly turn into a full-time income if you wanted it to. But even if you just wanted to do it on the side, all you’d need to do is find 1-2 people each year to help buy/sell a home and you’d make some significant extra income to support your ministry.
So, should you get your license?
My answer would be, “Why not?”
