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How to Find a Flat Fee Broker

agent hacking Oct 22, 2021

If you get your real estate license, finding a flat fee broker is essential (also called 100% Commission Brokerages).

A flat fee broker keeps a flat fee, rather than a percentage, of each of your commission checks.

This is quite uncommon among brokerages.

Usually a brokerage will charge you a significant percentage of the overall commission - 25% on the lower end and up to 50% on the higher end. In addition to this, the broker will often have monthly fees they charge for office, equipment usage, supplies, etc.

Imagine you make $10,000 in commission on a deal. If the broker takes 25-50% ($2,500-$5,000), that’s a huge chunk of your earnings. Add to that any other monthly fees they charge.

On the other hand, if you find a flat fee broker, they may charge you $500 per transaction regardless of what you make. In the example above, if you made $10,000, they’d take $500 and you’d make $9,500! Wow! Quite a difference.

In this scenario you’d have to do between 2-4x...

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The Key to Passing Your Exam the First Time

agent hacking Sep 10, 2021

The final exam to become a real estate agent is known to be tricky. In fact, many people don’t pass the first time and have to sign up to take it again.

The exam is broken up into 2 parts. A state section and a national section. The national section would be similar for all of us who take the test and the state section would be specific to real estate regulations in your particular state.

You can pass one section, both sections or neither, but if you don’t pass either section, you have to go back to retake the sections you didn’t pass.

The reason many people don’t pass the first time is because the test covers such an extensive amount of information. It’s hard to know what to study and there are a ton of names and dates to memorize that can get a bit overwhelming.

That’s why I always tell people that the key to passing the first time is to buy an exam prep wherever you purchase your licensing courses.

The exam prep is often optional and many...

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How Realtors Make Money

agent hacking Jul 09, 2021

Believe it or not, many people don't fully understand how Realtors make money.

If that's you, I want to explain it in this post.

I think understanding how Realtors make money will show you why I recommend becoming a Realtor (or having your spouse become one) as part of your tentmaking strategy.

Realtors make money, not based on the time they put in, but based on the value of the houses that they sell/buy for their clients. Meaning, in most cases, Realtors are not paid hourly or by salary, but rather as a percentage of the sales price of the house.

What's great about this is that you can make extra money with minimal time investment, which is exactly what many of us in ministry are looking for. For example, I put together a free guide on how you can make an extra $10,000 each year with approximately 10 hours of work using a real estate license. You can download it here.

Let me give a specific example of how Realtors make money using a hypothetical transaction.

The median home price...

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The Best Places to Get Your Real Estate License

agent hacking May 09, 2021

Having a real estate license is a great way to make some extra income on the side! And it's something either you or your spouse can do.

I even know an attorney who got his real estate license to earn extra "vacation money" for his family.

Doing a few transactions each year doesn't require a lot of time, but it can yield a lot of extra money.

If you help someone buy/sell a $300,000 house, and your brokerage makes 3% of the commission (which is customary), that's $9,000 you get to split with your broker. That's $4,500 extra if you split it with your broker 50/50. Quite a bit of extra vacation money or whatever else you might want to use it for!

You can probably find a broker that offers more generous commission splits, or even better, find a broker that does away with commission splits altogether & just charges a flat fee (the BEST & something I recommend here).

The only requirement is you or your spouse need to get your real estate license.

And it's much easier than you...

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