OK Real Estate License

[skeene482]

I currently manage the closing side of a title company, but I have went through the whole process of obtaining a real estate license. First off, there are definitely brokers out there who will "hire" you, you just have to commit to a portion of each sale being paid to said broker. A heavy percentage of agents I work with are 65+ years old. I would argue that most of them make better agents as well and I know several brokers who would agree with me. You can do an in person class which was helpful for me as I don't do the online learning thing well, but the online classes are becoming more and more popular. Most of these classes range from $150-350.00. The online ones you go at your own pace, but the in person ones like I did were a couple hours of class 3 nights a week for 4-6 weeks if I remember correctly. Possibly less. I did mine through Coldwell Banker, but you don't have to commit with said brokerage just because you went through their class. As far as brokers to work for, I would highly recommend looking at eXp Realty, LLC. They are blowing up right now and I see endless amount of agents who have been loyal to one of your main brokerages you see everywhere that are all moving to working for eXp Realty. Best of luck to you whichever route you decide to go!

 

[CODE_3]

I've also heard brokerages charge you a ton just to be in their network. The good money is in becoming a broker and running a real estate company yourself, unless you're just looking for something to fill the time and have fun looking at houses. Gas bill is pretty high, but you get to deduct mileage at 66 cents a mile IIRC

It's a ton of work, time, money, and lots of liability unless you're just working for yourself

 

[skeene482]

It's a ton of work, time, money, and lots of liability unless you're just working for yourself

Could not agree more! People wildly underestimate how much time, work and $ is involved.

 

[O4L]

go for it, I have my brokers license now at EXP realty, if you want to be a broker and open your own office you have to be an agent for two years then take the brokers test. the only downside is the fees and cost, You will have to be good with computers and the internet and a iphone and ipad is standard daily tools.
The last time i checked you can make 40k a year without effecting you social security, so you will probably be on some kind of commission split with your broker, its 10-99 pay, so buy the time you pay taxes and deduct all your expense and itemize on your tax return you would be ok, or you can do referral business and get 25% that way.

$40K? I'll have to check that out. The last time I looked it was much less than that if you're under 65.

 

[OK Corgi Rancher]

$40K? I'll have to check that out. The last time I looked it was much less than that if you're under 65.

It's not $40k... It's about $22k and change. Something in that ballpark.

 

[O4L]

It's not $40k... It's about $22k and change. Something in that ballpark.

That's what I found last time I looked.

You probably wouldn't have to sell very many homes to make that.

 

[scott024]

I'm kinda kickin' around the idea of getting an OK real estate license. My first thought is, even after the provisional licensing, is there a broker willing to hire a 63 year old rookie.

I've thought about it on and off over the years but just never got around to doing it. I have lots of free time right now and I still need to make that first million!

Any thoughts from those of you who do this, or have done this, for a living?

Nothing "Rookie" about being 63. A lot of experience and knowledge obtained living through the years you've seen.

 

[1Mudman]

My wife went to college for 7 yrs getting a science degree, teaching certifications all the way too a college dean. A year after teaching at a College she got her real estate license and has done about everything you can do in real estate for the past 30 yrs. She is in her late 60's and works hard at it everyday. Send me your name and info and I will give it too her if you decide to get your license. She is the Owner/Broker of Elite Realty in Edmond.

Real Estate is one of things you learn not to take personal or you will not like it. Friends and clients you work your butt off showing and finding houses for them to look at that fits their needs can be fun and exciting but their is people that arent as reliable as you thought they would be and the end up buy a house through another realtor after you have worked a week or two showing houses to them everyday and they see one that is posted and will call the realtor on the sign instead of calling you to get the appointment and not tell the realtor you have a realtor so there goes your commission, gas money, miles on your care and many evening staying up to midnite to find houses and make appointments. It can be rewarding or heart breaking! You have to be pretty thick skinned and honest to make it.

 

[OK Corgi Rancher]

Thanks, @1Mudman

If I decide to do this and get my provisional license I'll certainly take you up on that. 15 years working the streets as a cop in a large metro area tends to create a pretty thick hide. So, I'm a lot of things...thin skinned ain't one of them.

 

[dennishoddy]

And we are getting so many owners with tiny fractional interests now, that I don't even know how it's going to be done 50 years from now. I've seen a very noticeable increase in just the 18 years I've been doing it. Sometimes it can be 60-70 owners in a quarter. And that is rural unplatted land!

Exactly. I'm 1/20 owner in a couple of wells in Logan County. The company that runs it now said they wouldn't issue royalty checks until they were at least over $20. I haven't got a check in a couple of years because I think it must have played out. Got a notification of them wanting to drill deeper, so they had to buy those rights. I opted at this age for the one time payout vs the potential royalties.