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  • What is a Real Estate Agent?
    A real estate agent is a person who helps people buy, sell, lease or rent property. For most of you this is Housing. In Kansas, you must be licensed to Market other peoples properties. This is to help keep "Riff Raff" from cheating the public and applying a set of standards for which we are accountable. Like with all Laws, these grew out of people taking advantage of others for their own profit.
  • How do I get Licensed?
    Click Here to see the State requirements, and how to apply - but Basically: 18 years old; High School diploma; 60 hours course instruction; Have a background check with Finger Prints; Pass a test; Find a broker to affiliate with. Finding a broker/brokerage is required. You have to actively be involved in the practice for multiple years before you can be a broker. This time helps you become educated in the world of RE and (hopefully) become a better practitioner.
  • How much does it cost?
    The license app fee isn't bad ($125), but getting the school and test - a bit more. Online courses can vary a lot. $150 or less to $300 and more if you want all the practice this and that. While they are consistant, they lack the local flavor of what an agent does every day. Our local association has licensed, local practitioners that teach every month or two. Price is $380 for in class learning, but through our brokerage you can get a disount to $310. Click here if you'd like to know more about these courses Of course, there is an Exam fee. $82 the first time, $75 for each retest. YES, some must take the test a second or third time. Hence selecting the right school is important.
  • Agent or Realtor?
    Once you are licensed, you can join the REALTOR® orginization. You must be a REALTOR® if you want access to the MLS. Being a REALTOR® is a very good thing. We have a Code of Ethics that all members subscribe to. We have a "Jury of our Peers" should a violation be reported, helping us to settle differences without attorney or lengthy court dates. REALTORS® also have a powerful Political Action group to maintain property rights for the individual in the United States. Not All agents are REALTORS. But 95% or so in Wichita are. We have unified services, forms, hearings, and an MLS making the job much easier.
  • Does it cost to be a REALTOR?
    Yes, but doesn't any profession worth doing cost something? Joining the REALTOR organization varies a lot based on the month you join, with January being the most expensive, and the rest of the year prorated. Currently, to join the Local, State, National associations, PLUS the MLS, and a lock box key, about $1200 in January. This can change. After that, annual dues are $580 for REALTOR, $146/quarter for MLS, and $15/month for lockbox key.
  • How is this like an individual business?
    First, you are considered Self Employed by the IRS. Therefore no one can set your hours, mandate how much time you work, or require you to show up to the office. Taxes aren't withheld, and your contact list is yours. It's yours because you must start a business. Costs involved ($1500 or so up front from above). You keep track of your biz expenses for dedcutions; you get paid when you sell something; you develop a list of clients and book of business; all the things we must do when starting from scratch.
  • How is this NOT like an individual business?
    Your Broker is bound by state law to make sure you are compliant. The Broker is responsible for your actions, and therefore takes precautions to protect all of the company. Things like review your paperwork, keeping files for State Audit, Insurance, and more. Providing shared workspace and equipment, helping guide your career, helping you have the tools to succeed. In your an individual business, all these things are on you to figure out.
  • What is a Mentor?  Do I need one?
    YES - and we have some of the best. Imagine you went to driving school to pass the written test, but never got behind the wheel of a car, nor had to demonstrate to a tester you could drive? That is much what having passed the RE exam is like. You may know the rules, you may not. You might get in trouble fast and lose that license, or get sued, or mess up someone's home sell/purchase. Our Mentors work with you in book and in practice to get you started correctly. Building a database, the rules of the road, advertising, and more. They stay with you through your first six transaction (3 listing, 3 purchase). Your mentor will go in the field with you to get you started right!
  • What is a Broker?
    Kansas has 2 types of Brokers: Broker and Associate. Broker is the person in charge of everyone else in that office or company. Salesperson or Associate Broker, the Broker is the single person the state comes to when they wish to address actions of another person. The Broker must approve all who work in the office/company, and is responsible for all Listings, Buyers, and agents. An associate Broker is one who has the education, experience, and has passed the test to become a broker but doesn't run an office. They Associate with a broker who has an office to work as a salesperson.
  • How do I get paid?
    In this country the overwhelming majority of agents are paid on commission of some sort. A very small number of companies hire agents as employees. In Wichita, we have 2 basic models You get a split of the commission You pay a monthly fee to work somewhere With the Split Model, when you close a home, a check is cut from the title company to the Broker (Kansas only Brokers can be paid). Let's say it is $1000 and you are on a 70/30 split. In the simplest form, you get $700, Broker get's $300 On the monthly fee model, every month you write the broker a check, and you get to keep the commission. Lots of nuances make these models hard to evaluate. Franchise fee, Transaction/E&O fee, Printing Fees, Office fees, Signs/lockboxes, marketing, websites, tech, on and on and on. For the most part, when you close something, you get money....
  • What should I ask a Broker before I join them?
    What forms of Training do you have? What business formation should I have? What COST will I incur? What Marketing Materials are available? Do you have a Mentor Program Do you have a written Policy Manual? Can I see an Independent Contrtactor Agreement? What are the fees outside the split? What is your split? Do you have a Cap on Fees? What is the average time agents spend in your company? Can I have a list of your agents to call and see how they feel?
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