Here is some of the basic information on how to become a REALTOR® and a member of The Bob Wells Realty Group.

Before you do anything, check your financial resources. You will need about $3,000 as a minimum to cover all of the start-up expenses that you will be expected to pay in the first six months. You should also plan on NOT receiving any income during that first six month start-up period; so be ready to dip into your savings or other sources of income. Now that you have tightened your belt, let's start with the first thing you must do.

Becoming a REALTOR® begins by going back to school to study for the licensing examination. There are two classes that take about 6 to 8 weeks depending on the schedule and time of year you select. In Lancaster, the classes usually meet Tuesday and Thursday evenings plus Saturday all day. (Each class is about 40 hours plus homework/study time.)

The purposes of the classes are to familiarize you with areas of focus on the licensing test which include:

the ethical practices of real estate (REALTOR® licensing, REALTOR® code of conduct, customer contract terms and conditions, etc.), and

the practical day-to-day tools of the trade (deed and title legal consideration, math for finance and math for property descriptions, property inspection and certification, etc.)

The classes themselves require successful completion as tested and then you are eligible to take the licensing exam. After obtaining your license, you must find a broker (such as Coldwell Banker) that is willing to hire you, provide office support, and take responsibility for you as an agent.

Obviously after you have your license, the choice of which brokerage you want to be a part of is a very important consideration. In addition, you have the choice to operate as an independent agent or to be a member of a team. There are pros and cons for each side. The PROS of being an independent agent is you are your own boss. All advertising would clearly identify you as the agent that is listing any home for sale whether in print ads or front yard signs. You would in effect be making a name for yourself in the business. On the flip side, as an independent agent, you are your only employee. Nothing gets done unless you do it. Nothing gets paid for unless you fund it. As an independent agent working for Coldwell Banker (as opposed to many of the other brokers) the broker does pay for some advertising in its CB Homes magazine and in Real Estate weekly and in the local papers in Lancaster. Working for Coldwell Banker also entitles you to attend marketing training classes that focus on sales techniques and technology tools for real estate. In my opinion, you will be better prepared to actually meet clients and initiate business relationships than if you were to select another brokerage.

Every Realtor splits commissions earned with their broker. The broker is providing care and housing and other benefits. The broker wants a return on their investment. Every broker has a slightly different schedule of splits to apply to this revenue sharing. In all cases, agents benefit from their level of production. In other words, when you are first starting out you will get a smaller percentage of the commissions earned than you will later in your career when your volume of business is greater. For instance, Coldwell Banker pays 40% of the gross commissions to new agents (under $1,000,000 in total sales during the past 6 months) but up to %80 of the gross commissions to more experienced and productive agents.

As a team member, the con is that all sales and all advertising identifies the team itself as the listing agent without identifying the individual agent that took the listing by name. The PROS are that teams generate much more business than any individual. Therefore the commission split for the team is higher than it would be for the individual. Every team leader then decides how the revenue will be distributed to the team members. Team leaders are free to select options that range from straight guaranteed salaries to complex profit sharing formulas and everything in between. Team leaders also decide on the level of expense dollars that are put into advertising, and how much of that budget is dedicated to the support of individual team members. Again there are a wide range of business plans.

The advantages of one team over another comes down to the benefits offered to the individual team member in terms of expense reduction and income increases as compared to what would be available to the individual agent working for the broker.

The Bob Wells Realty Group is very competitive in this regard, and we regularly attract a number of potential candidates who would like to join us. The REALTORS® selected to join our team are all unique individuals but have two important characteristics in common. They are success oriented and they all place customer service above everything else in order to meet their goals. To learn more about us please give Bob Wells a call at (717) 203-6049.