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Thursday, October 17, 2013
Wednesday, October 2, 2013
What Will Your Average Salary Be With A Rhode Island Real Estate License?
When considering whether or not to obtain your Rhode Island real estate license, questions of average salary may cross your mind. To tell you the truth, there is no “average.” Your annual amount is never capped - you can make as little or as much as you want! There are a variety of factors involved that may vary your personal yearly income, including:
1. Type Of Property You Work With
Working with homes and rentals are two different ball parks, commission wise. Generally, when you sell a home with your Rhode Island real estate license, you receive about 5% of the selling price. After taxes and your broker’s commission (which we will get to), you will generally walk away with about 2%. This is still a hefty amount from just one home.
Commission based off a rental, however, works differently. Depending on the property manager, your services may be paid equivalent to one month’s rent. Other property managers may have a flat rate, no matter the tenant’s rent. Again, out of the commission, you will still owe your broker and government out of your check.
2. Your Broker’s Commission/Overhead
Understandably, you need to pay your broker a portion of each commission you make. Every Rhode Island real estate agency you work for will have different pay structures- some will have a flat rate, most will charge a percentage. Some agencies will mandate that you pay an additional stipend for space usage. Make sure you understand what is required of you.
3. Your Dedication
After your receive your Rhode Island real estate license, it is so freeing to know you are technically your own boss. It’s everyone’s dream to make their own hours! But the amount of work you do to market yourself and your properties will directly correlate to your annual income.
If you only work a few hours a week, you will probably only rent or sell a few properties a year. If you use your Rhode Island real estate license to it’s full potential, you can make more money than you could with a regular salary.
The fact that you cannot cubbyhole a Rhode Island real estate agent’s income is incredibly exciting. If you are passionate and determined, you can make much more than sitting in that cubical!
1. Type Of Property You Work With
Working with homes and rentals are two different ball parks, commission wise. Generally, when you sell a home with your Rhode Island real estate license, you receive about 5% of the selling price. After taxes and your broker’s commission (which we will get to), you will generally walk away with about 2%. This is still a hefty amount from just one home.
Commission based off a rental, however, works differently. Depending on the property manager, your services may be paid equivalent to one month’s rent. Other property managers may have a flat rate, no matter the tenant’s rent. Again, out of the commission, you will still owe your broker and government out of your check.
2. Your Broker’s Commission/Overhead
Understandably, you need to pay your broker a portion of each commission you make. Every Rhode Island real estate agency you work for will have different pay structures- some will have a flat rate, most will charge a percentage. Some agencies will mandate that you pay an additional stipend for space usage. Make sure you understand what is required of you.
3. Your Dedication
After your receive your Rhode Island real estate license, it is so freeing to know you are technically your own boss. It’s everyone’s dream to make their own hours! But the amount of work you do to market yourself and your properties will directly correlate to your annual income.
If you only work a few hours a week, you will probably only rent or sell a few properties a year. If you use your Rhode Island real estate license to it’s full potential, you can make more money than you could with a regular salary.
The fact that you cannot cubbyhole a Rhode Island real estate agent’s income is incredibly exciting. If you are passionate and determined, you can make much more than sitting in that cubical!
Thinking About Obtaining Your Rhode Island Real Estate License?
Have you ever considered obtaining your Rhode Island Real Estate License? There are great benefits to being a real estate agent- many people love that you work for yourself and make your own hours. As long as you are at least 18, both residents and non-residents of the state may get a license. So what is the procedure towards obtaining your Rhode Island real estate license?
1. Identify And Complete License Requirements
In Rhode Island, there is a handful of requisites you need to complete prior to obtaining your Rhode Island real estate license. You need:
a. Three written references from legal residents unrelated to you. Each referral must be a home owner and have known you for a minimum of three years.
b. File a statement under oath attesting your character. A broker with a Rhode Island real estate license must agree and sign your oath.
c. In addition to your real estate classes, you must also attend a three hour course on lead hazards/poisoning.
d. If you are a non-resident of the state, you must file a Power of Attorney Form for service of process.
2. Attend Classes
To receive your Rhode Island real estate license, you need to attend 45 hours worth of classes. There are several different schools located around the state, with lots of different time and date options. Click here to find a school near you.
3. File Your Application, Book Exam Date
Once you complete all of your classes and submit your written requirements, call to schedule your exam! Though you have two years after you finish your courses to obtain your license, you might as well get it done and start working! The exam is a $70 fee.
4. Pass The Test!
Make sure to rest, eat a healthy breakfast, and of course, STUDY! You are allowed four hours to take the test, but it takes most people around 2 - 2.5 hours. Give yourself plenty of time and read each question and answer carefully. Once you pass, you will be licensed on the spot. It is an additional $150 for license.
Good luck on your journey towards your very own Rhode Island real estate license!
1. Identify And Complete License Requirements
In Rhode Island, there is a handful of requisites you need to complete prior to obtaining your Rhode Island real estate license. You need:
a. Three written references from legal residents unrelated to you. Each referral must be a home owner and have known you for a minimum of three years.
b. File a statement under oath attesting your character. A broker with a Rhode Island real estate license must agree and sign your oath.
c. In addition to your real estate classes, you must also attend a three hour course on lead hazards/poisoning.
d. If you are a non-resident of the state, you must file a Power of Attorney Form for service of process.
2. Attend Classes
To receive your Rhode Island real estate license, you need to attend 45 hours worth of classes. There are several different schools located around the state, with lots of different time and date options. Click here to find a school near you.
3. File Your Application, Book Exam Date
Once you complete all of your classes and submit your written requirements, call to schedule your exam! Though you have two years after you finish your courses to obtain your license, you might as well get it done and start working! The exam is a $70 fee.
4. Pass The Test!
Make sure to rest, eat a healthy breakfast, and of course, STUDY! You are allowed four hours to take the test, but it takes most people around 2 - 2.5 hours. Give yourself plenty of time and read each question and answer carefully. Once you pass, you will be licensed on the spot. It is an additional $150 for license.
Good luck on your journey towards your very own Rhode Island real estate license!
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