Getting Started FAQ
Q. How will I know if I have what it takes to be successful?
A. Click here to see how you size up.
Q. How much training is required to get a license and start my career in real estate?
A. The State of Michigan requires 40 hours of education courses prior to your being allowed to take the state license test. Coldwell Banker Schmidt Family of Companies offers outstanding training and education utilizing both computer and classroom training. You will find during your career that advanced training will always be required for you to stay informed about the business including 6 hours of state of Michigan required continuing education to maintain your real estate license.
Q. What type of professional sales training does Coldwell Banker Schmidt Family of Companies provide?
A. Coldwell Banker Schmidt Family of Companies offers outstanding training and education. Just click here.
Q. What personality profile and educational background provide the best chance for success?
A. While sales and people skills give you a jump on the competition, we still find that people from most vocational and educational backgrounds have been very successful in real estate.
Q. Can I keep my current job during training?
A. Yes, during the pre-license period, each office sales manager will provide a tailored program for entrance into the profession depending on your current career situation.
Q. How much time will it require during the first year to be a success?
A. Successful agents find the profession requires strong work habits and put in long work hours to succeed. Newly licensed agents typically spend 50-60 hours a week in the first year of real estate. The flip side is that you are your own boss and can set a schedule that suits you and take time off and vacations when YOU choose.
Q. How much will it cost to get started and what are the ongoing costs?
A. Your costs will breakdown as follows:
- Pre-license (40 hours) course training will cost approximately $225-$250 depending on the school you choose.
- Local, state and national board memberships, plus MLS membership run $750 to $1,000, depending on which board. The annual MLS renewals range between $300-$450.
- Training and start-up costs are $500+, depending on experience in business. Some start-up costs can be paid out of future closings.
- Monthly costs are generally $90-$100, depending on the board and MLS.
Q. Can I begin to list and sell real estate immediately after receiving my license?
A. Yes, however under the close supervision of your office sales manager.
Q. What is my job description?
A. There are literally dozens of activities that, as an agent, you can take part in during your business week, such as the following:
- Previewing your office's new listings on office tour
- Previewing properties listed by other agencies
- Completing paperwork on transactions
- Following up with customers/clients
- Following up with prospects
- Setting showing appointments
- Showing properties to buyers
- Attending office meetings
- Attending educational sessions
- Prospecting for potential customers/clients
- Doing listing presentations
- Learning about title, escrow, closing procedures
- Organizing materials/your desk
- Answering calls at office on schedule assigned by office (commonly called floor time)
- Holding open houses for the public
- Holding open house for the cooperating agents (brokers' opens)
- Preparing brochures for properties
- Promoting yourself (preparing brochures, cards, etc to mail to identified markets/other promotions to increase name recognition)
- Following up on transaction to the end of the transaction (closing)
- Studying finance options
- Planning your days, weeks, long-term goals
Q. Where will I get most of my customers?
A. The following is where our successful associates get their customers:
- Sphere of influence (people you already know)
- Open Houses
- Prospecting your "inner circle" (relatives, etc)
- For Sale by Owners
- Expired Listings
- Demographic Prospecting (Attorneys, CPA's, Insurance Agents, Financial Advisors, etc)
- Corporate calling
- Geographical Prospecting
- Sign/Ad calls
- Floor Time
- REALTOR Referrals
- Community Involvement
- Buyer/Seller Seminars
- Online leads
- Relocation Referrals
- Direct Mail Prospecting
Q. Is there Health Insurance available?
A. Yes. For details call our Health Administrator at (231) 932-2632 or go to www.strategic-benefit-design.com/schmidtrealtors.html
Q. If I became a new agent and followed all the training offered and participated in office prospecting activities, what might I expect to earn in my first full year?
A. It varies, but each year we have new associates earning over $60,000 in their first year. On average our new associates earn $35,000 to $45,000. After the first year and continued commitment to the business, income typically grows to $50,000, to $70,000 and higher. We have many associates who earn well into a 6 figure income consistantly.
Q. How does the commission split work?
A. The average commission charged to most sellers depends on local market practices. This amount is then divided between the listing and selling real estate brokerage. You then split the commission with Coldwell Banker Schmidt. We have a menu of generous commission programs that you can review with an office sales manager.
Now is the time to join Coldwell Banker Schmidt Family of Companies and become part of a winning team. For a confidential interview, contact us today.