How Long Does It Take To Make Real Money As A Realtor/mortgage Broker?
October 30, 2009 by admin
Filed under Ikofx | Forex Stories
How prolonged do you think it would take if I pursued a realtor/mortgage attorney career full time and not half a$$ it, for me to proceed creation 6 figures
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I work for a mortgage broker as a loan officer and its “Commission only” so I didn’t make any money until I closed my first loan. However, it is well worth it because the commission off a house is at least a couple thousand. The company I work for is licensed in 50 states so it doesn’t really matter what the market is like in your area. The main advantage is that people are always looking to refinance their home for a better or different program and/or better or different rates. Our Senior Loan Officer/ Branch Manager makes six figures and drives a Range Rover so the money is there you just have to “sell it” to potential customers.
There are only two factors. You, and your training. Not the market, not anything else. Some people do it very fast, but most never do. Look up Mike Ferry.
1 to 2 years…depending on how fast you can learn and how you position yourself in the market…i.e. are you selling homes in a down market, or buyers??? Big clue here!!!!
1) Depends on your market. Malibu has higher prices than Montana.
2) Depends on your specialty: commercial/residential/land/developments…
3) Depends on your sales. Normally realtors split 50 -50 with the brokers up to a certain limit. Then it may drop to a 60 - 40 split. When the realtor has chalked up maybe 5m in sales, he/she will get the whole commission.
4) Depends on your agency-private/franchise/national.
For a realtor to make substantive money - 5 years. A broker takes more training and has to depend on the realtors you have working for you.
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