Wanna Be a Hawaii Real Estate Agent? Get Your Wallet Out!

So, you want to be a Hawaii Real Estate Agent? You have an interview with a Broker at XXX company and the only thing on your mind is $$$$.  Well, there's always commission because you're an independent contractor. There is no two week or twice a month paycheck. You get paid when you sell a home.

You have income, taxes and expenses.

What they don't tell you before you get into real estate is that you will need money to start up with. "In order to make money you have to put out money".  Like with any business you have to have ‘start up' money to get going and keep putting money into your business just like any other.

The following list will give you an idea of what to save up for so you aren't going into the industry blindly and KNOW what YOUR expenses and responsibilities are as a Real Estate Agent.

In the beginning:

• Real Estate School
• State Exam (If you pass the school)
• Licensing  (If you pass the school and exam)

Starting Out and Ongoing Stuff:

• Multiple Listing Service, Realtor® Dues, Local Board Dues
• Business Cards (and if you want a professional shot go to a photo studio)
• Signs (Open House signs to start with) and if your company does not provide property signs you'll need a few of those too.
• Announcements and postage (you do want to get the word out to family and friends to start with)
• A good PC and equipment. (you will spend the majority of your time on your pc so make sure it's in good working order or buy a new one)
• Office Supplies (this can range from paper clips to a great all in one printer, scanner, fax, copier)
• Your Website (research different website companies, designers and so forth to see which will best suit your needs.
• A good blogging site. (ActiveRain is just $29.95 a month for a Rainmaker account!)
• A good virtual tour site (my favorite is www.realestateshows.com )
• Additional Education (process, financing, escrow, listings, purchases, marketing and more!)
• Gas, Car, Insurance, Upkeep (you will be using your vehicle more than usual ...obviously)
• Advertising (depending on the type there are costs for newspapers, magazines, books, websites)Savings in the bank of at least three to six months as it will take some time to create business.
• Errors and Omissions Insurance
• Some companies may charge office and desk fees.
• For every dollar you make there are taxes to pay. In Hawaii we have to pay not only federal and state estimated self employment taxes quarterely but have our General Excise Tax to pay as well.

Make sure you know everything there is to know BEFORE you pursue a career in Real Estate.  You have responsibilities as an independent contractor and you pay your own taxes and expenses. READ MORE HERE>>> Real Estate is NOT JUST A PAYCHECK Be proactive in your research so you aren't going into the industry blindly and thinking you're making oodles of money with no expenses or responsibilities.

Oh, and the biggest item you will need of all.

TIME.  LOTS of TIME. 

 

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com