@sammybiker, yes, I did end up working nearly full time for a couple of years, but the work is very competitive. The paychecks are very large, though, and that keeps the motivation high. Friends and family tend to be tougher to work than strangers or referrals, but did account for a good portion of my business in the beginning. Then I put some effort into marketing and developed a client base that way.
In my area, many people are semi-retired but still have their license. It's a nice boost to a retirement income and you can choose to work hard, or not. I built a retirement around my rentals, so as those got paid off one by one and rents crept up, increasing my return, the need to actually work in the field has dwindled. FI, at it's best! I'm far happier working for myself as a property manager, not a real estate sales agent. I don't need the money, so why do it if I don't want to?
@coldsteel333 , yes an agent must have a broker in my state. I believe that that's the case nationwide. But that's a good thing, as they will guide you, train you and CYA if something goes south. There are brokerages that charge varying percentages and if you're not going to be super active, you'd want to "hang your license" somewhere that doesn't cost you monthly or have required production targets. Those places are out there, just look, call, go meet with brokers. I think it's still worth it if you're buying and selling for just yourself or as a part time gig.
Some, like Exit Realty, Keller Williams, Homesmart, and private brokers have a business model that takes less of split. A google search just told me that Exit takes a 70/30 split. For a new agent, that would be a great split. Others, like Coldwell Banker, Remax and Century 21, charge more in general (in my area, anyway) and want an aggressive sales force. Those are just broad sweep generalizations and your miles may vary. My split is 90%/10% now. When I started, it was 50/50. It does cost $$$ to stay active, you've got to pay dues, pay for MLS access, insurance, etc.
