The Living Room Realty Excellence in Diversity Scholarship recognizes the potential of applicants who, through sharing their varied cultural perspectives, will enhance Living Room Realty as well as the real estate community as a whole. Living Room Realty offers this start-up fee remission scholarship as part of a commitment to Living Room’s Values of Excellence and Diversity which are the foundation of our Mission to Develop Vibrant Communities.
Living Room Realty strives to facilitate the path to a Real Estate career for those qualified candidates that would otherwise find the cost of pursuing a Real Estate career a financial burden. Our goal is to provide financial and educational support to assist the candidate in developing a thriving real estate business and as a result, increase the opportunity for future personal homeownership and financial stability.
Total award is approximately $15,000 over three years1. The scholarship commitment is for a three year period. This is a fee remission award that covers basic expenses of becoming a licensed real estate broker and entering the real estate business.
- You must be at least 18 years of age.
- You must be a high school graduate, have a GED, or international equivalent.
- You must pass a routine background check.
- You must have lived in the Portland Metro Area for 3 of the past 5 years. Preference to native Portlanders or residents of 10+ years.
- You must be able to demonstrate financial need.
How to Apply
- Complete the online Living Room Realty Excellence in Diversity Scholarship Application by September 25, 2020 (link at the bottom of this page).
- In the online application, provide contact info for three professional or personal references who will be contacted by Living Room Realty during the review process.
Scholarship recipients will be selected by a committee of Living Room Realty agents with who will evaluate the following criteria:
- Involvement in community or volunteer activities
- Past professional experience
- Past academic performance or educational activities
- Preference given to applicants from underrepresented racial/ethnic minorities and/or candidates who identify as LGBTQIA+
- Preference given to applicants with demonstrated financial need
- Preference given to Portland, Oregon metro residents of 10+ years
- Preference given to non homeowners
Annual Scholarship Renewal Requirements
To maintain scholarship eligibility, you must:
- Display a commitment to attending and participating in educational opportunities
- Display a commitment to developing a personal real estate business
- Meet regularly with the assigned mentor and Living Room Realty’s Agent Success Coach to evaluate progress
- Actively work through the New Agent Passport
- Maintain good financial standing of Living Room Realty agent account for any items or services not covered by the program
Applicants will be notified by October 15, 2020.
“Diversity and visibility matters y’all! As a queer, black, real estate agent in Portland, I don’t see many, if any of me around. Neither have my clients who intentionally seek me out. And here I am, with the fortunate pairing of Living Room Realty, as its first ever Diversity Scholarship recipient. (whoot whoot)”
Terms and Conditions
- Prelicensing Education to be completed within 180 days of scholarship award.
- Real Estate Licensing Exam to be taken within 365 days of scholarship award.
- Beginning from the time of licensing, the program is a 3 year commitment, to hang real estate license at Living Room Realty and become a broker on a 50/50 or 60/40 independent contractor agreement.
- 50/50 New Agent Membership Program required for the first 12 months or 3 closed transactions, whichever is the later. The annual membership fee will cap out at $25,000.
- Recipient will be assigned to a mentor for the first 3 closed transactions.
- Participate in promotional pieces related to the Diversity Scholarship with photographs, interviews, company events, social media, providing quotes, etc.
Fees and Expenses Covered by Scholarship Program
|Real Estate School Pre-Licensing Education + Exam Prep Package OnlineEd.com||$510|
|Regional Multiple Listings Service Fees||$564 annually | $1,692 3 years|
|Sentrilock||$25 start up + $132 annually | $396 3 years|
|Living Room Realty New Agent Package||$375|
|PMAR||$670 annually | $2,010 3 years|
|License application fee||$300|
|2 year OREA license renewal||$300|
|Real Estate license exam fee||$75 paid up to 2× | $150|
|Broker Advanced Practices education||$119|
|Fingerprinting and background check||$56|
|Technology budget (computer, printer, scanner, etc.)||$1,400|
|DocuSign account||$215 annually | $645 3 years|
|In-house Living Room Realty marketing budget||$1,500 anually | $4,500 3 years|
|Personal development (Buffani, Ninja)||$1,000|
|Mentorship from a Living Room Realty Principal Broker||30% of each closed transaction (first 3 transactions)|
|Life costs (clothing, vehicle, mortgage/rent assistance)||$1,500|
|Total Expense Remission3||$15,0004|
Training and Educational Support
- CRM: Free Customer Relationship Management system access through MOXI
- Agent U: Living Room Realty weekly education classes
- Mentor: Mentor will be made available for the first 3 transactions
- Excellence Award Sessions: Living Room Realty Quarterly Top Producer Presentations
- GROWTH Series: Living Room Realty Monthly Credit Hour Classes
- SKILLZ Training: BiWeekly Courses available to new agents.
- Agent Success Coach: Living Room Realty staff member dedicated to helping Agents reach their business goals.
- Amount is determined by expenses detailed in the table above.
- If the recipient chooses to leave real estate they will not be required to repay the expenses. If they become a licensed assistant or transfer their license to another brokerage before the 3 year term concludes, the recipient agrees to forfeit any unpaid scholarship awards/funds and unused mentorship.
- Recipient is responsible for verifying tax implications of award and for reporting scholarship award to appropriate entities.
- Final award amount may vary depending on pricing of above resources at the time of use.