Should You Hire a Real Estate Intern?

If there is one thing real estate agents dislike, it's parting with money. Thus, low or no cost approaches are highly treasured, such as the use of social media as a marketing tool, the popularity of Craigslist and the heavy reliance on do-it-yourself photography.

There's nothing wrong with being frugal. Many wealthy people are actually quite thrifty, pinching pennies and living beneath their means, says Thomas J. Stanley, author of "The Millionaire Next Door."

So, in the spirit of helping you hang on to every possible commission dollar, here's the skinny on hiring an intern.

What Is an Intern?

An intern is a person who works primarily to gain experience in a field. Some work for free. It may sound crazy, but they have their reasons for offering services sans remuneration.

Most interns are young and usually in college. In fact, almost 30 percent of college students work as unpaid interns, according to the National Association of Colleges and Employers.

If you hope to hire an intern to assist you with various duties for your real estate practice, however, you will most likely need to pay him or her. (More on that in a minute.)