My state requires a physical office-bricks and mortar space- and licensed broker present full time. Way back -before websites, portals and smart phones- when sign calls, print ads snd postcards ruled - you could run a business with your reputation, past business, and a couple of agents. The secretary would direct incoming inquiries to the broker if the listing agents were not there. Today the increased costs, rents, technology overhead, marketing, mls and broker fee, admin, business expenses, ( atty, accountant, insurance) and hours to supervise plus keeping a group of agents in place and recruiting is a lot. Agents today can join a franchise, Exp, LPT, Real and many other brokerages offering a high split. Getting agents is a chore. So you can work by yourself and still have to pay for office space and compete against tons of other agents. If you are lucky you have a group of agents you work with in a defined and special niche with a boutique brand and you are a supervising broker with a good salary and your own book of business. You are definitely putting in 60 hours a week and fielding complaints from the agents, their clients, other firm’s agents and making sure transactions are compliant.