Many people choose a career in real estate for different reasons. For some, the rewards are truly monetary. Real estate agents earn hefty commissions off of the properties that they sell, making the field very lucrative.
Many people also choose to become a real estate agent due to the fact that they have plenty of flexibility and freedom with their daily schedules.
Another great factor about a career in real estate is the fact that your income has no cap. You can literally earn as much as you want, by dedicating the time, energy, and effort in to your career. The more work you put into your real estate career, the more money you will earn.
Education / Schools
Education is the key to becoming a successful real estate agent. From the pre licensing courses and tests that you must take to furthering your profession by obtaining your broker’s license, education is vitally important to your success. It is also essential to realize that you can never stop learning and to have an open attitude towards future education.
How Much Does It Cost?
It’s also important to realize that becoming a real estate agent is not free. You will need to pay for your tuition, testing, and materials. The average cost of materials to get started in your new real estate career is between $1,000- $1,200.
How Long Does It Take?
You will discover that no matter what state you live in, it typically doesn’t take very long to become a licensed real estate agent. In fact, along with the information available online, you will also be pleased to discover that you can even take some of the required classes online.
Just check with your state’s requirements and options regarding online learning. Once you have met the pre licensing requirements and pass your realtor’s test, you will be able to begin your new career as a real estate agent.
Do you have a keen sense of knowing the strong points of a home? Do you have a knack for selling things and want to help people realize their dreams of becoming homeowners? If so, then you may be interested in becoming a real estate agent.
A real estate agent is the person who shows available property to interested potential buyers. The first quality that every successful real estate agent must possess is a winning personality.
First and foremost, you must be a person who likes meeting new people and feels confident speaking public ally and showing property to individuals. You must be outgoing, friendly, and have a good-natured disposition to ensure that you can handle the requirements of being a real estate agent.
Working for a Real Estate Agency
Some real estate students, or realtors in training, look for jobs with local real estate agencies providing sales support or administrative help. This kind of employment can help the student obtain sponsorship with the broker at a later time, and create important contacts. Special real estate job boards exist to help with you find these openings.
Getting Your License
You’re first step in becoming a real estate agent is to study and become licensed.
You will need to contact the appropriate state agencies to ensure that you meet the requirements necessary for your region. The requirements vary from state to state regarding licensing so it is imperative that you contact your state’s licensing board to find out what the requirements are.
You can access the NAR’s listing of state boards here: National Association Realtors.
Most states require that you have a clean criminal background before allowing you to obtain a state license. It is possible that you may be allowed to obtain a license if you have your record expunged. If you are concerned whether or not you can obtain a license then you should contact the National Association of Realtors and find your local state board’s information.
Age & Residency
To qualify for licensing you will need to check with the requirements of the state you reside in. Different states require different things, but generally you will be expected to be over the age of eighteen and a residency of the state that you wish to have a license in.
Real Estate Agent vs Real Estate Broker
It is important to understand the difference between a real estate agent and a real estate broker. A real estate agent is not the same thing as a real estate broker.
When you first enter the real estate field, you will become a real estate agent (sometimes referred to as a real estate salesperson). It typically takes between 40-100 hours of class time to become a real estate agent, while it takes several years of experience for a real estate agent to gain the knowledge it takes to become a real estate broker.
All real estate agents that have become licensed must work under the supervision and authority of a real estate broker.
National Realtors Association
When a realtor becomes licensed, he or she will need to join their local real estate board. Then they will become members of the National Realtors Association. Becoming a member of the National Realtors Association offers many benefits; from education and technology to discounts in nationwide stores.
Members of the National Realtors Association agree to pledge allegiance to the NRA’s code of ethics. The code of ethics ensures that all realtors will deal fairly with the public, other realtors, and their clients.
Since 1908, the National Realtors Association has grown into the world’s largest professional association and has members in over 60 countries.
This is your essential lifeline to your new career as a realtor. All of the information that you need is provided to you through the NRA, as well as requirements, training, and resources for continuing your real estate education and pursuing other realty related licenses.
After you have passed your pre licensing exams and have become a licensed realtor, you will then need to find a broker who will sponsor you.
The broker has additional licenses and whenever a real estate transaction is made, the signature of the broker is required.
Many prospective realtors actually contact brokers before they begin attending classes to ensure that they will prepare themselves completely for a position with their preferred team. Some companies will pay for or reimburse a realtor’s tuition as well.
Remember with a pleasant attitude, great disposition, and winning personality, you will be a successful real estate agent.
You will also discover that there are many fees that you will need to pay. Consider that you will be paying a cost of nearly $1,000 to get started and nearly $5,000 to promote your new business. Since the real estate agent doesn’t earn money except by commission, it is imperative that you have enough money saved to back you while you are just starting out.
In fact, it is recommended that you have at least six months worth of income saved to fall back on.
Once you have found a broker to sponsor you and have dedicated your time to hard work, you will begin to see your efforts rewarded and enjoy the benefits of your career as a real estate agent.
Treat It Like a Business
Some people who are new to real estate at first think that they are employees of the broker, but that isn’t the case. Real estate agents are independent contractors and they must manage their business as such.
You should be fully aware of the fact that you will need to look at your future real estate business as an investment. That means, that for the first few months to possibly a year, you will be spending money promoting your new business.
For your real estate business to be successful, you will need to take the initiative and run your business professionally and in an organized manner. The statistics of first year real estate agents that drop out of the profession is astonishingly high. The more organized you are and the more time that you take to plan will benefit you in the long run. If you want to be a successful real estate agent, you must take the steps necessary to ensure your success.
Make a Plan
One of the first steps that every successful business owner takes is to write a business plan. If you want your real estate business to succeed, then you should write a business plan as well.
If you aren’t familiar with a business plan, it is simply a written document that documents your goals as well as the steps that you will take to achieve those goals. You can find business plan templates available for free download by visiting the Small Busines Association. Successful business owners agree that a business plan is the key to running and maintaining a successful business.
After you have devised your business plan, it is important to realize that your business plan can and will change. Throughout the years, it will be necessary to revise your business plan and accommodate for changes, failures, and successes that you have made along the way.
Just like any other business, it is important that you understand the importance of goal setting and keeping to your budget. Learning how to be the manager as well as owner of your business will have its benefits as well as rewards.
During your first year as a realtor, you may find that it is difficult to land your first sale and the income level that you were hoping for is out of reach. This is when sticking to your budget is crucial. If you want to ensure that you will be in real estate for the long run, you will need to have your budget set and stick to it.