Whether you are a recent graduate looking to start your career or an employed professional interested in diversifying into a new field, the real estate industry can offer some great career opportunities. Becoming a real estate agent can be quite exciting, not to mention lucrative, for anyone who wants to start out in this field. But how do you kickstart your career in this industry? In this article, we’ll tell you everything there is to know about becoming a real estate agent.
So, let’s dive right in.
Who is a Real Estate Agent? What do they do?
A real estate agent is a professional who facilitates the buying, selling and renting of residential, commercial, industrial, or land real estate. They help in connecting buyers with sellers and also perform an advisory role in facilitating the deal.
As we’ve stated, real estate agents help in both buying and selling properties. When it comes to selling real estate, their main responsibilities include –
- Build a comprehensive list detailing the properties for sale, their location, and features.
- Setting a competitive market price for the properties.
- Advising sellers with tips on improving the property’s sale value.
- Promoting the properties through open houses and ads.
- Negotiating a final price.
- Preparing paperwork and coordinating the closing.
Their responsibilities in the buying side of things consist of –
- Showing properties to clients.
- Helping the clients obtain financing.
- Helping clients understand financial terms, interest rates, and mortgage options.
- Presenting sellers with purchase offers and mediating a final settlement.
- Ensuring that the property is in order before finalizing the sale.
Given the huge amount of responsibilities entrusted with a real estate agent, mistakes can happen from time to time. To protect oneself from costly claims relating to breach of contract, negligence, or more, it would be useful to get insurance for real estate agent. Find out more here.
How to Become a Real Estate Agent?
Here’s the step-by-step process of becoming a real estate agent –
Step 1. Research the licensing requirements of your state
The first thing you need to do is research the unique licensing requirements of your state. The licensing requirements differ from state and state, so it’s important to understand the–
- Age requirements.
- Education requirements (high school or GED).
- Continuing education options.
- Exams and eligibility.
- Application fees, process, and more.
You can find these details by going through the official website of the real estate regulatory authority, which can be found here.
Step 2. Research a good pre-licensing course
Getting the right education is very important if you want to become a successful real estate agent. A good pre-licensing program will help you develop a better understanding of the real estate market and the various laws governing it. It is mandatory to take a pre-licensing course before you go for the actual real estate license exam. So, make sure to choose a school that offers the best program to fit your needs. You would find many options for both in-person and online courses at community colleges and real estate schools.
Step 3. Take the real estate licensing exam
After finishing your pre-licensing coursework, you can take the exam for obtaining a real estate license. This exam contains two sections – a general section on real estate practices and principles and a state-specific section on the real estate laws of your state. It is a multiple-choice computerized exam, which can cost you between $100-300. If you are not successful in your first attempt, you would always have the opportunity to retake the exam. However, each state will have its rules regarding the number of times an exam can be retaken.
Step 4. Obtain your license after passing the exam
If you pass your real estate license exam, you can submit an application along with the fees and required documents to the real estate regulatory authority of your state. The fees for this application can be somewhere around $200-400. Once it gets approved, you will get your real estate agent license in your mail. It is important to note here that getting your license approved by the state regulatory authority is essential if you want to work as a real estate agent.
Step 5. Joining a real estate brokerage firm
After completing your education and obtaining your license, you can now join a real estate brokerage firm that you want to work for. When you look for a firm to join, make sure to ask about their technology resources, training programs, marketing support, and more. Also, look into the commission they offer and other benefits like retirement plans or insurance for real estate agent. A good firm will provide you with all the support and resources you need to be a successful real estate agent.
Step 6. Start networking
To be a successful real estate agent, it’s important to learn the art of networking. Look for opportunities to build relationships with other industry professionals, like home inspectors, mortgage brokers, title companies, etc. You can also connect with potential clients by participating in communities. This part of the process might take a little time, but the investment in building relationships will be worthwhile.
With this, we’ve covered all the steps that are required to kickstart your career as a real estate professional. Remember to stay focused on your goals, and put in the hard work and dedication. And eventually, you will emerge as a successful real estate agent.
- Cristea, M.-A., 2022. Become a successful real estate agent – follow these 6 steps. Business Review. Available at: https://business-review.eu/property/become-a-successful-real-estate-agent-follow-these-6-steps-231840 [Accessed September 20, 2022].
- Freedman, M., 2022. Becoming a real estate agent. Business News Daily. Available at: https://www.businessnewsdaily.com/3875-how-to-become-a-real-estate-agent.html [Accessed September 20, 2022].
- Forsey, C., 2022. How to become a real estate agent, according to experts. HubSpot Blog. Available at: https://blog.hubspot.com/sales/become-real-estate-agent [Accessed September 20, 2022].