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Is Being A Real Estate Agent A Good Job – There are many reasons why someone might be interested in becoming a real estate agent. The ability to have a serious payday combined with a flexible schedule is certainly attractive – and if you’re a people person, you’ll never feel more at home.
But don’t be fooled by reality shows about Realtors selling big houses and making easy millions. Real estate agents are basically self-employed, and they often put in a lot of work and training (not to mention their own money) to be successful. Add up the cost of classes, tests, business cards and advertising and new agents can easily spend up to $2,000 in their first year.
Is Being A Real Estate Agent A Good Job
Still, in many powerful industries, entrants are happy to learn the tricks of the trade. Kathryn Lionetti, a 23-year-old who recently joined Weichert Realtors in New Jersey, compares becoming a new agent to “a new orientation, where training is supposed to be filled with information provided by your chosen real estate company.”
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How do you start? First, consider the pros and cons of the process. Then research trends in the real estate market in 2018, such as rising mortgage rates or how the new US tax laws will affect homeowners. There is a lot to know before getting started. Here are some basic steps that prospective real estate agents will need to take:
The general path to becoming a full-time real estate agent usually involves taking classes, passing a state exam and finding a place to work. Yet when you look closely, each agent’s path is different — not just because of people’s unique paths, but because
After all, the specifics of real estate entry requirements vary from state to state. The New York real estate agent can talk about how they got to where they are, but the Nebraska agent took a different route.
So, the first step to becoming a real estate agent is to determine the correct licensing process for your state. This type of research can also prove useful for prospective agents looking to practice real estate in the nearby region as well:
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You will often need to take several different courses before taking the licensing exam. You will almost certainly pay at least $200 or more for these classes regardless of your location, and that is on the low end. For example, Brightwood College offers classes in Georgia starting at $299, while the New York Real Estate Institute (NYREI) offers licensing courses for $395.
These courses bring together many different facets of the real estate world to create a comprehensive education. Depending on the state and whether you are seeking a dealer or broker license, these may include:
You can take your classes at home or at some colleges, and there are also many online options that fit your busy schedule. Just remember to get your transcripts and a certificate of completion after you finish the courses. You will need these for your license application.
In addition to the coursework you need, many institutions also offer exam preparation courses. It’s not mandatory, but many applicants sign up for one or more to feel more comfortable while taking the license exam.
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Once you have completed the coursework, you will be ready to apply for your real estate license and take the required exam. Expect to pay more than $300 for your license application, test, background check and the license itself (assuming you pass the test).
The sooner you take the test after completing your classes, the better. That’s because if you fail the exam, many states allow you to retake it multiple times within two years of completing your coursework. (After two years, you will need to take the courses again.)
How likely are you to pass on the first try? According to data from the Texas Real Estate Board on Provider Exam Pass Rates, 57.4% of applicants who took the Texas exam between February 2016 and February 2018 passed. So, those who diligently do their coursework and preparation have a good chance of passing the first test.
Many people use “realtor” and “real estate agent” interchangeably, but in reality there is a world of difference between the two.
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A “Realtor” is a member of the National Association of Realtors, or NAR. Owners pay a membership fee ($120 as of 2018) and are expected to follow a strict code of conduct. In return, they receive several benefits, including access to exclusive marketing materials and discounted continuing education. So, without a doubt, becoming a Realtor is worth looking into.
Once you pass the exam and have a real estate license, that’s not all it takes to practice real estate (at least in the beginning). In most states, new agents must work with a broker they choose to sponsor or manage, at least for the first two years. Some states even require willing agents to have a sponsoring broker
Real estate agents generally do not get paid by brokers, but instead make commissions on sales and listings. Typically, commissions are paid to four parties: the listing agent, the buyer’s agent and their broker. Many brokers split commissions among their agents at an agreed percentage, usually 50/50. Other brokers allow agents to keep up to 100% commissions, but those agents usually pay a “desk fee”, a monthly fee just to get a desk and equipment at the brokerage office.
It is important for new agents to start networking with industry veterans. Make friends in the field, and find a broker who can give you insider tips on real estate and wants to help you succeed.
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Kathryn Lionetti, a 23-year-old newcomer to the field, said it’s important to develop a reputation as someone who will learn quickly and put that information to good use. “When interviewing, they have to see you as valuable. They share their resources with you because they see your potential.”
It’s a lot of work to get there, and a lot of work after that to succeed. But for those who love to do it and really want to grow in real estate, it’s worth it. You may like the idea of making real estate your full-time career, but you may not be in a position to change. Why not start real estate as a side hustle and see where it takes you before going all in? We’ve put together the information you need to become a part-time real estate agent and increase your chances of success once you get your license.
If you’re looking for a side hustle that’s flexible, quick to start, and allows you to earn extra cash, look no further than becoming a part-time real estate agent. Because of its low barrier to entry (typically three to six months of training) and high income potential, this alternative career path is becoming a popular choice for ambitious people with more time on their hands.
However, becoming a part-time real estate agent is not a walk in the park, and it requires significant time and effort to see real results. Here’s what you need to know if you’re considering this career path.
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Yes, you can be a part-time real estate agent. The process of becoming a part-time agent is almost the same as for people who are trained to become a full-time agent. The only difference is that some brokers will not normally hire part-time workers. Below are the basic steps to becoming a licensed real estate agent, part-time or full-time.
The first thing to understand about getting your license is that each state has different requirements. For this reason, it will be important to do your own research on the privacy laws in your state. You can usually find this out with a quick Google search. All in all, it probably takes about six months to become an agent and costs about $2,000.
Step 1: Take Pre-licensing Courses – In any state, the first step is to enroll in real estate agent classes. Many cities will offer in-person classes at local trade schools or community colleges, and there are also many online courses available. Given the threat of disaster in many states today, you may prefer to take classes online even if in-person classes are available. Some of the most popular ones include:
Depending on your state, you may be required to take 45 – 120 hours of pre-licensing classes. Some states also require you to pass a pre-licensing test.
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Step 2: Join a Brokerage – A real estate brokerage is a government-sanctioned organization that employs and supervises real estate agents to ensure that all transactions are conducted legally. As an agent, you will be required to work under a broker. Some states require you to actually apply and join a broker
Taking the state licensing exam. This can be an advantage because you will already have industry connections when you are a licensed agent, so you are likely to start working right away.
Step 3: Pass Your Real Estate Licensing Exam – The next step in your journey is to register and pass the state exam to get your license. Many real estate schools will provide it
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