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There is a massive pull by many to become involved in the real estate industry. It promises you a flexible schedule and acts as a way for you to determine your own income. There are a few things you need to become an estate agent, but obtaining a license is entirely doable for anyone. Different states have different requirements, but what we’ll discuss below are a few guidelines that apply to them all.
Once you turn 18 you can become an estate agent. You are required by most states to have several hours of minimum instruction, but this differs from state to state. This can be done through approved online classes, or in a physical classroom setting. There are plenty of different learning platforms to choose from and if you want to find out more, you can click here. The requirements can be anywhere from 40 to 300 hours, depending on what your state requires. You can ask your local real estate brokerage if they offer classes, or even ask at a local college.
After you’ve decided where you want to study, next up is your exam. Your pass rate – whether it’s 70% or 80% – is dictated by the state in which you do the exam. Each state has different requirements before you can pass. This includes courses that cover working with clients, how to negotiate, how to close a deal, and state-relevant real estate law. If you were to fail, some states allow you to retake your tests and exam, but you have a maximum number of retries.
Once you pass your exams it’s time to get involved in the industry. You can’t start your own firm immediately. You’ll need to work and gain experience from a broker in order to be allowed to practice privately. Don’t let this deter you. There are plenty of different types of brokering. You can choose to work with a traditional brokerage where you’ll be part of a team and can gain experience as a top-producing agent. Or you could join a non-traditional brokerage where you could work in a more independent manner or focus on a specific part of the transaction process.
Your real training takes place in the field under an experienced real estate agent. This can go on for anywhere from six months to one year, where you’ll learn all the ropes. You’ll learn how to meet client needs, how to hold successful open houses, how to connect with potential future clients, and how to close a deal. Once you put in the hours and have gained the necessary experience, you’ll be able to get fully licensed and can start your own real estate business.
For some, the goal of getting your real estate license is to be your own boss. This is because so many real estate agencies only pay you a commission when you close a deal. No deal means no commission. You could look for a brokerage that pays a base salary in addition to a decent commission, but these are a lot harder to find. When you become your own boss, you get to keep everything you earn, making it a lucrative business venture.
You’ll find that the real estate industry is greatly affected by things that go on around it. The local economy, employment rates, the prevalence of construction, interest rates local policies, all of these things play a role in how quickly the market changes. Things happening in one area affect another and can make things a bit difficult for you as an estate agent. The ability to adapt to the market is what will keep you up and running and ahead of others. Yes, economists can predict a market crash, but there can be unforeseen financial crises that can occur at any time for a variety of different reasons. Make sure that you are ready for changes by keeping a close eye on the real estate market and by following market trends. Be prepared for changes where you can, but also know that the market is volatile and that you should be able to adapt to unexpected changes quickly.
The real estate market is filled with opportunities and the best part is that anyone can become a real estate agent. By following these guidelines you’ll be well on your way to a successful career in the industry.