There are a ton of resources on the Internet that will tell you how wonderful
becoming a real estate agent can be, we are guilty of it as well, but the truth is that real estate is only as great as you want it to be.
Can you make a lot of money as a real estate agent? Absolutely, but just as with everything else you can also fail miserably and never make a dime. Successful agents make up around ten percent of all
real estate agents, the rest may either "get by" or struggle until they eventually come to the realization that they must follow another career path. Not necessarily because they don't work hard enough or were not willing to put in the hours, they may just have not had what it takes to truly succeed. Any career built around sales can be difficult and sales people are a special breed, not everyone can do it.
Now don't take this the wrong way, we are not trying to deter you from choosing a
career in real estate, we obviously love it or we wouldn't maintain this site. We just want our valued readers to know the truth, the
real estate industry isn't for everyone. With that being said do you have the right qualities:
- Hard worker
- Great with people
- Feel comfortable selling
- Confident in yourself and your abilities
- Not afraid to ask questions if you need help
- Positive attitude
Now those qualities are by no means the key to success, but they are important traits for someone entering the
real estate profession to have. We could carry that list on for another five pages, but why, you will know if you have what it takes, follow your intuition and make your decision accordingly.
Getting Your Real Estate License
Hopefully, after being pulled down to reality, you are still interested in
getting started in real estate. There are numerous ways to go about getting your real estate license, you can go through
online real estate schools which typically focus heavily on a particular state or you can find an accredited real estate school in your area, this is the recommended method.
We are often weary of online schools that offer to place the whole world in your hands, and feel that you can acquire a much better education in a true classroom environment without the disruptions of a typical home. Though the type of schooling you choose is really insignificant so long as you go with an accredited school, we can't stress that enough. You can usually find a list of
real estate schools on the Real Estate Commission Board website for your area, to gain access to those websites visit our
state licensing page and select your state. Pretty easy huh?
Schooling, or earning those credit hours, is truly the largest obstacle in your path to obtaining a
real estate license. We know you may not believe it, but that's the truth. There certainly are some other requirements such as age restrictions (usually 18+), state fees, application and passing the real estate exam, though most of these schools prepare you well enough that the exam will not be an issue. Don't believe us? Check out the requirements for getting a
Maine Real Estate License and see for yourself, they are a good example.
With all of that being said, we want to wish you the best of luck in your new real estate career and we hope that our site has helped you to succeed in some way. Oh, and after you get your license, come back and see us for some great
real estate internet marketing tips, you'll be glad you did!
So you want to sell real estate. It is a great career, and one that is unlike any other. Rewarding emotionally and financially. It is also very time consuming, frustrating, and if you don’t have a entrepreneurial /self-starter mentality, it will end up in the toilet very quickly. But in no way am I trying to sway you away from your dream. I say go for it, and plan on being the best real estate agent on the planet, I know you can do it!
Now that you have your plan, what is the first step?
A. Take a close look at your financial well being. Do you have enough money to get you through classes, testing fees, dues, marketing, and to feed you and pay the rent for at least the next 6 months? If so, move on to B. If not, don’t give up your dream, just sock-away a few green backs and come back to it when you have the cash to make it work.
B. Research you state requirements for Real Estate Licensing. If you meet all the requirements, move on to step C.
C. Pick a school. You know your learning style, so decide what type of classes will work best for you, college courses, online courses, real estate school (smaller class size, more intense classes). As varied as the class styles are, the fees vary accordingly, no surprises there. Get enrolled then move on to D.
D. Study, and I do mean study. Learn everything that you can, and take the practice tests. The State boards aren’t anything to sneeze at you know. Next…
E. Sign up for your state board examination. You will need to pay a fee upfront, so don’t be surprised.
F. Regardless of your learning habits, the day before your test, limit yourself to 2 hours of going over your notes. Then take time and relax. Tomorrow will be busy.
G. Usually only a pencil and a calculator (a basic one) are all that you are allowed to bring into the examination room. Trust me, you’ve got this thing mastered, no sweat!
H. A celebration is in order. Pats on the back, cheers for your brilliance, and a little R&R before the next phase.
I. Now you need to decide which real estate company is for you. There is much to be said for the big guys here, companies like Coldwell Banker, ReMax, John L Scott, Prudential and Windermere offer great training, and decent comission splits. But a small office can be good to, with a closer family-type environment. Boutique offices may be looking for someone with more experience, but it never hurts to talk to them. Now on to your interview.
J. The interview. Unless you are planning on specializing in the sale of raw land, don’t show up in jeans and a t-shirt. Remember, you are a professional. Look and act like one. The second part of this is that this interview is a two way street. They are interviewing you. But more importantly you are interviewing them, ask to see the office, meet and speak with other agents, find out about their training and support systems, desk fees, what they expect, what benefits they offer. You’ll be surprised at the differences between the different offices. Do Not jump into anything. Allow yourself time to do your research and find a company that fits you.
K. You’ve decided on the company that you want to link your name to… Make sure you read your contract. You will most likely be an independent contractor not an employee, therefore - no wages. Although I have seen a few companies toying with the idea of employing new agents for a short amount of time, this is by no means standard.
L. Once you’ve signed your contract, you’re first order of business is to join your local Multiple Listing Service (MLS), and possibly the local, State and National Association of Realtors®. Membership in the NAR, State and local Association of Realtors® in a requirement of many of the MLS’ however, in some small communities this may not be a requirement. I would like to take a moment here and tell you that the National Association of Realtors® is a very worthy organization, and one that does great work for the real estate professionals in this country. I strongly suggest becoming a member, and wearing your Realtor® pin with pride!
M. If your company has a mentor program, get on board with it ASAP. If not, talk to some of the experienced agents and ask them to mentor you, it won’t be free, you can usually expect to be charged between 10 - 25% of your first few commissions for this privilege, and it is a privilege. Know that these people are your competition, so them showing you the ropes in this business is a major deal. Be grateful, be respectful and keep your eyes and ears open. The classes/mentoring are only the beginning, this career is about learning on an almost daily basis. (Don’t forget to sign a mentoring contract, stating the exact percentage amount and length of time or number of closed transactions, of this agreement. Contracts - you won’t get away from them any time soon.)
N. Now get out there and sell real estate!
Great decision, but is it informed? There is much more to buying and owning a home than a simple ‘it’s time to buy’ decision - that is unless you happen to have so much disposable income that you don’t need to even think about the financial obligations. Do you?
Let’s break this down into manageable sections, Financial, and Labor. If you’ve been renting, you know about financial obligation concerning making monthly rent payments, your utilities bills etc. You probably haven’t had much hands on experience in the labor department though, and it is a large part of owning your own home.
Financial - a list of miscellaneous expenses associated with owning and maintaining your home:
