The ABC’s of Becoming a Licensed Real Estate Agent

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!