The first thing you need to do if you want to become a real estate agent is contact your local Board of Realtors and find out where the next Salesperson course is. Usually this is held at a local community college, Board of Realtors office, or a local Brokerage company.
Get registered for the licensing course and complete the course and state test. Then you are qualified to get your license.
Next, you will need to get sponsored by a broker. This just means that you are choosing who you want to work for. If you know someone that is an agent or Broker in your area, you may want to find out who they would recommend that you work for. Or, if you want you can just walk into your favorite brokerage company in your area and ask them if they can help you get started. They love when fresh people come in because newbies do not have pre-conceived notions of how to operate a successful Real Estate business and are easier to train.
A Real Estate salesperson usually requires about 50 hours of training in class and a state test in order to get your license. A Real Estate brokerage license (the head honcho/boss at the real estate office) usually requires about 150 hours and a state test. The amount of hours and specific coursework will be dependent on the state you live in and their requirements.
Before you make this move, I would recommend that you consider this….
Ask yourself why you are doing this. Obviously the money, the flexibility of schedule, but more importantly, why do you want the time and the money? For family, for a car, a house, etc. The bigger your reason, the better chance you will have at succeeding.
It is easy to give up in this business because it is not easy. You will face roadblocks! If you have a real good reason why you are doing this or you are even desperate, you will be more likely to stand up to the challenge and overcome it.
I have been a Realtor for 8 years and I recommend that you first decide your niche. If your why is not big enough, at least you can enjoy what you do. Before you even find out more about how to get your license, ask yourself:
Do you like educating and helping people?…
– Work with first-time homebuyers
Are you interested in the current foreclosure crisis?…
– Be the short sale expert or REO agent in your area
Do you like to work with numbers?…
– Work with investors to find them good investment properties
Do you really just want to make as much money as possible?…
– Pick your favorite commercial property type and specialize in that
Do you know a lot about the lake in your area or love boating?…
– Be the local lakefront home specialist in your area
Do you love to Golf?…
– Become a Golf course home specialist
Do you like mansions, high-end homes, and working with wealthy people?…
– Designate yourself as the local luxury home specialist
Now that you have some ideas on how to get started, it is also important to understand some of the aesthetics of the brokerage business. Here are some important topics to help you plan for the new career…
Cost to get started: In the neighborhood of $1,000 – $1,500 for your first full year
How much time will it take to start making money: Usually between 6 months to 1 year.
It is not uncommon for a very hard-working, smart, and efficient Realtor to make $500,000 per year all by themselves or with one assistant.
But, know that the average Realtor makes under $40,000.
If you do not want to be one of those stats, find a good broker who is doing a lot of deals and more importantly has other agents under them who are doing a lot of deals. Then, have faith in what they are telling you to do and do it.
I know of many commercial agents who make over $1,000,000 per year. They usually have another agent that works with them to show the properties or handle the listing and they have an assistant or two.
I also know of brokers who have a full-out system with 10 or so employees/agents that make over $5,000,000 per year.
Keep your head high, do your research, get out of your comfort zone, take action, and make some money.