If you're getting into real estate, there are steps to take that will lead you from the desire to be an agent to the reality of selling your first property. It takes time and patience as well as schooling to become an agent.
Step 1: Education
Before you can hope to become a real estate agent, you have to take courses. The hours that are required for a real estate license vary from state to state. If you're working a full-time job while taking the courses at night and on the weekends, it'll take longer to acquire the training needed to attempt the licensing process. A real estate academy such as NREL can help give you the education you need to become an agent.
When you're taking classes for real estate online, you can set your own pace. If you want to complete the classes sooner, you can ramp up your schedule to accommodate your wish to finish quickly. It also depends on how much you understand of the technical aspects involved. There are complicated technical rules and laws that you must know before attempting to take the licensing tests. You'll need to understand settlements, case history and local laws.
Step 2: Brokerage
Before you can work as a real estate agent, you have to be working under a licensed broker. This person has years of training to be a broker. They will be able to guide you through the process of listing and selling your first home. The broker you choose will be a mentor that is paid for the service.
It's helpful to have a broker in mind before finishing your training courses. You can choose a broker based on their reputation and reviews online if you want. Instructors can also give you suggestions for the right broker for you. If you contact the broker before your courses end, you'll know what they require to work with their firm.
Step 3: Your Business
Once you've finished your education and chosen your broker, you're almost ready to start selling homes. You'll need to obtain your license. The cost of the license varies by location. Check with your local licensing board to find out the costs of the test. While waiting for your test date, you can watch and study your mentor or broker.
During this time, you can work with other agents to build relationships and network. It's important to join the local agent's association too. This is where you'll meet other agents who might be willing to help you during your training phase. While waiting for the test date, you should be buying business cards, having signs made and considering your advertising budget. While waiting, you can expect to share your commissions with your broker or mentor. Your real estate agent salary will be shared with your broker while you're learning and being mentored.
It can take a few months to a year before you're selling your first home on your own. There's schooling, training and mentoring to be done before you can hang up your own signs for your solo business.