Important Steps to Becoming a Real Estate Agent
To become a successful real estate agent requires getting a good education, getting an established or experienced broker who can help you get your first clients and passing state licensing exams. But that’s not all. Here’s a list of important steps needed to become a real estate agent.
#1. Education
Most real estate agencies have specific education requirements, so you may have to take an additional course after being hired on with an agency.
#2. Choose a Brokerage
A real estate brokerage is the agency or office which real estate agents and brokers work. Since working with a broker is a requirement in order to practice as a real estate agent, you will need to contact a broker before graduating from your training course.
Brokers have at least three years additional real estate training, and can assist you with the questions you may have about the field, as well as listing and selling homes.
When searching for a broker, consider the size of the brokerage, its reputation and the training it offers.
A few questions to ask yourself:
- Does your brokerage need additional coursework?
- How many years of experience do you have?
- Is there someone within the brokerage I can work with a majority of the time while learning?
- What is your client contact style for developing leads?
- How long does it take on average to earn commission checks?
This will help you determine the right brokerage.
#3. License
Real estate licenses require the passing of state and national exams. You may also have to provide a criminal background check.
#4. Develop a Real Estate Agent Budget
Becoming a real estate agent isn’t cheap, but it’s still cheaper than entering many professions. Since real estate is a commission-based business, you’ll need enough money set aside for you to get by for a few months.
#5. Decide
In order to use the title “realtor,” you must join the National Association of Realtors (NAR). This can be done by choosing an affiliated brokerage and attending meetings designated by your local chapter.
#6. Build Your Client/Referral Portfolio
The best way to build your portfolio is to get a mentor and use your personal network. Barbara Kennon of the National Association of Realtors says the best arrangement for a new agent is to find a mentor in the real estate agency you choose who guides you towards buyer/seller contacts and splits commission. You’ll learn the profession from your mentor, while gaining your first commission checks.
You can also ask your friends and family for referrals of people who want to buy or sell a home. This is a great way to begin networking.
Simply put, becoming a real estate agent is similar to starting a small business. You should take these simple steps seriously to thrive and become successful in this field.
