Thread: Real Estate Licensing and Being a Real Estate Agent Questions (help!)

I do not have my license yet so keep that in mind.

If you are asking how brokers look at it, I wouldn't worry about it. You are an independent contractor, so the cost to the broker is low. Pretty much only time and limited materials are invested in new agents. I'm not saying that all brokers are this way, but I know some if not most are. Even if you don't succeed and only bring your circle of influence, one or two deals, then the broker is ahead.

When I talk to brokers, I do not look at it from an employee point of view. I look at it as both of us conducting an interview. I am not as concerned with making a great first impression as I am with getting my questions answered and making sure it is a fit for me. Always have respect, but I look at it as an even field, we both have options, and we both need to look out for our interests. There will always be a broker to take you on.

One of the reasons I am pursuing this field is because you are basically starting your own business. You are the business. So ask yourself, is the business ready to open? Instructors have told me not to wait until I have learned everything, because you can't. People, markets, laws, financing strategies/products, and times change, so you can always learn something new.

In two more weeks I will have completed my required classes plus some, and my business is not ready to open yet. I have been learning about real estate for years but last summer is when I decided to pursue it as more than an on the side retirement tool. I learned more doing my own research in the 3 months before classes began than I have in 6 months of school.

Do you have a business plan, including a marketing strategy? Do you have a financial budget? Know the start up costs you will face and if you can meet them. Do you know or have some list that ranks what you need and want from your broker/office? Have you thought about everyone you know and how (if you haven't yet) you are going to announce your grand opening? Do you know your market? What is the avg time it takes for a house to sell? Plan on (if you haven't already) spending time to get to know the MLS in your area. It is your friend. The list goes on but hopefully this helped you with your question.

If you knew all of this already, sorry, I did warn you that I don't have a license yet

wow great thanks~ and how much is the start up we lookin at? how much should i save up before i "open"

Not sure for all states of course, but I think only the high school diploma is necessary.
Very few agents out there have ever entered colleges or universities...
And honestly, if they have a superior document, they do not use it for any reason. That's why they are agents instead of lawyer or doctor...

Originally Posted by hanchung86

wow great thanks~ and how much is the start up we lookin at? how much should i save up before i "open"

Remember that you need to know more than just what is taught in school, so you will have to do your own research. The costs depend on you. You need to make your own plan and add up the costs to execute that plan. There really isn't a cookie cutter number. What supplies will you need to buy? How much does it cost for the MLS and to be a member your you local, state, and national board of Realtors. Keep in mind that you will be using gas when driving buyers around. Develop systems and processes that you will need to do daily, weekly, monthly, yearly. Are there desk fees with the broker you are choosing? Will your broker pay for all or a portion of marketing? Is that cost all yours?

I would also plan on not earning a check for atleast 6 months after your grand opening if not 9 or 12 months. Local markets are different but this is a very slow time overall in terms of exchanging real estate.

You do NOT have to earn a degree to become a real estate agent.

I hold an MBA in finance and it is helping me a lot in structuring transactions. I think part of the reason why real estate agents are thought of as such low-life creatures is that apart from the state exams almost everybody can get in.

And the exam is just to keep the illiterate out.

I would think that you should have 9 months of reserves. If you are good at what you do you will know in your first year.

No, you definitely do NOT have to have a degree to get a real estate license. A high school diploma or GED is all that is required.

That being said, getting that license teaches you nothing about becing an agent. It's law and math. Both very important but not like getting the training you'll need to get out there as an agent. Finding a good brokerage with creative training techniques, not franchised box training, is very important. Let me know if I can do anything else to help you... sounds like you have a lot of questions

-Angela