Real estate agents assist in the purchase of residential and commercial properties by serving as an agent between purchasers and property owners. They assist both parties in negotiating pricing, finalizing transactions, and processing ownership documentation. If you like connecting with people and are strong at sales, being a real estate agent might be a wonderful career choice for you. In this post, we will go through the steps you may take to become a real estate agent and learn about their average earnings. However, there are some general steps you can follow to prepare yourself for a career in real estate. Here are some of them:
Take Real Estate Pre-licensing Courses
This is a mandatory step in most states in order to pass the licensing exam. You can find approved courses online or in person through a variety of providers. Courses will cover topics such as real estate law, ethics, contracts, finance, marketing and more. Course duration and cost may vary by state and provider.
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Take the Real Estate Licensing Exam
After completing the pre-licensing course, you will need to register and take a state-specific exam. The exam will test your knowledge and skills on real estate principles and practices. You need to score at least 70% or more to pass the exam. You may also need to pay a fee for the exam and bring a valid identification document.
Activate Your Real Estate License
Once you pass the exam, you need to apply for your license with the State Real Estate Commission. You may need to submit additional documents such as fingerprints, background check results, proof of insurance and fees. You will also need to find a licensed broker who can sponsor you and supervise your activities as a new agent.
Consider Becoming a Realtor
A realtor is a real estate agent who is a member of the National Association of Realtors (NAR), the largest trade association in the United States. To become a Realtor, you must join a local real estate board that is affiliated with the NAR and pay annual dues. As a Realtor, you will have access to a variety of benefits such as education, networking, marketing tools, discounts and more. You must also adhere to the NAR’s Code of Conduct and Standards of Practice, which supersede state laws.
Join a Brokerage
A brokerage is a company or office that provides services and assistance to real estate agents. As a new agent, you will need to join a brokerage that matches your goals, style, and personality. You will work as an independent contractor under the guidance of a broker and share a part of your commission with them. You must also comply with the broker’s policies and procedures regarding marketing, contracts, transactions, and customer relations.
Build Your Network:
As a real estate agent, your success largely depends on your ability to generate leads and referrals from your network. You’ll need to create a marketing plan that showcases your skills, expertise, and personality. You will also need to network with potential clients, other agents, lenders, inspectors, appraisers, attorneys, and other professionals involved in the real estate industry. You will also need to maintain regular communication with your past and present customers and ask for feedback and referrals.
What is the Average Earnings of a Real Estate Agent?
In India, the average yearly income of a real estate agent is about 2.2 Lakh, while in the United States, it is about $86,356. Salary can change based on years of work, skills, and education. Since real estate agents get a fee for every sale they make, their pay may also depend on how many deals they can close. Self-employed real estate agents can often make more money than their paid counterparts because they choose their own clients and homes. The pay of a real estate agent can also be affected by how knowledgeable they are.
