For many kinds of professions, from young graduates exploring their first careers to those who are already working and want to change things up, becoming a real estate agent is an alluring and exciting idea.
Giving the keys to a new house to a successful real estate agent.
While there isn’t a set path for how to become a real estate agent, practically every aspirant’s experience will include a number of particular tasks, expenses, achievements, and factors.
We’ve put together a guide to give you some background on the average timetable, costs, inquiries, coursework, steps, actions, and tactics linked with becoming a real estate agent in order to aid you in getting a feel for the procedure.
Let’s get started.
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What is a Real Estate Agent School like?
While attending real estate school, you will learn about many legal facets of real estate as well as significant business procedures.
You will learn about the procedures involved in buying, selling, closing, escrow, paying taxes, obtaining a mortgage, and more.
Along with learning about different land descriptions, you’ll also discover how to buy and sell property.
You will learn about the legal disclosure requirements that your state imposes and about ethical and unethical real estate operations.
You will also learn how to compute things like square footage and acreage using mathematical formulae.
Even though these equations are simple, you will need to memorize them in order to pass the real estate exam.
Students will also learn about the Fair Housing Act, which forbids discrimination in housing on the basis of a person’s marital status, sexual orientation, veteran status, age, gender, or any of the other protected categories listed above.
You will discover how to stay away from unethical circumstances and how to make sure that every client is handled honestly and equally.
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Is Attending a Real Estate Agent School Worth It?
A real estate agent’s job offers a lot of variety.
You won’t be doing the same thing every day because you’ll be dealing with various clients and visiting numerous residences.
You receive the freedom of working for yourself and the satisfaction of guiding buyers and sellers through a significant turning point in life.
According to U.S. data from 2021, the median salary for a real estate agent is roughly $48,340 per year. Labor Statistics Bureau.
With extra training, certification, and experience, real estate agents earn, on average, $62,010.
More than $102,170 was earned by the top 10% of agents.
Therefore, it is straightforward to enter the field.
Getting a real estate license is a fairly simple and inexpensive process when compared to other careers. The majority of which require a college degree, with comparable earning potential.
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What Schooling Do You Need to Be a Real Estate Agent?
Depending on where you obtain your license, becoming a real estate agent requires a significant initial financial and time commitment.
Here is a broad overview of how to become a real estate agent, while the particular criteria vary by state.
1. Find Out What Your State Requires.
You must fulfill the particular licensing requirements set forth by your state because there is no federal real estate license.
Visit the website of your state’s real estate regulatory office by going to the regulatory agency directory on the Association of Real Estate License Law Officials (ARELLO) website.
There are criteria unique to each state for:
- Requirements for education (such as a high school diploma or GED)
- Pre-licensing training and post-licensing demands
- Tests and eligibility for tests
- Process and costs for applications
- Fingerprints and background checks
- Constant learning
- How to obtain the further level of licence
- Disclosure of criminal history
There are some states that have reciprocal licensing agreements, which allows you to obtain your license in one state and use it in another without having to sit for a second license exam.
As an illustration, nine states, including Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, and West Virginia, have reciprocity agreements with New York.
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2. Get pre-licensed by taking a Course
You must complete a $350 pre-licensing course from a recognized real estate licensing school before you may take the real estate license exam, regardless of where you live.
Note that each state has different course requirements.
In order to apply, candidates in California are required to complete three 135-hour real estate courses.
While Florida’s course only requires 63 hours, New York and Georgia’s courses both require 75 hours to complete.
The majority of states provide community colleges, online learning, and in-person coursework at real estate schools.
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3. Attempt the licensing test
Your instructor should go over the scheduling, registering, and payment procedures for the licensure exam.
Notably, the typical test prices range from $100 to $300.
The exams are computerized and have two sections: one covering your state’s real estate legislation and the other covering broad real estate concepts and practices on a national level.
The number of questions and the time given for the tests, which have a multiple-choice format, varies per state.
You must get passing grades on both sections in order to pass; each subject is graded independently.
You will have the chance to retake the test if you fail one or both sections.
The number of times you can take a test again, the amount of time you need to wait between exams, and the deadline for finishing any retakes are all governed by state laws.
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4. Get Your Real Estate Agent License Activated
When you pass the exam, you must submit an application, any necessary paperwork, and application costs, which typically range from $200 to $400, to your state’s real estate regulating agency.
Your real estate license certificate will be mailed to you by the state after it has approved your application, and a searchable database of licensees will list your name.
Remember that until your license has been given by the state’s real estate authority, you cannot work as a real estate agent.
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5. Considering a Career as a Realtor
Real estate agent and realtor are two words that are frequently used interchangeably, although they are not the same.
Realtors belong to the National Association of Realtors (NAR) and abide by its stringent Code of Ethics, despite the fact that both are licensed to assist buyers and sellers throughout the real estate transaction process.
The National Association of Realtors, which has 1.5 million members who work as salesmen, brokers, property managers, appraisers, counselors, and other professionals in the residential and commercial real estate sectors, is the largest trade association in the United States.
Being a realtor can increase your credibility as a real estate agent, even if membership is optional and costs about $185.
You will also have access to a number of advantages, such as:
- Business equipment
- Research, statistics, and data about the real estate market
- Education possibilities
- Discount initiatives designed to boost your business success
Realtors have access to the largest online real estate database in the United States, developed from public records and assessment data, known as Realtors Property Resource (RPR).
It contains details about zoning, permits, mortgage and lien information, schools, and a sizable foreclosure database.
6. Sign up with a real estate brokerage
You perform your duties as a real estate agent under the supervision of a supervising broker who is authorized by the state to supervise real estate transactions and guarantee that you adhere to the necessary ethical and legal standards.
Note that you won’t often receive an hourly wage.
As an alternative, the brokerage is more likely to give you a portion of the commissions it receives from your real estate transactions.
Your brokerage may require you to pay desk fees, tech fees, marketing expenses, business cards, and other out-of-pocket expenses depending on the agreement you have with them.
The annual renewal of your license, ongoing education costs, lockbox fees, and subscriptions in several listing services are just a few additional one-time and recurring costs you’ll have to pay.
Lastly, the average monthly cost of joining a brokerage is $25–500.
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How Long Does It Take To Become a Licensed Real Estate Agent in 2023?
Depending on a number of variables, the time needed to become a qualified real estate agent can change.
The education needed to become a real estate agent differs even within states.
Depending on the state, the number of hours needed to obtain a license might range from 45 to 75.
The majority of these courses can be finished in a few weeks, after which you must pass the state real estate exam in order to be granted your license.
Licensed real estate agents are known for handling the buying and selling of homes and negotiating on behalf of the buyer and seller, but they can also specialize in a number of other fields.
You would be qualified for a number of additional positions if you choose to pursue a master’s degree in real estate.
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How Much Does It Cost to Become a Licensed Real Estate Agent in 2023?
A background check, exam fees, licensing fees, coursework, and other expenses are normally less than $700 to become a real estate agent.
As a result, students can access their courses from home and finish their work whenever they want.
Many schools offer completely online courses.
Also, self-paced, real estate school can be finished whenever suits you and usually takes between three months and a year.
You can enroll in extra online courses and get certifications if you want to expand your career by obtaining licenses or working as a broker or appraiser.
Lastly, it is entirely up to you how you want your career to go.
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Salary and Job Outlook for Real Estate Agents after Study
Real estate brokers will have 4% more job opportunities between 2020 and 2030, according to the U.S. Bureau of Labor Statistics (BLS).
The status of the economy has a significant impact on the real estate market; when sales are down, activity is down and real estate brokers see fewer sales.
Real estate brokers were said to make an average of $60,370 per year as of May 2020, according to the BLS.
Washington D.C, New York, Massachusetts, New Mexico, and Wisconsin were the highest paying states in 2020.
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Despite the fact that it’s challenging to provide a specific response to the question “How long does it take to become a real estate agent?
The time and effort required in your state, regardless of how long it takes, are clearly worthwhile.
Real estate is an excellent field to check into if you’re seeking for a degree you can study online that can lead to a high-paying career.
But don’t let yourself become disappointed if after reading this you still don’t think real estate is for you.
You can choose from a wide variety of additional online degrees that can help you have a successful career.
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Frequently Asked Questions
In 3–4 months, the majority of students finish their licensure requirements.
A few requirements must be met before you can get your license, such as submitting your application for schooling, passing the test, clearing the background check, and more.
Real estate examinations are made to be challenging to pass in order to weed out candidates who won’t make skilled agents.
Although the pass percentage varies depending on the state exam, it generally hovers around 50%.
This indicates that only around 50% of candidates who take a state licensure exam succeed.
Real estate brokers who work fewer than 40 hours a week on buying and selling homes and businesses are considered part-timers.
Even though part-time real estate professionals may not earn as much money as full-time agents, their schedules are far more flexible.
The infinite earning potential of real estate agents is one of their greatest benefits. There is no cap on how much you can make as an agent.
This is so because real estate brokers are paid by commission.
Typically, the agent receives 2.5% to 3% of the sale price of the property.
Top producers must sell at least one home each month to be considered, according to the parameters that each real estate firm sets for them.
According to the BLS, top producers start off with an annual salary of roughly $112,610. 1 Megastars might earn up to $500,000 annually.
Real estate failure is primarily caused by people’s expectations of quick outcomes.
People assume that a solid month of labor will produce a terrific deal and a lot of money, and when it doesn’t, they quickly conclude that real estate isn’t for them.
The difficulty is that investing in real estate is not a way to get rich soon.
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