Real estate is generally one of the booming industries in the market, meaning that real estate agents tend to get good pay. According to the U.S. Bureau of Labor Statistics, the median annual pay of a real estate agent is about $50,750 as of 2019.
In addition to that, getting into real estate is quite easy. Compared to other careers with almost the same earning potential, acquiring a real estate license is quicker and cheaper. Several real estate firms, such as Delaware real estate are also out there that can hire prospective agents.
If you have been considering becoming a real estate agent, you can achieve that easily by following the following steps. Here is a step-by-step guide to becoming a real estate agent.
Step 1: Understand your state’s real estate licensing requirements
The first thing you need to do is to understand your state’s real estate licensing requirements. Generally, real estate licensing requirements vary from one state to another. The best place to start is to research your state’s real estate regulatory office website. You simply type the name of your state’s real estate regulatory office, and you will see all the requirements. You must meet these requirements. These requirements generally concern age, application process & fees, education requirements, background checks, exam eligibility, etc.
Step 2: Enroll in a real estate pre-licensing course
After you have understood these requirements and ascertain that you meet them, the next step is to enroll in a real estate course. There are plenty of options to complete your real estate pre-licensing education. For instance, you can enroll in live classroom locations at a local real estate school or real estate firm, university, or technical school, or you can attend an online real estate education. If you opt to enroll in a real estate school, make sure that it offers quality education and has a good reputation.
Step 3: Take the licensing exam
After completing your real estate education, you will apply to take the real estate licensing exam. The exams are generally computerized and comprise two sections: a state-specific section that covers your state’s real estate laws and a section that covers general real estate principles and practices. Each of these sections is scored separately. You must pass both sections. If you fail one or both of them, you will have to retake the exam.
Step 4: Find a real estate brokerage to work with
New real estate agents are generally required to work with a broker for at least two years after obtaining their license. The broker is licensed by the state to oversee real estate transactions and ensure that new real estate agents follow the required ethical and legal standards. The broker will likely pay new real estate agents a percentage of commissions it collects from the agents’ real estate transactions.
Step 5: Pass the licensing examinations
If you want to become a licensed agent, you must take and pass the state and federal licensing exam. The exam generally consists of up to 60-100 questions. You may also be asked to pay an application fee, which is about $300, have your fingerprint put on file, and submit to a background check.