ALT-2 How to become a Realtor
Several years ago, I was in my car traveling my daily 100 mile round trip commute to my job as a legal assistant. This was something I had been doing for several years, and the drive had become a monotonous second nature to me. I had been in this career for almost 30 years, but my reality was that with the economy the way it was, there would be no plans for retirement anywhere in the foreseeable future; at least not the way I had planned when I first entered the workforce in 1971.
It never occurred to me to be doing anything else, even though I had a solid background in the arts and other areas that I enjoyed much more than law. But, this was what I knew, and I had been raised to play it safe.
After about 20 minutes of "blind driving," a commercial came on the radio that I had heard a million times before, but for some reason that morning, it jolted me awake. It was an advertisement for the Tucker School of Real Estate in Indianapolis. I felt as if the commercial was directed at me personally. 'Are you happy in your current position? Are you seeking a high paying job with flexibility and the opportunity to work your own hours? Do you like to help people realize their dream? Are you living your life; making a living; or, do you just have a job? What are you waiting for?'
Consider that this revelation took place about three months after the September 11, 2001 attacks, I, like many people, was still functioning in a haze of disillusionment. I had reached a point when where I was just going through the motions, hating my job more and more. If you had asked me six months earlier if I would ever become a Realtor® I would have laughed, even though it was a family business of sorts. My grandfather, a former tailor, became a Realtor® at the age of 60, and then a broker a few years later*, owning his own brokerage firm. An entrepreneurial seed was planted in me that I had never cultivated.
Two weeks later, I sat in my first class at Tucker School of Real Estate. Three months after that (eight years ago today, to be exact), I sat for the state required test. The next day, with license in hand, I attended my first sales meeting with Indiana's largest residential sales company which had recruited me from school prior to my completing the course.
In Indiana, the process of becoming a Realtor® is simple, but by no means easy. It takes dedication, concentration and a keen understanding of today's market, finance, local trends, psychological profiling, and an exemplary standard of ethical practices. Laws barring convicted felons from becoming Realtors® vary from state to state, so that will have to be researched on an individual basis.
The state (Indiana)* requirements to become a real estate salesperson (agent) are:
1. You have to be 18 years of age (this is a plus, because many students are practicing Realtors® before they graduate from high school).
2. You have to be a United States citizen.
3. You have to attend a minimum of 14 of 18 class sessions; complete 54 hours of classroom instruction on Real Estate Principles, Real Estate Practice, and electives.
The pre-licensing classes are considered to be college level, although you do not have to be enrolled in a college to take them. These classes can be taken twice a week for three months, or you can opt for the accelerated two week classes. I chose the three month classes, because the volume of information you must retain was just too much for me to digest in two weeks. Above that, you are required to have a minimum total score of 225 points (out of 300) on three required exams.
Before you can take the state exam to obtain a real estate salesperson license, you must complete the above requirements and hold a certificate from your school. The course is offered at various real estate schools, continuing education centers, colleges, and some real estate certification agencies. At my school, all of the instructors were seasoned Brokers with many years experience in all aspects of real estate sales. Their goal is to help you prepare for and pass the test, while they will give you a good insight on the business itself, often sharing stories of their careers.
However, learning the business comes with experience you will glean once you have secured a position in the field. The tools they teach you in pre-licensing school will be keystone to building your career, but it will be up to you to exercise common sense, practical applications, and as always, the highest ethical standards possible.
Beyond the 54 required classroom hours for pre-licensing, you really have to allocate quite a bit of time to study your work and classroom materials. A good command of mathematics helps, because there are many formulations that you will have to memorize and understand. Calculators are allowed, but knowing the formula and applying it to different scenarios will be expected.
After you pass your final exam, you have one (1) year to take the state exam. Once you pass the state exam, you then have 120 to apply for your license. Said license has to be held by a licensed Broker or the State of Indiana in order to be valid. Pre-licensing and the state exam are governed by the Indiana Real Estate Commission. If you do not pass it the first time, you are allowed to take it again - or as many times as necessary to pass. However, you will have to pay the required fee (about $35) each time. For me, I studied like mad in order to pass on the first try.
What I learned on day one of my pre-licensing class, and also once on the job, is that there a million ways to do the job wrong, but only one way to do it right.
- Please refer toWikipedia'sdefinition of a Realtor® and a Broker; this varies from state to state. In Indiana, a Realtor® is NOT a Broker until he/she meets specific requirements, i.e., have one (1) year continuous active experience as a licensed salesperson (agent)(immediately after applying, complete the required 54 hours course (for Brokers), pass the state exam (for Brokers), pay the required fee (about $60), apply within 120 days of passing the state exam, and have no criminal convictions that will have any direct bearing on your ability to practice real estate competently.
- The information I have provided is based on my experience and knowledge with real estate practices within the state of Indiana.
