How to Obtain a Real Estate License
Real estate can be a rewarding and lucrative career choice if you decide to give it 100%. By giving 100%, you need to be willing to invest a lot of time in beginning and maintaining your career path. The decision to obtain a real estate license in the US is one that should be well researched. Here are a few guidelines for preparation of your real estate career:
1. Research your state real estate licensing laws. Like any other professional career you will need a license. The pre-requisites to obtaining a license will vary from state to state. Usually, you must be eighteen years old. Sometimes, a high school diploma is not necessary, depending upon your state. Next, you will need to find out the required education, or class time for new real estate licensee prospects. Most states require at least 42 hours of real estate salesperson class instruction. This may vary from state to state also. You will also required to take a state licensing exam and pay any applicable fees for that. This is all just pre-licensing. To find out how much and where to get your pre-licensing class, you can contact your state licensing office. Ask for the real estate branch of state licensing. They will tell you what pre-requisites are required in your state. They can also tell you who offers the appropriate pre-licensing classes.
2. Get in your pre-licensing requirements. Whether you go to a college, or private real estate licensing school(such as McColly or Prudential), you need to take the required classes. Price on this usually varies from $150 and $400. After passing your pre-licensing class, you will need to register to take the state exam. It costs on average about $60. You must pass this to obtain your license.
3. Affiliate with a company. You must work for someone else for a set period of time. You will not be able to open your own office as a salesperson. There is a waiting period you must be licensed before you can even get the broker's license needed to do so. This period is determined state-to-state. Therefore, you must find a company willing to sign your license and affiliate with.
4. Your company may require you to join local, state, and international real estate boards or multiple listing services. Multiple listing services usually require the lease of a universal key card. All of these services cost money. You will probably be the one to have to pay for these, unless other arrangements are made with your affiliating company. You must join at least the national to call yourself a "Realtor", otherwise you are a real estate salesperson. Yes, there is a difference. Board MLS, and key card dues can range from $150-$600 on average. If you are required to join these organizations, you will be required to take an orientation of classes right away. Usually the board pays for these. In the future, there are ongoing fees and classes you may be required to pay either yearly or monthly. You should know this before even thinking about a real estate career, so you aren't blindsided by surprise fees.
5. Now, if you haven't been scared away by all the pre-licensing stuff, there are a few more post-licensing things you should know. Most real estate offices pay by commission or bonus only. Meaning, if you don't work hard,list, or sell something-you make no money. If you don't plan on working, you won't be able to pay for such ongoing expenses as fees,dues, and gas usage. Also, some companies may require you to shadow or train with a seasoned real estate veteran. Just til you learn the ropes. There are a lot of laws that could get everyone in a sticky mess if you're not ready.
As I have said, licensing laws vary from state-to-state. These tips are just guidelines to get you started with your real estate license in the US. You must be committed and willing to invest time in your new found career. It may take a little time to get the ball rolling, so be patient! Also, people may tell you the market is up or down. Try not to pay them much mind and don't be discouraged easily. If you are working hard or working smart, you can win either way.
