Should I become a real estate agent? That might be a question that you are asking yourself. I regularly get questions on how to become a real estate agent. What I’ve realized is that most people do not know a few very important facts before getting started.
Some unfortunately spend the money and time to take the class and test and do not stick it out long enough to reap the benefits of having a real estate career. If you are considering becoming a real estate agent I highly recommend reading this blog. This way if you do start to become a real estate agent you will know what to expect.
Be sure to read this blog before considering becoming a real estate agent.
Should I become a real estate agent?
1. Financial start up cost of becoming a real estate agent
This is by far the most important thing that people need to know about becoming a real estate agent. There are quite a few of costs in the beginning and yearly.
To start there is the cost of the exam ($200-$400) depending on state. Here I have linked the real estate school course that I recommend taking and you can check on the exact cost. Mbition real estate school link here.
Other fees to add are the cost to take the test and this could add up depending on how many times you have to take the exam to pass. My MLS dues are $759 a year. State license fee which runs about $150, Board/National association of Realtor fees $850 a year. All of that together is already $2,000 and does not include paying for any business cards or marketing materials.
Another very important thing to consider is your finances for the next 6 months to a year.
I usually tell people to expect to not have your first sale from 6 months to a year from being licensed. It is possible to have a sale before 6 months however 6 months is a realistic timeframe. It will probably take a few months to get a serious client then once in escrow it will take 2 months to close a deal so that is about 6 months.
2. Time to put into your business
The second most important thing is time. Because getting clients in real estate does not happen overnight I would at least recommend 3 hours a day to put into your real estate business. Like starting any business in the beginning is when you really need to market yourself and put time into letting people know you are a Realtor.
Years later when more people know that you are in the real estate business you wont have to spend as much time letting everyone know. I highly recommend making sure that you have time to become a real estate agent.
3. Can you be self motivated?
No one, literally no one will care if you show up to work. No one will be checking if you are putting in your 3+ hours a day to dedicate to your real estate business. Therefore you need to be a self motivated person to show up everyday. Of course your Broker and family will want you to make money in this business.
But no one will be checking on you to see if you are working or scrolling social media.
4. Committing to the process
Like I said earlier it can take 6 months to a year for a sale. Becoming a real estate agent can involve working hard for 6 months while not getting paid. Could you commit to that? This is a very important question.
Real estate agents get paid by commission and only get paid once a sale closes. I’ve had sales fall through mid way and have shown buyers property that have never ended up buying. It happens to all real estate agents. It does get better and easier the longer you do it. Like anything else.
5. Willing to learn and invest in yourself
There is so much to learn about real estate. Especially in the beginning. From learning how to get clients, keep them, writing contracts then to have everything run smoothly as possible until closing. I still feel like I’m learning everyday 10 years into the business.
The first few years of real estate will be a lot of learning and investing in yourself.
Important Note that passing the real estate exam is no reflection of how someone will do as a real estate agent. So if someone passes easily it does not mean they will be an amazing agent. And on the flip side if it takes someone 10 times to pass the exam it does not mean they will do poorly as a real estate agent.
Final thoughts on becoming a real estate agent
These are 5 things that are extremely important to know if you are considering if you should become a real estate agent. I hope after reading this blog it will help you decide if its the right time for you to become a real estate agent. I highly recommend waiting until you are ready that way no money or time will go to waste.
After reading this blog if you think you are ready to get going as a real estate agent. The first would be to take the course. I’m assuming since Covid most classes are now online. This is the real estate school that I took for my Brokers license and I found it very informative. They also have a real estate licensing course.
*These are affiliate links and I may receive a small commission at no cost to the buyer. I appreciate the support.
See website here: https://partners.mbitiontolearn.com/real-estate/kela
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Kela Caspillo has an agreement with Mbition Learn Real Estate to promote online course information to consumers and real estate licensees. Kela Caspillo is not the developer of these courses and is simply providing a referral. Any questions regarding course content or course technology should be directed to Mbition Learn Real Estate.
