Real Estate

Becoming a Real Estate Agent is Not that Easy

How fast can you become a real estate agent?

If you’re planning to become a realtor, this is one of the questions you want to be answered. This is especially true if you want to get to the good part right away which is making money.

Before you earn a real estate agent salary, however, there is work to be done.

How to Become a Real Estate Agent

Different states may have different requirements from an aspiring realtor. But the general requirements specify that you should be at least 18 or 19 years old, a legal resident in the U.S., and pass the state real estate license examination.

You also need to complete a pre-license education. This clearly shows the answer to “how fast can you become a real estate agent,” which could be longer than you’d want.

To become a real estate agent, the process involves:

Getting an education or taking pre-licensing courses.
Choosing a real estate brokerage where you can practice as a realtor.
Passing the state and national exams to get a license.
Developing a budget to help you tide over before you make your first commission.
Making a decision to join the National Association of Realtors and other local organizations.
Building your client or referral portfolio.
What does it cost to become a real estate agent?

Based on the steps previously provided, you can have a rough idea of the expenses you have to deal with on your way to becoming a realtor.

You will have to spend money on:

Pre-licensing classes and training
Examination and licensing fees
Real estate broker fees
Membership dues
Business capital and expenses
Marketing costs
If you decide to take continuing education to further your career and ensure your skills and knowledge are updated, you have to allocate money for this as well.

How much money can you make as a realtor?

According to the United States Bureau of Labor Statistics, real estate sales agents and brokers enjoyed a median pay of $40,7880 per year or $23.02 per hour in 2017.

In May 2017, a real estate sales agent’s median annual wage was $45,990.

With an employment outlook that is projected to grow 6% from 2016 to 2026, realtors are looking at a positive growth.

But because real estate is a commission-based business, how much or how little you earn will depend on the time and effort you invest.

Why do most real estate agents fail?

Even if you start on strong, there is a possibility that you would fail to sustain your momentum or success as a realtor. And the reason for this varies greatly.

Not strategic

The way you look at a real estate marketplace should be done from a strategic standpoint. You must know your market by heart and be able to understand and explain market trends.

In this business, knowing how to market a house is not enough.

Desire to look good

No one wants to be seen in an unflattering light. But the fear of making mistakes could be your downfall. How else can you gain wisdom from the business?

Lack of commitment

One of the reasons why real estate agents fail is that they are interested to be a realtor but don’t give their all when it comes to doing the work.

Without commitment and dedication, you are sure to fail as an agent.

These are just some of the few things you need to know about working in real estate. To gain more information about how fast can you become a real estate agent, consult the experts or talk to successful realtors and brokers.