Are you interested in working for yourself as a real estate broker? Do you want to learn how to become a real estate agent or broker? Do you want to know the necessary requirements to become a commercial real estate agent or broker? then read on as I share with you how to become a successful real estate agent or broker.
Since most Americans dream of owning their own home and 82% of all properties are sold through real estate agents and brokers, there are plenty of opportunities waiting for you to get paid. This makes the real estate industry one of the most lucrative to enter.
In 1986, the census of the National Association of Realtors revealed that there were 1.2 million real estate agents in the United States alone. Now fast forward to today, I bet the number must have doubled; However, the opportunities remain plentiful.
Now regarding the tax reforms underway and the current state of the economy, it is to be expected that the number of houses being bought and sold will decrease, but the opposite is the case. With falling interest rates, the residential and commercial real estate market remains strong.
No matter what is happening across the country, homes will continue to be bought and sold because everyone needs a place to live. After all, shelter is one of man’s basic needs.
Things you need to know to succeed as a real estate agent
Before getting into the complexities of becoming a real estate agent, I first want to clear up a few points. The first point I want to make clear is that becoming a real estate agent or broker does not necessarily mean that you must be employed by a real estate company.
Although you can seek employment with a real estate company to hone your skills and gain experience. You can then proceed to become a freelance real estate agent or start your own real estate business. I will share with you details on how to start a real estate business in later articles.
Second, the principle of becoming a real estate agent is the same all over the world. what will be different are the regulations and requirements of each state, country or region and the economy of that region. so if you want to learn how to become a real estate agent in California, Texas, Illinois, New York, Nigeria, Canada, India, etc; You will find this information useful.
How to become a successful real estate agent or broker
Decide to become a real estate agent
First, you would have to decide if this career is right for you. second, you must do it for the right reason. Your goal should be to end up as a real estate entrepreneur; running your own real estate agency or brokerage firm.
Most people assume that to be a successful realtor, you only have to be good at convincing people to buy properties and houses. Good communication and persuasion skills are necessary to be successful as a real estate agent, but that’s not all. You must also be familiar with the complexities of the real estate industry.
Go for the good real estate course or training
One of the tasks of a real estate agent is to make sure that their buyer clients find their dream homes, while the sellers get the value of their properties. As in any type of occupation, carrying out this duty requires skill and mastery; This is why you need proper training and education before you start.
There are different institutions that provide training and courses for those who want to venture into the real estate industry. Some states generally require that an aspiring real estate agent, broker, or salesperson must spend at least 30 to 90 hours in the classroom to obtain the necessary education.
Obtain a license as a real estate agent
Before becoming a recognized real estate agent, you would need a license to operate. To obtain a real estate license, you will need to take your state’s real estate exam. many colleges and universities offer evening or evening courses to help you prepare for this exam.
Also, it is important for you to know that the professional licensing commission in your state provides a list of accredited educational institutions where you can take your courses. You can also ask your neighborhood real estate association for recommended institutions. A high school diploma is required and you must be at least 18 years of age or older.
After writing and passing the licensing exam, you will be issued a license. But keep in mind that agents are mandated to renew their license every two years; depending on the state where it is operating. Another vital point to keep in mind is that operating in the real estate industry requires continuous learning; so you would also need to attend seminars even if you are already licensed.
The real estate industry is constantly evolving or changing and, as a real estate agent, you must be aware of changes in laws and regulations in the various states that you operate; to keep your customers informed.
Hone your skills and gain experience under an established real estate firm
After you have taken your real estate courses and educated yourself, you are now ready to go, but you will still lack experience. Therefore, it is advisable that you work for a real estate company or mentor for about 2 to 5 years to gain experience. It’s more like learning.
Now, most states require an established learning period (approximately 2 years) with an established broker. Your apprenticeship will teach you the complexities of real estate brokerage; These are real-life skills and knowledge that you cannot learn in school.
So I will recommend that you choose an established real estate brokerage company with abundant listings so that you can earn an income while learning the business. After going through this entire process, you can now start thinking about setting up an individual practice. At that moment, you are now a full-fledged real estate agent or broker. Good luck!