Real estate industry is currently booming following its terrible collapse a few years ago. If you are thinking about venturing into the industry, it is the right time to do so. What it takes to be successful in the industry? This blog is a real estate prep guide for you to kiss success in this industry.
The importance of right education cannot be emphasized more if you want to be a successful real estate agent. Start searching for a successful and trustworthy broker who could assist you to get your first client. Furthermore, you need to pass both state and national exams to obtain a license.
Let us now discuss all these requirements into more details.
Irrespective of your residential status, you must enrol for pre-licensing courses. However, the requirements vary from one state to another. Get details about the license requirements from the real estate commission of your state. Some real estate agencies specify educational criteria. In that case, you will have to complete additional courses with an agency.
You are required to pass state and national examinations to get a real estate license. A criminal background check is also a must for the aspiring agents. You may have to shell out at least $200 for combined courses and license fee. However, the figure varies between the states.
Spot a Good Brokerage
The term ‘real estate brokerage’ refers to an office or agency that hires the qualified real estate brokers and agents. It is important to work on behalf of a brokerage in order to be a practicing real estate agent. You should contact a good firm even before successfully completing your training courses. The broker must have a three-year (at least) additional training in real estate dealing. He should give you proper guidance in regards to listing and selling properties, other aspects apart.
While looking for a brokerage, emphasize on three important factors – size and reputation of the brokerage as well as additional training. Carefully read online comments to be sure of the broker’s reputation.
A good way to learn about a brokerage in details is to carefully prepare a list of questions. You will get to gather more information about the firm or person from the interview answers. Here is a set of some important questions to ask a brokerage:
- Does the brokerage need additional coursework?
- How many years it has been working in the industry?
- What is the contract style to get leads?
- What is the average time required to earn commission checks?
- Is there any person in the brokerage firm you can work with for most of the time while undergoing training?
Prepare a Budget
Real estate agents earn from their commissions following a successful deal. Therefore, you should set aside enough funds to support you throughout a few months in case you fail to successfully strike a deal for the time being.
Get Your Client/Referral Portfolio Ready
Building a portfolio is a two-way traffic. You need to have a mentor for proper guidance and should use your personal network. You will learn about the practical details of the business from your mentor while developing a network of clients over time.
Property buy and sale take place even during the gleam phase of economy. Ask your acquaintances to refer your name to those who want to buy/sell properties. That will help you to take off, no matter whatever the situation is.