Engaging in the Business of Real Estate
Becoming a real estate agent or realtor involves a great load of time investment. Especially starting out. However, with the proper guidance, network, and dedication, the real estate venture may quickly prove to be one of the most rewarding.
What are the requirements for becoming a real estate agent?
Before you can start negotiating deals, you must first qualify for a sales license. Learning the fundamentals and gathering industry knowledge through coursework and extensive training is a sure way to achieve one. However, becoming a real estate agent isn’t as simple as going through classes and taking exams. Far from it. You need to conduct research into your state’s specific licensing requirements. Each one is unique and can vary in fees, educational requirements, background checks, etc. But all of them will mandate that you attend a pre-licensing course for x amount of hours. This is to prepare you for the licensing exam which, once passed, will allow you to submit the necessary documents for the application process. Whether your application is approved determines whether or not you can begin. As a real estate agent, you are required to work under a designated real estate broker. Brokers assume a supervisor position for real estate agents and are generally more experienced in the field.
Real estate coaching
The initial part of the journey can often be very time-consuming and costly, especially without proper guidance. Like many industries, there is a lot of junk and unnecessary amounts of information. Many real estate students often end up spending tens of thousands of dollars in courses with little or no experience in negotiating deals. This creates a very apparent gap between those who are predisposed to deal-making and those who are not. A good way to staying attuned and on top of the game is through investing in a mentor. Ideally, someone who has a long history in the business. However, having little or no experience yourself, it can be difficult to determine whether someone is qualified for such a role. Fortunately, there are accommodating programs such as Smart Real Estate Coach that offers real mentoring and coaching lessons from qualified real estate experts. Smart Real Estate Coach in particular aims to close the barrier between the time students spend in coursework to the time they begin getting deals. The program provides students with opportunities to receive real-time assistance in negotiating with their potential sellers, as well as expert feedback to reduce the learning curve and help develop good habits.
Making money in real estate
The primary source of income for most real estate agents is generated from commissions through direct payments to the broker. Real estate commissions are typically shared among sales agents and brokers from both the listing and buyer side based on a written agreement. In general, top-producing agents tend to receive larger percentages of the commission. The other way real estate agents are paid is through a salary determined by their designated broker. This is not very common, however.
How can I be a real estate broker?
To become a real estate broker, you must attain a broker’s license. Like real estate agents, brokers have to undergo a training course and pass a licensing exam in accordance with their state-specific policies. However, brokers are required to have held a real estate agent license prior to qualifying. In most cases, a minimum of two years in experience is needed, but they can vary depending on which state.
Are you in need of real estate coaching?
Chris Prefontaine is the founder and CEO of Smart Real Estate Coach and host of the Smart Real Estate Coach Podcast.
Smart Real Estate Coach offers real estate mentoring and coaching lessons from qualified real estate experts.
Chris has been in the real estate business for over 28 years and has gathered a team of like-minded experts to help coach and teach their clients the ins and outs of the industry.
The team at Smart Real Estate Coach mentor, coach, consult, and even partner with students around the country in an attempt to educate the masses about the importance of real estate and how to navigate the ever-changing economy.
Get a free copy of Chris’s book by visiting freesrecbook.com.
Learn more about how Smart Real Estate Coach can broaden your knowledge of the real estate business by listening to this episode of The Thoughtful Entrepreneur above and don’t forget to subscribe to Apple Podcasts – Stitcher – Spotify –Google Play –Castbox – TuneIn – RSS.
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