Interested in becoming a realtor? Here are 4 questions I’m often asked by aspiring real estate agents!👇🏼
1. What are the requirements to become a real estate agent, how much does it cost, and how long does it take?
2. How much and when does a real estate agent get paid?
3. How does a real estate brokerage work?
4. What does a typical day look like as a real estate agent?
1. What are the requirements to become a real estate agent, how much does it cost, and how long does it take?
The requirements and costs are different in each state, but you’ll probably end up spending $300-$2000 with pre-licensing education fees, exam fees, a background and fingerprint check, broker fees, business expenses, etc. To become a real estate agent in the US, you need to be at least 18-19, have legal US residency, complete your required pre-licensing education, and pass the real estate license examination. The process to become a licensed real estate agent typically takes 2-6 months on average.
There are some great online self paced classes that a person can enroll in. That’s what did. I went through Keller Williams Realty School Online. As a busy mom of 3, I had to find something that would work with my schedule. Some people will bust out the training in no time. I read a chapter a day and carved out 2 hours to take the tests when needed.
2. How much and when does a real estate agent get paid?
Most real estate agents are paid solely through commissions that are based on a percentage the property’s selling price. The buyer’s agent and seller’s agent typically split the commission of 5-6%. They get paid when the sale of a home closes. Your broker will also take a small percentage of your commission before you get your cut!
Getting paid on a rental is a different ball game. Sometimes you get paid base on a percentage of the first years rent. Other times you get paid a flat fee between $100-$600, before the brokerage takes their cut.
3. How does a real estate brokerage work?
It is required to hang your license with a broker as a new real estate agent. Your designated broker will supervise you and oversee your activities to ensure you are following the state and national real estate laws. During your first 3 transactions you will have a mentor, guiding you through the process. This is a huge help since what you learn for the test doesn’t really prepare you for real life work.
Each brokerage is different, so its best to interview a few different places before deciding where to hang your license. Things to consider when hanging your license include: commission splits, training, mentorship, culture, expectations, meetings, etc.
4. What does a typical day look like as a real estate agent?
Each day is completely different depending on your clients urgency and response time, how busy you are, the market, etc! A good portion of my week is spent making calls, writing contracts, negotiating, showing houses, meeting with clients or other agents, responding to emails, networking, and making sure everything is running smoothly for my clients!
Want to know more, feel free to message me and I would be happy to answer any questions you have.