A Guide to Getting Your Realtor’s License: What You Need To Know
Real estate is one of those fields that’s always booming no matter where you live. Even during recessions, the housing market typically rebounds in a few years with even more jobs available than before. If you’re interested in getting a real estate license, it’s an excellent career path for your future. There are many different types of real estate agents and licensing requirements vary from state to state, so we’ll cover everything you need to know about getting your realtor’s license.
What is a Real Estate Agent?
A real estate agent is someone who is licensed to buy, sell, or lease real estate on behalf of clients, who are often sellers or buyers. The agent works directly with clients who want to sell their houses, lease apartments, or buy homes and often earns a commission based on their work. Agents also work with brokers, who act as business managers for licensed agents, managing and facilitating closing deals, obtaining financing for clients, and hiring additional agents as needed to meet demand. While brokers are usually responsible for administrative tasks, agents often have direct contact with sellers or buyers, attending inspections, appraisals, and other important meetings.
How to Get Your Real Estate License
Depending on the state you decide to pursue a license, the process can take anywhere from a few months to a year. While each state has different licensing requirements, you’ll need to complete a basic exam and have a certain amount of experience working in real estate before you can apply. Once you’ve passed the exam, you’ll be issued a license and be able to legally work as a real estate agent. The first step in getting your license is to find out which type you’ll need to apply for. You can do this by visiting your state’s real estate licensing website or by calling your state’s real estate commission. Once you know which license you’ll need to get, start studying for the exam by using a prep book and taking sample questions to get comfortable with the material.
Which Type of License Should You Get?
The type of license you need depends on your experience and how you want to work. Most licenses require at least two years of experience at a licensed brokerage. A salesperson license is a basic real estate license that allows you to sell your own real estate with no supervising broker. An associate broker license also allows you to sell your own real estate but with supervision from a broker. A broker license allows you to run a brokerage and supervise sales agents. If you want to work as a mortgage broker, you need a different license that doesn’t allow you to sell real estate. Once you know the different license requirements, you can start researching the best schools for your state.
Networking and Licensing for Newbies
Getting your real estate license can be a long and challenging process. If you’re just starting out, it’s a good idea to network as much as possible with real estate agents and brokers. Working with seasoned agents and brokers can help you learn the real estate industry and get your foot in the door. When meeting with agents, you can offer to help them out with clerical tasks, attend open houses, or offer to be a part-time agent to get more experience. Eventually, you can ask your supervisors if they’d be willing to write you a letter of recommendation. If you already have an established career, you can use your work experience to apply for a provisional license, which allows you to work independently while you get more experience.
Real Estate Broker License Requirements
It’s important to note that you need a broker license if you want to own a real estate brokerage. If you’re just selling your own property, you don’t need a broker license. In order to get a broker’s license, you’ll need four years of experience as an associate broker and significant assets, including a $100,000 deposit, $50,000 in liquid cash, or $250,000 in equity in real estate. You can also apply for a broker’s license if you’re a corporation or partnership. Getting a broker’s license is a long and challenging process. You need significant experience, a certain amount of assets, and a lot of time to attend classes and meet other requirements.
Real estate agents are in high demand, and there are many different types of licenses you can get depending on your experience, assets, and what type of work you want to do. To start getting your real estate license, you’ll need to find out which type of license your state requires and start studying for the exam.