How To Become A Real Estate Agent In Today’s Hot Market
This BLOG On How To Become a Real Estate Agent In Today’s Hot Market Was Published On July 4th, 2020
A career in real estate gives you the ability to benefit from unlimited earning potential while also setting your own work hours and taking control of your career decisions. You will essentially be in the driver’s seat with all aspects of your earning potential and work life. However, before you can take advantage of the many benefits that a real estate career offers, you must improve your credentials and get your business up and running.
In this article, we will discuss and cover How To Become A Real Estate Agent In Today’s Hot Market.
Learn About Licensing Requirements And How To Become A Real Estate Agent
The real estate licensing requirements vary by state. If you are relocating to New York from another state, be aware that your credentials may not be valid in this state. Some states require real estate agents to have at least some college education, but this is not the case in New York. You will need to be at least 18 years old, and you will need to complete 75 hours of approved real estate education. These requirements must be met before you can sit for the licensing exam.
How To Become A Real Estate Agent In Today’s Hot Market: Get Educated
Most potential real estate agents in this state will need to take a formal real estate course to meet the education requirements. There are live courses that you can take through various schools, but a more convenient option available for some people involves taking a New York real estate license course online. The course covers topics related to title, real estate laws, disclosures, forms, and more. Some educational platforms provide you with access to practice licensing exams, study groups, and other benefits.
How To Become A Real Estate Agent In Today’s Hot Market: Pass The Licensing Exam
When you are comfortable with your knowledge of real estate topics that have been covered in your course, you can sign up for the exam. The exam is administered in a live format only, and proctoring is provided only in select locations across the state. If you fail the exam, you are permitted to take it again at a later date. However, it may be wise to improve your knowledge base before applying to take the test again.
Find A Managing Broker
If you pass the licensing exam, you will be able to practice as a licensed real estate salesperson under a licensed New York broker. You will need to work as a salesperson under a broker for several years and obtain further education before you can sit for a broker exam and venture on your own in this field. Be aware that your broker will typically take a portion of your commission on each sale, but this structure varies from broker to broker. Some brokers actively assist sales agents with marketing and locating leads, and others provide minimal or no assistance at all. As you look for a broker to work under, ensure that the services and resources available to you are aligned well with the commission split structure.
Prepare A Marketing Plan
Once you have found a broker to work under, you are ready to actively start looking for leads and building your business. Even when your broker provides some marketing assistance, you generally should plan to do your own marketing as well. There are many efforts that you can take to generate leads for yourself. For example, you can use social media to network with your own personal contacts. Distributing flyers, writing articles for online marketing purposes, sponsoring local sports teams, hosting open houses for other agents, and networking with mortgage companies may be some of the many ideas that you may include in your marketing plan.
Manage Your Finances
Some new real estate agents will benefit from a speedy route to success and profitability. However, it is more realistic to expect to spend one to two years of hard work before you steadily turn a reasonable profit and can fully support yourself. During this time, you may have minimal income from your real estate activities, and this income likely will not be steady. You may also need to spend a considerable amount of your personal funds for marketing and other business-related expenses. Some new real estate agents will begin as part-time agents so that they can continue to support themselves financially while getting their business up and running. Others may have substantial savings available, or they may be able to rely on financial support from a spouse during this period of time. You should have a reasonable plan in mind for personal financial support as well as for paying for business expenses.
Becoming a real estate agent may be one of the best professional moves that you can make. As wonderful as a New York real estate career maybe, it can take hard work, time, energy, and money to get your new career off the ground. You can begin your effort to transition to a new career by learning more about the licensing and education requirements and the education options that may be suitable for you. Gustan Cho Associates allow licensed real estate agents to work as loan officers at the same time.