Becoming a real estate agent can be rewarding. A career in real estate is a lucrative career choice for those interested in the housing market and who enjoy helping people. As a real estate agent, you will help people buy and sell homes, negotiate deals, and navigate the complex process of buying or selling a property. To become a real estate agent, you must meet certain requirements, complete education and training, obtain a license, and find a brokerage to work for.
If you're here because you want to become a real estate agent by 2023, you've come to the right place. As of October 2021, there are over 1.5 million National Association of Realtors members in the US alone.
To be successful as a real estate agent, you will need certain tools and resources, such as a computer, phone, marketing materials, and access to a Multiple Listing Service (MLS). By preparing for these steps and meeting the requirements to become a real estate agent, you can start your career in real estate and help people buy and sell homes.
Realtor vs. Real Estate Agent: There is a Difference
Realtors and real estate agents are two words that have been used interchangeably. However, the terms aren't the same.
Here is a list of differences between a realtor and a real estate agent:
1. Membership: A realtor is a member of the National Association of Realtors (NAR), while a real estate agent may or may not be a member of the NAR.
2. Code of Ethics: Realtors must adhere to the NAR's Code of Ethics, which outlines standards of practice and professionalism. Real estate agents are not required to follow a specific code of ethics.
3. Professional Designations: Realtors may earn professional designations, such as the Certified Residential Specialist (CRS) or the Accredited Buyer's Representative (ABR), which demonstrate additional knowledge and expertise in certain areas of real estate. Real estate agents may also earn professional designations, but membership in the NAR is not a requirement.
4. Member Benefits: Realtors have access to member benefits offered by the NAR, such as educational resources and professional development opportunities. Real estate agents may not have access to these benefits unless they are also members of the NAR.
5. Use of the Term "Realtor": Only realtors are permitted to use the term "realtor" to describe themselves. Real estate agents cannot use this term unless they are also members of the NAR.
Ultimately, all realtors are real estate agents. However, not all real estate agents are realtors.
How to Become a Real Estate Agent
You need to prepare several things to become a real estate agent. Here are some of the most important steps:
1. Meet the requirements
To become a real estate agent, you must meet certain requirements, which vary by state and location. These may include being at least 18 years old, having a high school diploma or equivalent, and passing a background check.
2. Complete the necessary education and training
Most states require real estate agents to complete a certain amount of education and training to be licensed. This may include taking a real estate course or classes and passing an exam to become a real estate agent.
3. Obtain a real estate license
To practice as a real estate agent, you must obtain a license from your state's real estate commission or regulatory agency. This typically involves completing the necessary education and training, passing an exam, and paying a fee.
4. Find a brokerage
Most real estate agents work for a brokerage, which is a company that represents buyers and sellers in real estate transactions. To work as an agent, you will need to find a brokerage to work for and get hired by them.
5. Get the necessary tools and resources
To be successful as a real estate agent, you will need certain tools and resources, such as a computer, phone, marketing materials, and access to a Multiple Listing Service (MLS).
You can kickstart your real estate career by preparing for these steps and meeting the requirements to become a real estate agent.
Benefits of Becoming a Real Estate Agent
Becoming a real estate agent can be a rewarding and fulfilling career choice. When you become a real estate agent, you play a crucial role in mediating between the housing market and your buyers and helping people achieve their dream homes.
Here are some of the benefits of becoming a real estate agent:
1. Flexibility
As a real estate agent, you can set your schedule and work as much or as little as you want. You can focus on residential or commercial properties or specialize in a particular market or location.
2. High earning potential
When you become a real estate agent, you have the potential to earn a significant income, especially as you gain experience and build your client base. Many agents earn commissions based on the value of the properties they sell, which means the more successful they are, the more they can earn.
3. Opportunities for growth
As a real estate agent, you have the opportunity to grow and advance in your career. You can become a broker, manage a team of agents, or start your own real estate business.
4. Helping people
One of the most rewarding aspects of being a real estate agent is the opportunity to help people achieve their dreams of owning a home. You can make a positive impact on people's lives by guiding them through the process of buying or selling a home and advocating on their behalf.
5. Personal and professional development
Being a real estate agent requires you to continuously learn and grow, personally and professionally. You must stay up-to-date on market trends and regulations and develop communication and negotiation skills.
If you are interested in the housing market and enjoy helping people, a real estate career may be a great fit for you.
How to Start Your Own Real Estate Business
Starting your own real estate business can be a challenging but rewarding process. Here are some steps you can follow to start your own real estate business after you obtain your real estate license:
1. Choose a business structure
Decide on the type of business structure you want for your real estate business, such as a sole proprietorship, partnership, corporation, or LLC.
2. Develop a business plan
Create a detailed business plan that outlines your goals, target market, marketing strategy, and financial projections. This will help guide the direction of your business and serve as a roadmap for your success.
3. Secure financing
If you need funding to start your business, consider options such as loans, grants, or investments from friends and family. The costs to start your real estate business may be different from your competitors. According to Placester, on average, the estimated cost of starting a real estate business is $10,000.
4. Set your commission rate
Earnings for real estate agents vary month by month, depending on the properties you sell or the rates you give your clients. To find a reasonable starting rate when you become a real estate agent, take the average commission rate in your area and use that data for your commission rate.
5. Network and market your business
Build relationships with other real estate professionals and potential clients through networking events, social media, and online marketing efforts.
6. Build your brand
Develop a brand identity for your real estate business, including a logo, website, and marketing materials. Building your brand is crucial because of the following:
- A brand communicates your business values, goals, and mission to your potential clients.
- A brand builds relationships with your audience.
- A brand influences your customers' response to your products and services.
- A brand increases recognition for your business.
By following these steps and staying focused and organized, you can successfully start your career in real estate and, perhaps, your own real estate business.
Create Your Own Real Estate Agent Website on Strikingly
Image taken from Strikingly
To create a real estate agent portfolio on Strikingly, follow these steps:
1. Go to the Strikingly website and sign up for an account.
2. Choose a template for your portfolio or create a custom layout.
Image taken from Strikingly
3. Add your personal information, including your name, contact details, and professional experience.
4. Include information about your real estates services, such as the types of properties you specialize in and your areas of expertise.
5. Add photos and descriptions of properties you have listed or sold to showcase your work.
6. Include any professional certifications or designations you have earned.
7. Customize your portfolio's look and feel by adding branding elements, such as a logo, and choosing a suitable color scheme.
8. Preview and publish your portfolio to make it live on the web.
Image taken from Strikingly User’s Website
It's important to regularly update your portfolio with new listings and professional achievements to keep it current and relevant.
Becoming a real estate agent can be a rewarding career if you are passionate about helping people buy and sell properties. As a real estate agent, you will have the opportunity to work with a diverse group of clients and assist them in navigating the complex process of buying or selling a home.
While it can be challenging at times, the rewards of a successful real estate career can be significant, both financially and personally. But with hard work and dedication, you can build a successful real estate career.
