Success Happy - How easy is it to become a real estate agent? What are the start up costs?

How easy is it to become a real estate agent? What are the start up costs?

I am looking to get into the business and I would like to hear only from people who are already in the business and or people who have tried and failed. I think if i became an agent I would be fairly successful but want to know the ins and outs.

Public Comments

You need to have a fair bit of capital up your sleeve as you will be surviving on a pittance until commissions start rolling in...and this can take some time to get your self established in the market place.
biggest thing you'll need to worry about is networking. your licensing, if you're required by state law to have one, should come fairly easily. you need to know who is buying, who is selling and how those who are buying plan on paying for the house. very labor intensive and lots of hours per week. commission only. always in the know, looking in the newspaper, looking to see what land deals were closed, forming a tenure and bond with those in your neighborhood.
you will need to get licensed by your state if you want a reputable business.
It's very hard. You have to generate your own business, leads and contacts which can cost a lot in advertising. Plus you have to pay to be a member of the Multiple Listing Service, and whatever other real estate agencies you have to join depending on which ones your broker belongs to. But, if you can stomach the first year it will be very rewarding. One lead leads to another and your business will grow as will your income. So be a fearless warrior and go get em. If you have to work another job to support yourself it is even harder. So if you can either save a lot of money or have someone who is supporting you, than you would be better off.
1.nothing comes easy, 2.put yr heart into it, u will suceed, where there is a will, there will surely be a way 3. Depending on where u r (country, state etc.) get to know the laws & govt regulations required Work freelance if u must with a estate agent, to get the ins & outs. 4. look, Listen & learn, the rest will follow
I'll ask my sister-in-law to be.
have to pass the test. Lots of people have to take it about 3 times.
First you have to take the required courses (Real Estate Law, Contracts, and Principles). The test can be difficult even if you study. It is usually split into 2 parts 75 Theory questions, and 25 Law questions. You receive a seperate grade for each and need a 70 to pass. I passed the Theory with an 88 the 1st time, and failed the Law by 1 point. I retook it a week later, and got an 80. I know of people who have had to take the test 7 times or more.The fees will be about 400-600 dollars depending on what time of year you start. You have to pay National Association of Realtors dues every year, a monthly office bill, MLS usually quarterly, and a fee to your Local Board, and for your keycard to get in homes. The thing is to obtain as many listings as you can, and overdeliver to your clients. Working with buyers can be tiring driving them around place to place. Each transaction will come with it's ups and downs (Appraisal comes back too low, client loses their job, client changes their mind about buying or selling, loan does not go through), but you have to remember that you are working for your client's interest and not your own. Don't go spending your commission check until it is in your hand!!! Plus you might have 4 closings 1 month, and 0 for the next 2 months, so budget, budget, budget! Last but not least, always protect yourself when showing or listing. Get an I.D. copy, license plate # of people you do business with and always let someone know where you are going and how long you expect to be there. Best wishes & prosperity!!!
You might try this, too. On your browser search bar, for your area, type in real estate agent education or go to a popular real estate agency website. You can find various costs and course material to choose from. I know family members who are agents and in the sales business, and like some of your other answerer's have said, it is not very lucrative at first. If you really want to succeed and know that you are a self-motivated person, have the means to endure the "lean" period - go ahead and invest the time and money. Some said the test was easy, others hard. Good luck!
You don't need a lot of money. In New York state you have to take a test. Anyone can take the test as long as you are 18 or older. The fee is $15.00 per test. There are 50 mupilal choice questions and you have one hour to complete the test. Then a couple of weeks later they send you a yellow slip saying if you passed or failed. No grade on the test. It's either you passed or failed. You must have 45 hours of a real estate course. You usually take a course through a college. That is resigestered with the state and you receive a Real Estate Salesperson Application signed and stamped with a seal and signiture that you satisfactorily completed a 45 hour salesperson qualifying course in real estate approved by the state. If you pass. You take that letter and your pass slip from the state test to a Broker. If they heir you then you send that information to the state with $50.00 Then they send your licence to the Broker. There are two ways you can be heired by a Broker. You're either heir as an employee or as an independent agent . So the qualifications for Licensure: A licensed salesperson must be 18 or older; never have been convicted of a fekony; be either a citizen or a legal permanent resident of the United States;successfully complete a 45-hour prelicensing course approved by the Department of STate;pass the nstate's licensing wxamination; and have a sponsirubng br9ier brfore obtaining the licence. There's a lot you need to know and a lot more to this. Get a book and study.
Real Estate is rewarding, but hard work. I would not quit your current job until you are established in the business, but on the same token, must dedicate time to the crash course if you desire to take one. Good luck!
its better to become a loan officer for a mortgage company.
I don't think that there is any cost required to become real estate agent. It's just depends on your contacts with different people. It's preferrable that you have your own small place where customers can come have a chat with you. You must be very professinal and polite in speaking. You must convince person both ways and both customers in that sense buyer and seller both on the prices. You may even have spend a bit on marketing n advertisment making people know that u have started this new business of real estate agent. That all.. Its easy being real estate agent but u must be polite n have good contacts with persons n give ur every client a personal touch.
Dear, The real estate field is a very satisfying and well paid profession, I say this cauze I ve just entered this field 9months back and now have done 8cases so far. As far as your Q' is concerened I think that no matter what field you opt for its never so easy to taste success. For a solid future in any field you should know the basics of that field. Most Important factor for any real estate professional is his/her PR skills and Knowlegde about the trade or market. I would suggest you should try and get a foothold in any good real estate company/developer in the Marketing Dept. Even if you get into any group as a Trainee it will serve your purpose. Your exposure in such a case will be with the real buyers & sellers and it will definately help you in deciding your future course of action. For setting up firm you need a customer database, knowledge of Investors, present projects around the locality you wish to operate, upcoming launches,etc. And all these things can't be arranged from anywhere, these are the basics that you need to learn & work on. The ideal platform for you will be to go for a job in any reputed Builders/Developers Office and start building your contacts from there on. For any assistance in this regard you can always get in touch with me on my mbl no.+919818436938 or can mail me at anupam8476@yahoo.co.in Regards, Anupam K.
I had to laugh when I read Uchit's answer. I only wish it were that easy!
Just look for jobs in the newspaper I guess.
One co. offered to pay the start -up costs but only after you front the costs & make your first sale. Do you know anybody? in the business? that you could shadow? or work in the office, it's competitive BUT if you know something about yourself.....Centruy 21! Go for it!
you can go to a 2 year college or take classes thru a real estate school such has Champion school of real estate. The cost are pretty expensive. Some companies charge like 1000 dollars a month whether you make a sell or not but just to use their name
it's not that hard, first you have to take like a 6 week course or so. you will need to take a test to become licensed then it takes time to make good money at it
My husband went to real estate school, spending 8 hours a day for 8 weekends. But because we couldn't wait for the first commission checks to come in, he went back to the car business and is now GM at an auto dealership. We have been told that it takes about a year to start making any money. If you sold a house on your first day, it would still take a month (because of 30-day closings) to get your money. But if you are truly trying to help people find what they want in a home - try to go for it. There are a lot of real estate sales persons out there but few care enough so the spoils all go to those few.
Hey do not pay too much attention to those that tell you how hard it is.. I have been in real estate for about 20 years. Contact one of your local real estate offices. Tell them that you want to become a real estate agent.. There are many schools that will be held in your area, or, possibly at a local College or Votec. I personally went thru the BURT RODGERS SCHOOL OF REAL ESTATE. I passed the first time ( by luck ) I suggest that you go to Century 21 or Re Max and talk to them. Have a good day and good luck. ( There is more money made in real estate than in any other profession ) I suggest that you go thru a real estate school like Bert Rodgers. It is faster and you learn what you need to know.
i don't believe you need a degree, most adult schools have like a 8 week course, that gives you the facts and gets you familiar with the procedures, then look for a agency that will hire you.
Im starting that right now too. Its different in every state. Im taking a 45 hour course to get my sales license for $295, then a 75 hour course to get my broker license for $595. Im not planning on selling real estate though. Mine is more for flipping houses.
I walked in to a century 21 office when I was 18 years old and told them what I wanted to do.At that point they sat me in a room and showed me several videos and it really seemed like something I would be interested in.They said they would train me and put me to work.But I never talked to them again and that was 16 years ago.I wish I had though.
go to trump.com go to the trump university link and hes got all the help u need hope i helped
Each state's licensing requirements vary- so you will need to check out the licensing of each state to find out costs. If you are really serious about making this a full time career- you will not want to have another job- that will hold you back. You will want to have a minimum of three months worth of liivng expenses in the bank. Even if you start getting transactions right away, it can a month or so for the transaction to close. I suggest startin on a team as a buyers agent. Interview with different agents and find someone who shares similar values and ethics with you. It is extremly difficult to do well with someone who has different morals and business ethics than you do. A buyers agent is like an apprentiship- only in this situation you actually get paid for your work. As a buyers agent you will not have the same freedom that you do as a full agent- but you get the benefit of their experience- you also get a help generating leads. Most agents who have teams also have assistants who do all the paperwork- you will want an assistant but won't be able to afford one for a while- so this way you will get an assistant. A team gives you more of the hands on training. You have someone to go to to bounce ideas off of. Teams are also a nice scenario for when you decide to go on vacation- you can leave your current business with the team who your clients may be familiar with and not worry about the transactions when you are gone. You also don't have all of the overhead that you would normally- most teams I am aware of- the team leader bears the expense of things like signs, office spce and computers in the office. Some will split the expenses of dues and things like that with you. Each team works a little diffrently and it is up to each individual team leader as to commision splits, expenses and how leads are handled. There are downfalls to this type of situation, but for the most part I think it is a great way to get into the business and gain the experience. Most team members are parts of the team for 2-3 years and then go out on their own. I don't recommend spending lots of money on the big real estate gurus ie.. Mike Ferry, Brian Buffini etc.. they generally have some great ideas and can get you pumped up- but I have found that they are more into High pressure sales- if that is your thing than they will be great. I have taken some of what they say and implemented it, but for the most part, I have been disappointed with much of their advice- a lot of times it is all centered around the agent and not focused on customer service. You want people to refer their friends and to come back everytime the buy or sell a home and you won't get that with out superior customer service. The other agents in your office are usually a great resouce and most are willing to give you advice on how to handle things. I am probably just rambling now- But my main suggestion is find a good team to be on for at least the first several years.
I paid $50-$75 for the class (I don't remember exactly). You have to show up to class and read and study. Then you payto take the state exam. If you get at least 70% you pass. You get more than 1 chance but you pay each time. I payed a small amount because I agreed to work for the company for a year. In general, real estate is a very tough business. People are very distrusting of salespeople and real estate is at the top of the list. I've sold cars also and it was much easier than RE. It is a much larger monetary investment for them and they become very emotional. You have to sell at LEAST 5 mill a year to make a decent wage, so pick a market with higher priced homes if you can. You can work your butt off for months before you see any money. Good luck to you. Give it a shot. If you don't like it , you will come out with some added knowledge and experience and that's always a good thing!!
well first all you need to do is complete a real estate course and take the state exam, which can cost about $400.00. Then you can get a grant or small business loan to help you finance the cost of your business. Good luck.
ok, the ins and the outs. cost will depend on your local board dues and the brokerage that you choose. Its best to interview with the top sales offices in your area. Top sales offices get the most incoming lookers. Remember everything is negotiable. I negoiated my first 1000 business cards 20 yrs ago and maybe name signs, that was years ago tho'. In top sales brokerages the office fee can even be negotiable. Now the ins , yes a person can be very profitable if you work HARD. Never lie and above all you have to be available even when you are laying on the beach. The clients and customers are depending on YOU to help them. Create a good relationship with other REALTORS you need them in order to be successful, no matter how mad you get at one never burn that bridge. The market has evolved into a high tech internet base buyers market. Look into your own web site and REALTOR.com. You will need a cell phone, lock boxes, signs, and learn to advertise in the most read papers in your area. Learn to generate the phone call, learn to accept objection, learn to turn the caller that says "oh thats not the house for me " into a prospect for another home. The key to real estate is finance, know all available financing, a to b&c. Have lunch with a few mortgage people if you have time, to get to know them you will need these people as your B people. Sit down with closing attorneys they are crucial in assisting you and your client to a smooth close. I have done this for 20 years and I am on the #1 Team for REMAX in the state of Tennessee. Good Luck, work hard, trust yourself and dont lose the positive attitude you have. Tam
You CAN'T go into business as an Agent. You must work for a licensed broker for several years and take college course and then get your Broker License. You have to think of it as like a Doctor and Nurse. IF the Nurse works for the doctor and gets trained and goes to college and gets an advanced degree after a few years she can take a test and become a Nurse PRactitioner and open up her own shop, but still has to consult with a doctor on each pateint. The Broker owns the Realeastate office and gets 50% or more of all sales. The Broker must approve changes in percentage rate and other things like that. The Broker is also the one who generally get sued if something goes wrong. The Agent is licensed to work only under a Broker. You have to go to an accredited Real Estate Schoo, which costs anywhere from $500 to $1,500, then take a test which costs you $150, although some Real Estate schools include the first test free with the course. The test is quite difficut and deals with U.S. and state law. Some people don't pass it the first time. There is a waiting period and second fee to take it again. After you are an Agent for several years and after you take some additional college course you are qualified to take the exame to be a Licensed Broker. Once you are a licensed broker you can open your own office. Real estate agents are COMMISSIONED SALES PEOPLE who generally get 1 1/2% of the selling price for either a listing or sale or both. You have to show the houses, work the clients, cultivate a neighborhood, pass out your cards and wait for people to call and then grab them up before someone else does. SOmetimes two agents work with the same people and split fees. Sometimes unhappily. The Broker mediates these problems. Houses are Multiple Listings, although some are exclusive. A Mutiple means you work for Real Estate Network, but the house you are showing is offered by another Firm, local or franchise. They and their broker get 3%, you and your Broker split 3%. Your Broker would like YOU to sell houses that they list so they gets 3%, you get 1 1/2% and the listing agent gets 1 1/2%. YOu have to learn how the "qualify" the buyer, help them with loan packages. Which means you need to learn quickly about Fannie Mae, Freddie Mac, VA loans and other packages available. YOu have to make sure the buyer has enough money for down, escrow or lawyer fees and commssions. And that they qualify for the loan. Figure it taking 1 year to get your first sale and that culd net your maybe $5,000 or $7,000. Once you do it a while you start making commssions for listings you did and you have three in escrow, four ready to close and three close calls. Now you are making $50,000 a year. YOu need a good car, that is comfortable as yo uhave to take them around. You need to know the area.
Hello, Princess. I only know about Illinois, since I have been both an attorney, and a real estate agent. Actually, in Illinois, there are TWO licenses--Agent,or Broker. I took the Broker's exam, and passed, but it was as hard, or harder, than passing the Bar Exam.. Funny, but merely to list and sell homes, you have to know so much about contracts, discrimination laws, etc. To actually work in a Real estate Office, which I did for 6 months, you spend a lot of time idle, wating for a call or a walk-in. Meanwhile, you do "cold calls", to try to conver "Fisbos" (for sale by owner) into clients.. You need a big motor vehicle, to drive and show potential buyers around in. It used to be a big Cadillac or a Lincoln, but nowadays, a large SUV etc., would do. Point is, a couple might show up with 4 children, and you have to be able to drive them ALL around, from house to house, in. You spend about 12 hours /day in the office. Waiting,and making calls. On weekends, you host "Open houses", and guide people through the hous(es) A smattering of knowledge about architecture, home styles, etc., is helpful. You need to know when some house is "tudor", or "Tri-Level", or "bungalow", etc. If you know a little about plumbing and the mechanics of how the electrical systems, etc., work, so much the better. You NEED to have a year or so worth of income money, saved, because it takes that long, before your listings and sales efforts result in your commission--which might be a few ( say 5-10 thousand dollars)--at Closing. Not an easy job, but you DO get to meet and talk to a lot of interesting people. Hope this helps. In my 6 months, I had to quit, and the one listing I got, turned over to the agency, so I wasted 6 months, without pay, etc. You NEED what-is-called a "Sales Personality". Another thing,is that the Computer World might be making that job obsolete. If a person can scan a house on the PC, what do they need an agent for? Good luck, but I'd look for another way to use your talents. JIm
you obviously have no knowledge of the business. so I would suggest take the proper classes for it and all your questions will be answered
you have to get a licence to sell real estate,and the cost for the education and the tests and the licensing differs with each state. the best thing for you to do is to go to a branch office of Century 21 or someplace and ask there.
its very easy just have to know about houses
start to work for a realestate company and save some money to get licened on your own and place adds in papers that you are new and indepent many will check out what your background is where you have worked for a real estate agent before many will go with you on this .why they will see you are working now for yourself and as far as capotil it isnt that much many have offices out from there own homes and are very sucfully in this ?
The best & Cheapest way to start up is to start online. Build a website to start with then you can get a rough idea if it will take off in your area or not
You must get a shop with a big window to display the properties for sale. £250-£300 a week. You must employ an assistant who will be in the office when you are out to view with homeowners or prospective buyers £250pw These are the two most important overheads. Thats £600 a week already Telephone mobile and landline Youll notice that estate agents are on the phone a lot £100PCM Display head for your company to advertise the properties on your window £250 Contract with window cleaner £40w Tables and computers with at least 2 stations £800 Lots of smiles and charms £Priceless Nice looking sales placards ££200 for 15
You will be successful , if you are strong , determined and made up your mind . You need really very good background to star this business and taking seriously to make your carrier . Your back should be so strong , you can wait up to , at-least two whole years , if yes, go ahead , OPEN your office , hired ad agency to advertise , hired some local to assist you in for , clerical / marketing / liaising with govt authorities / to deal with builders etc . I am sure you will .
I have some friends that are in this business. One who is taking classes now. From what I hear you just take a few courses. Hope the links below are helpful. Good luck.
I is so easy. My sister lives in NY and has a really great job. She got her license in a few weeks just taking night classes. The problem is, the competition. Everyone has a license. You probably wont get great estates to show off. You get stuck trying to sell run down, crappy places. The real estate boom will die out. The whole real estate thing is just a fad. But if you are really serious, it is a major in college now. That might give you the edge you need. Good luck!
Its not really a matter of easy or not, it is a matter of DETERMINATION! Cost varies greatly depending on what state you are in. I came from Illinois to Ohio. LAWS ARE VERY different! In Illinois, my education costed $250. In Ohio, it cost $2850. In Illinois you can get your license without signing with a broker, in Ohio, a broker has to sign your exam application before you can become licensed. In Illinois, you can finish classes in 8 weeks part time, here you can do part time in the same amount of time, but many people do the 3 weeks full time thing. So it really differs from state to state. AFTER YOU GET your license: how much it costs to START AND RUN your business differs DRASTICALLY depending on the broker and company you sign with. After paying your exam fee (anywhere from $49.00 to $200.00 depending on state) you can pay membership fees after you pass that test and then pay your license fees, usually about $149 and your application fee, another $149 and "BE IN THE BUSINESS!!!" ABOUT THE TEST: you simply must buy and study from the book by Fillmore and Galaty called "Modern Real Estate Practice in ______" fill in your state in the blank. I took my educational classes twice because I failed to study. I failed to study because I underestimated the difficulty and mass of information required for me to get passing scores on my exams. I came to Ohio after passing my Illinois tests READY TO WORK and did very well very quickly. I wouldn't have made it without that book. BUY IT TODAY and it will also help you decide. I THINK YOU SHOULD GO FOR IT!!! write me...I'd be glad to tell you all that I know, show you my personal website and of course pray for you. Best wishes!! ~Sleek shape510@yahoo.com
Being one myself, as you requested, you probably want to start at an agency. Once you have made some contacts, then you can either stay in the agency, or bracnh off and start on your own. If you have some cash (alot) then you can buy and sell land solo.
Well my boyfriend has his license, and it was for the most part pretty easy. I helped him study and I learned a lot as well. Normally it takes a couple of times of taking the test to pass, it only to him once to pass the state and twice to pass national so that should give you a little more comforting on your behalf. He says that learning is the easiest part. Getting established is the hardest part. You have to do a lot of cold calling, approaching "for sale by owners", and a lot of leg work. I think its a good business to get into because your for the mast part your own boss and you can make good money. Also if your tying to get started in investing in real-estate its the best way to go so you can learn the field. That's why my boyfriend decided to become a real-estate agent. If your wondering witch broker to go with i suggest Keller Williams they have excellent free training courses for their agents that are totally proactive, and not to mention they also have great connections with mortgage brokers that they willingly get you in contact with.
need to get licend by u'r state
A while back my mom was starting real estate school to become a realator and first of all the books cost over 1,000 dollars and it took over a year for her to become a realator. But if you already got the books and stuff, all you would have to do is pass all the tests and get a lisence.
I am an administrative assistant for a Real Estate Agent and I too am planning on becoming licensed. Getting into the business is not hard but finding leads, buyers, and sellers can be complicated. You must have a high school diploma or GED. Here in Illinois you can become licensed by taking a 45 hour course which is generally alot about math, statistics, and neighborhood appreciation. If you want to become an actual broker than you need like 65 hours of courses. Each state is different but you must be licensed in the each state that you sell or buy in. The hardest part is finding clients. It's like a sales job. They are many companies that offer software that allows agents to obtain leads but of course it is expensive. It is expensive and you have to pay for books. It depends on whether you become licensed with an actual broker or through a college. Hope this helps and I wish you luck.
It depends on your state. Different states have different laws regarding licensing. Most require you to be under a licensed BROKER if you are starting out as an AGENT. Check your state's licensing commission. Lots of large firms like Keller Williams, Century 21, and ReMax offer programs to help new Realtors get started, get licensed, network, and become successful. I would start there. You are usually given an agent as a mentor, sometimes they will give you a "draw" account so you aren't broke while you are starting out or they will let you earn money by doing administrative type legwork for your mentor. Call some of the larger agencies and see if one of them has a program that you find appealing. It is a great way to get your foot in the door with little risk. Good luck!
I actually looked into doing this and it takes work. I went to Howard Hanna (realty dealer in PA) and what they actually do is advise you on the classes and school to go to. Then you would have to pay to get certified (costs differ everywhere), work for them (Howard Hanna) and they reimburse you for your schooling, then start selling houses. It's all based on commission. The paper work I was given gave a break-down of how much in property you would have to sell to bring in such amount of money per month; you have to do a good bit. But once you get rolling and get a reputation you're good. I'd suggest starting somewhere to get you going (someones work team); then when you're reputable enough and know you can sell enough, then branch out and possibly start your own company. It's a profitable industry, but it takes time and hard work to get there. Best of luck :)
I use to sell real estate before I moved and had more children. I loved it! You need to take the class hours required by your state, get your license, find a broker to put it under, and pay your board and NRA dues. Last I hear you would need about $1500.00 give or take for all of this but I haven't checked in a while. I am thinking of getting back into it so I can buy and sale houses as an investor and get the commission from my own side. Good luck!
The biggest thing you'll need is a Queen B*tch attitude; and if you're divorced and angry, all the better. The license training/exam isn't expensive, and some of the larger firms will actually pay it for you. You also have to start with enough food and shelter to last you a while; pre-commissions. And you'll need an expensive, imported car (4-door) to look successful and competent from day-one. That's why being divorced helps. You can drive clients around in your Mercedes while your Ex sits on the bus, weeping. And don't forget the Channel "business suits" and extra cell phone batteries. And the GPS. Good luck.