Want to be a real estate agent...?

Question

I am a sophomore in college and i am interested in being a real estate agent. My major is construction management, and i will graduate with this degree program. I can wait till after college, but I would actually love to try to become an agent soon, so i can pay my way through college. What i need to know is:

Do you NEED to already have a degree?

And what are the educational requirements? I have read that it is like 160 hrs.. Thats about 6 college classes, correct?

I just need to know what i need to do to get started. Thanks!!!!

Answer 1

In most states, you do not need a degree. You do have to attend and pass Real Estate School. Joining a local MLS is pretty expensive, depending on what state you're in. Young people come into the business all the time, and find out that it costs more to be an agent than what's coming into your bank account. They usually last a year or two.
There are so many fees involved...

Joining the MLS or local board
Desk fees
Key fees
Lockbox fees
Continuing education fees

Continuing education classes will consume your money and a great deal of your time...

Just some things to consider - I have seen too many people come and go.... only to leave with empty pockets.

Answer 2

Depends on the state you seek licensing. TN requires 60 clock hrs plus 30 clock hrs immediately after passing the initial exam. To sit for the broker exam requires 120 clock hrs including 30 clock hrs of a broker class followed up with an additional 120 hrs of your choice of real estate classes, clock hrs again.

If you have a degree with a major/minor in real estate you can sit for the broker exam after 2 yrs and the appropriate classes. No degree with real estate as a major/minor it is 3 yrs.

With your degree I suggest you look at commercial real estate or some of the real estate development companies either residential or commercial. Your background would be well suited to commercial.

BTW: Tennessee has no state or local income taxes.

Answer 3

No, you don't need a college degree to be a real estate agent. Actual requirements vary by state, but they usually consist of something like 160 hours with at least 60 of them in core real estate courses. Usually you just have to take four core courses and hours from your college transcripts will suffice for the remanding hours. Check with your state licensing agency. Good luck.

Rick Lanicek
www.primelendingonline.com

Answer 4

The educational requirements vary by state, but it should be around 160 hours of classes covering RE principals, finance, appraisal, and law. Then you have to sit for the state exam. If you pass, then you can practice real estate.

Remember, YOU ARE SELF-EMPLOYED. You are running your own business, and there are many costs involved such as board dues, license fees, MLS fees, office fees, advertising, etc... Chances are that you won't see any income right away, so you need to prepare for this. The biggest thing, IMO is you need to market yourself, so be sure you have some start-up capital to do this. Good Luck.

Answer 5

in tx. you do not need a degree, but you must be licensed, and that requires going to college or learning online, you have 2 classes that are required....
principles of law
principles of real estate
and i forgot 3 rd one.......
once you feel you know he material you contact T.R.E.C. (Tx real estate commission) and they will give you the licensing test, but you have to listen to the 2nd or 3rd answer above, it is very costly to be an agent, you have many things to pay for, such as your signs for the houses for sale, your license and registration fee and thats far from cheap and you need to restest every so often to keep your lic. up to date

Answer 6

There aren't any educational requirements besides going to the real estate course classes, passing the final test, and then the licensing test of your state. You have to have continuing education courses to keep your license... that's it.

Go to a real estate broker (Weichert has a great program) and they can direct you to the class.

Answer 7

i know a few real estate agents and they seem pretty well off. they bought or built their own houses and they have that sort of hollywood idea of the average american life. a couple kids husband/wife, nice house a couple cars. they can afford to go to a full serve carwash every 2 to 3 days (which isnt cheap) and they wear a new business suit every day.

Answer 8

Complete a military or police college or degree.

Answer 9

YES FOR ONLY $1,500.00 YOU TOO CAN SELL REAL ESTATE! This is the great lie all realtors are told! Yes, for $1,500.00 you can take classes (at least that’s the cost in Birmingham, Alabama) to learn everything you need to get your license, but not much on what it really takes to sell homes.

Most experienced agent do not want to bother with newer agents. When I first started, over a year ago, I was with a different company (Birmingham’s largest real estate company at the time) and I remember asking some of the older agents for help. While a few would help, for the most part, I was told, you just got your license, you should know what you’re doing. Now I’m with Keller Williams Realty, North America’s fastest growing realty company, and since it is the only realty company with profit sharing, every agent in the office has a financial gain in how well that office does, so everyone is more then willing to help out, but more on Keller Williams later.

First we will talk about what it takes to be a realtor, then we will talk cost – for if you do not have what it takes, you will be throwing money away, no matter what the cost is. If you have what it takes, it is well worth the cost!!!

You should be out-going, not afraid to talk with strangers you meet in the mall, stores, etc. You can’t get all bummed out with rejections, trust me, you will get allot of rejections in this line of business. You also need to be a good teacher as well as a good listener. And most of all, if you can remain calm when the world around you is going to pieces, you will make a good realtor.

If you read some of the questions and answers from Yahoo, you will see EVERYTHING is the realtor’s fault, and allot of times, this is true, not because realtors are bad people or trying to pull something (although some do). It is because the realtor did not take the time to explain to the Buyer/Seller how it all works, then if something goes wrong the client has no clue and feel they have been cheated.

Also, before I forget, EVERY realtor, works for a Broker, that is just how it works, but you will learn that in realty school. In Alabama you can not be a Broker until you been an agent for at least two years

COST

My first year I invested a total of $5,000.00 (Spread out over the year) over and above the cost of my classes and I only pulled in $3,000.00. For a total net income of minus $2,000.00 plus or minus a few hundred. This year, so far, I spent $2000.00 and made, to date $30,000.00. Next year I plan on doing even better!

As you can see, it cost money, but the rewards, well, they speak for them self!

Most real estate companies have what is called OT time (Opportunity Time). The way this works is, you are the agent of the day. You sit in the office and answer the phone. You mostly end up setting up showings for other agents listings, but if a call comes in with someone looking to sell or buy a home, you get that lead, remember, it is only a lead, it is up to you to turn in into a sale or listing. This is only an OK way to get clients. The BEST way is through marketing yourself. That is mainly where the bulk of my budget goes, to marketing myself.

If you remember earlier, I said each Keller Williams agent has a stake in how well the office does, I think, most Keller Williams agents are helping other people not just because of the profit sharing, but because this is just the type of people Keller Williams attracts! Keller Williams culture and belief is

WI4C2TS
W – Win-Win – or no deal ( make it a winning deal for everyone)
I – Integrity – Do the right thing
C – Commitment – In all things
C – Communication – Seek first to understand
C – Creativity – Ideas before results
C – Customers – Always come first (This one I truly believe in)
T – Team Work – Together Everyone Achieves More (another one I truly believe in)
T – Trust Starts with Honesty
S – Success – Results through people

Keller Williams has some GREAT in house training on how to get listings and market yourself, just to name two of its many classes. Best of all, if offers passive income through profit sharing!

Real estate is not for everyone, but it is a good business to be in, and yes, it is not a job, nor truly a career, it is a business you need to work and grow. True, you work for a broker, but you work as an independent. Most Brokers could care less if your selling or not, you pay a fee just to be in the office on top of your commission splits, so the brokers are not loosing any money on you. The most common split is 60/40 – you keep 60 and the broker gets 40. Some companies will let you keep 95 to 100%, but the monthly fee is like $1000.00. Each office is different. Keller Williams offers 70/30 splits for new agents, (Monthly fee, called a desk fee is $30.00- once again each office is different) then after you paid a set dollar amount for the year ($19,500.00 for my office) then you get to keep 100% for the rest of your anniversary year. You can, however start off at a 90/10 split, BUT then you must guarantee to pay that set amount. So for me, If I took the 90/10 split and only earned enough to have paid $17,500.00 in commissions to my office, at the end of my anniversary year, I would have to write a check to Keller Williams for $2,000.00. It is for this reason a 90/10 split is not recommended for newer agents, in fact, some Keller Williams brokers will not let new agents get the 90/10 split for that very reason.


Interview with Keller Williams Realty
The only real estate company that offers profit sharing
GREAT company to work for, GREAT training on how to market yourself, in any market.

If you would like more info on a career with Keller Williams Realty, go to my web page http://www.pauld-kw.com and on the top you will see "Sell a Property" Click on that, then click on "A career with Keller Williams" I think you will be very impressed. You can also e-mail or call me and I will be more then happy to talk to you about Keller Williams or send you some more information. [e-mail]

BEST of luck with your new career!

Answer 10

its not easy. good luck