What is a broker? How about an independent realtor? Are they the same? As a bright-eyed beginner, you may have these types of questions. But, to become a real estate agent, you have to know more than just the correct definitions.
Here are some 5 hot facts you must know before you become a real estate agent:
1 – To last long in Real Estate, you have to be specific.
No one really gets that far if they are always indecisive and vague. It’s especially true in the dog-eat-dog world of Real Estate.
Many agents quit their real estate career quickly because they didn’t know what they were getting themselves into. They had this presumptuous idea about the ins and outs of real estate, that when they plunged into the actual job, they were shocked and fatally disappointed.
So, don’t waste time and money. Research about the industry first. Give it a little benefit of the doubt. No one’s discouraging you, but real estate is not for the weak-willed.
Know your strengths first before deciding to become a real estate agent.
2 – It’s has a high turnover rate.
Now, you must think these facts are just highlighting the difficult angles of real estate. Well, these are only facts, friend.
The real estate industry has a pretty high rate of turnovers.
For instance, if a newbie works her first job at a medium-sized firm as a junior agent, it’s more likely that half of her team would bail out of the industry. A few would transfer to another real estate firm.
Overall, this industry is highly competitive. Other firms are not even joking when it comes to agents who don’t reach their commission targets. Check it out at Invest Four More
3 – Real Estate favors the workhorse.
Hey, it’s real estate, right? It’s just about buying and selling and talking smooth, right? Nah, scratch that fairy tale and throw it into the bin.
Real estate smiles upon those who work hard—real hard. Most real estate professions, particularly an independent real estate agent are not nine-to-five jobs.
If you slack around, your competitors will surely see this a gaping window of opportunity. Your clients won’t be waiting for you, FYI. They usually meet up with agents beyond the typical business hours.
So, you need to be creative. You spend more time and effort to achieve your goals.
4 – A Real Estate professional can either be a realtor, broker, or an agent.
As what’s previously mentioned, it pays to know and to be specific. A Real Estate professional is just a broad term for agents, brokers, and realtors. And each of these titles has notable differences.
- Agents / Real Estate Associates
They are the licensed sales associates who took an exam in a particular state they want to settle and work in. It’s the general starting point of any real estate profession. As an agent, you get to help a client buy or sell a home.
- Real Estate Brokers
They are previous agents who decided to continue studying and pursue a broker’s license. They either work alone or with teams of agents.
Interestingly, a real estate agent-broker who works for another broker has the title of the Real Estate Associate Broker. The latter’s distinction is sharing brokerage profits that exceed the normal agent commission.
Important takeaway: A broker can work alone, while an agent needs to work under a licensed broker.
These are real estate professionals who belong to the National Association of Realtors (NAR).
The membership requires the agent or broker to adhere to the organization’s rules and practice their ethical standards.
5 – Licensure is a thorough process
Of course, you can’t help clients buy or sell a property if you don’t have a license.
It’s strictly required to own a licensed before engaging in any activity.
Each state has different pre-test requirements, for instance, online real estate training or formal classes. A few states even use the national testing service center as test rooms.
The exam will ask questions about the laws, regulations, and processes of real estate. For more information, visit their website at: https://investfourmore.com/2013/11/04/how-hard-is-it-to-become-a-real-estate-agent/
Becoming a real estate takes more than just sale skills. Be sure to train with the best institutions like Investfourmore before you step into this career path. Good luck!