Becoming a real estate agent is certainly not a piece of cake. It takes a lot to set up a business, getting staff and clients onboard, and then earning a steady flow of income. Besides finance, marketing, and all other core functions, you also need to consider insurance for your real estate business. If you or one of your employees accidently make a professional mistake or give your clients inaccurate advice, you have could be held accountable. Having professional liability insurance could help keep you in business, as it can cover defense expenses, settlements and judgements related to a professional liability claim. You can check this website to find out more about the insurance plans.
So, before you even become a full-time self-employed real estate agent, here are a few steps you should consider:
- Get the hang of your state’s licensing requirements
No business can start without the right licensing from the relevant authorities. Each state will have a real estate commission, which requires real estate agents and companies to adhere to certain conditions to get a license. These requirements vary from state-to-state. So, make sure you understand the requirements mandated by the state where you intend to start the business.
- Get into a real estate course
Being in the real estate game requires in-depth knowledge of all the laws, processes, and the industry at large. Some aspiring real estate agents may depend on online resources to get the necessary information. But it’s always recommended that you enroll yourself in an accredited school that provides quality lessons on pre-licensing coursework. But before you decide on a school, you should understand:
- What is your learning pace?
- How comfortable are you facing questions?
- What personal commitments do you have?
- How strong are your networking skills?
Answering these questions will help you make a better choice and find a course that suits you. You need to finish the pre-licensing coursework following the state’s guidelines before you move to the next step.
- Get in touch with a broker
Depending on your state, you may require sponsorship from a broker to take the real estate exam. Finding a broker may happen either at this stage or later when you pass the exam and are ready to start working. Choosing a broker is one of the most significant steps for building a career in the real estate industry. The broker you work with can influence how much you get paid, your niche, and the resources you need for advancing your career. Make sure you find a broker who truly matches your goals.
- Take the Real Estate Salesperson Exam
Lastly, after you finish your application process, it’s time to take the real estate agent exam conducted by the state. Passing this exam requires preparation. Each state has different passing criteria for the real estate licensing exam. Sometimes, you may have to give more than one attempt to clear the exam. So, you will have to take out additional time to study, along with your existing commitments.
Depending on your grade and performance while working with the broker, the state will grant you a real estate license. After receiving this license, you can work as a real estate agent either at a professional organization or go on to start your own company.