How well will real estate education online pay off for you? U.S. Department of Labor Statistics show that real estate salespeople earn a median wage of about $57,000 per year, while the top 10% earn over $95,000 per year. That doesn’t completely tell the story, however. That challenge most real estate pros face revolves around whether or not they can stay in the business long enough to start getting listings – houses being put up for sale – from their clients. If you’re able to get over that hurdle, it’s quite possible to earn far more than $85,000 per year.
Real estate sales licensure is done on a state-by state basis. Most states will require you to be at least 18 years old and have some basic education credits already completed.
First, A Pre-Licensure Course
The first step toward becoming a real estate agent is usually finding a school in your area where you can take a “principles” or pre-licensure course. This will teach you the basics of making a sale, along with state rules you may need to know about in terms of commissions and dealing with customers.
Next, you’ll want to take your state license exam. There are a wide variety of options in real estate education online, CD’s and other teaching tools that can get you ready for the state exam.
You must then register for your state test. Each state test is different. Some ask over 100 multiple choice questions, while others tend to lean more on essay type questions. Assuming you’re able to obtain the minimum score for passing, you will be given a license, which will allow you to work as a salesperson trainee in a real estate agency (be aware that some people like to get this license simply because they want to buy and sell properties on their own, keeping all sales commissions to themselves rather than paying an outside agent.
The Top Employers
Many schools that help you prep for the state licensure exam have services that will try to help you get your first job in a real estate agency. Alternatively, you can simply apply directly for a job at some of the major sales agencies, including Remax, Coldwell Banker and Century 21.
It’s key to become known as a real estate agent to as many people in your community as possible. That will encourage them to give you their listings when the time comes to sell their homes. The more you know about sales and prices in your local market, the more people will tend to come for you on advice about real estate purchases.
Although there are definitely ups and downs in the market, generally speaking there are always people buying and selling homes. In most cases, as an agent you will be able to get 2-3% of the total selling price of a house or other type of building. That means that on a $500,000 home sale, you would earn $15,000. Given that homes in many metropolitan areas are now selling for closer to $1 million, the prospect is clearly there to make a good living.
Promotion, Promotion, Promotion
It’s very important to think about marketing yourself in order to succeed as a real estate agent. Because many people who decide to sell a home simply open the local paper and look for an agent to help them, it can be worthwhile to invest in some local advertising. Above all, once you do complete some sales, stay in touch the both the sellers and the buyers you have worked with. When it comes time for them to move again, they’ll be very likely to contact you for help, making it possible for you to get commissions on more sales and purchases.
Ongoing Revenue Stream
Remember that a happy client will use you over and over, and that when a friend is thinking of selling a home, they will recommend you as an agent. Real estate brokers online courses are only the first step toward building a real career in this area that will provide you with a very consistent earnings stream.