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Becoming A Real Estate Agent: Certification, School, Education And Real Estate License
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Published: September 6, 2007
There is something appealing about the thought of working for oneself, and setting hand-picked hours. Yet, few are willing to take the inherent risks in becoming one's own boss. There are also many different job options from which to choose. Even if some are willing to take the risk of running their own business, they often have no idea what business to start.
An excellent option for those with an entrepreneurial spirit is real estate agency.
Real estate agents aid people in finding residential or commercial properties. Real estate agents are paid in commissions, and thus, arguably face more risks than those who get paid on an hourly or weekly basis. Yet, the commission on just one residential sale or commercial lease can be far greater than some salaried people may make in an entire year. The benefits of lucrative commissions may outweigh the risks involved in getting paid in commissions.
Residential real estate agents serve as liaisons between the buyer and the seller of real property. Real estate agents often find job satisfaction pairing up those interested in buying a home, with the home in the right price range and neighborhood of the potential buyer. Real estate agents access available properties through a Multiple Listing Service (MLS), and find properties that will meet the buyer's needs. They then set up tours with the sellers' agents, help narrow the properties down to the best choice, obtain the sales contract for the buyer, manage the transaction through the execution of the contract, and finally the closing.
Commercial real estate agents serve a similar purpose, except they not only broker sales of properties, they often broker commercial leases between building owners and commercial tenants. Commercial real estate agents usually refer to a Costar report, which is akin to a MLS report, only for commercially leased properties.
For residential transactions, real estate agents usually make a percentage of the total sales price. Thus, real estate agents who sell a $300,000 home at a 3% commission will make about $9,000. Real estate agents working on commercial leases may obtain greater commissions, since these leases are usually based on a percentage of the total consideration over the entire term of the lease. As such, a commercial lease for $500,000 a year, over a 10 year term at 3%, would yield about a $150,000 commission.
An individual must obtain a real estate license before becoming a real estate agent. Every state has different educational requirements and each real estate school will differ depending on the state. For example, those seeking a real estate license in Illinois would start at the Office of Banks and Real Estate website. Potential real estate agents can find an approved real estate school through this site, many of which are convenient, online/home study programs. The individual can then get a real estate certification to become a salesperson. If they would like to get real estate certification to become a broker, the requirements are a little more extensive. Real estate certification to become a broker requires a requisite amount of years as a practicing salesperson and additional hours of continuing education credits.
All real estate agents will be required to take 12 hours of continuing real estate courses every two years to maintain their real estate license. Although there are a few exceptions to these real estate license requirements, continuing real estate courses are valuable. They not only keep the license active, they also ensure real estate agents stay aware of the rules and regulations.
Those entrepreneurial spirit's seeking relief from the daily grind of a nine to five corporate job may want to consider becoming real estate agents. With the advent of the internet, finding the right real estate school has become easier than ever. Thus, becoming a real estate agent is within anyone's reach. All they need is perseverance and the courage to take a little risk. Becoming one's own boss, with a bright future, is only a certificate away.
Sources:
"Real Estate Broker." Wikipedia. 1 Sept. 2007. 3 Sept. 2007. http://en.wikipedia.org/wiki/Real_estate_broker.
"Illinois Approved Real Estate Schools." Illinois Division of Professional Regulation. 2005. 3 Sept. 2007. http://www.idfpr.com/DPR/RE/Education/RESCH110.asp .
"Real Estate Frequently Asked Questions." Illinois Division of Professional Regulation. 3 Sept. 2007. http://www.idfpr.com/FAQ/BRE/toggleBRERealEstateFa q.asp.
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Real estate agents aid people in finding residential or commercial properties. Real estate agents are paid in commissions, and thus, arguably face more risks than those who get paid on an hourly or weekly basis. Yet, the commission on just one residential sale or commercial lease can be far greater than some salaried people may make in an entire year. The benefits of lucrative commissions may outweigh the risks involved in getting paid in commissions.
Residential real estate agents serve as liaisons between the buyer and the seller of real property. Real estate agents often find job satisfaction pairing up those interested in buying a home, with the home in the right price range and neighborhood of the potential buyer. Real estate agents access available properties through a Multiple Listing Service (MLS), and find properties that will meet the buyer's needs. They then set up tours with the sellers' agents, help narrow the properties down to the best choice, obtain the sales contract for the buyer, manage the transaction through the execution of the contract, and finally the closing.
Commercial real estate agents serve a similar purpose, except they not only broker sales of properties, they often broker commercial leases between building owners and commercial tenants. Commercial real estate agents usually refer to a Costar report, which is akin to a MLS report, only for commercially leased properties.
For residential transactions, real estate agents usually make a percentage of the total sales price. Thus, real estate agents who sell a $300,000 home at a 3% commission will make about $9,000. Real estate agents working on commercial leases may obtain greater commissions, since these leases are usually based on a percentage of the total consideration over the entire term of the lease. As such, a commercial lease for $500,000 a year, over a 10 year term at 3%, would yield about a $150,000 commission.
An individual must obtain a real estate license before becoming a real estate agent. Every state has different educational requirements and each real estate school will differ depending on the state. For example, those seeking a real estate license in Illinois would start at the Office of Banks and Real Estate website. Potential real estate agents can find an approved real estate school through this site, many of which are convenient, online/home study programs. The individual can then get a real estate certification to become a salesperson. If they would like to get real estate certification to become a broker, the requirements are a little more extensive. Real estate certification to become a broker requires a requisite amount of years as a practicing salesperson and additional hours of continuing education credits.
All real estate agents will be required to take 12 hours of continuing real estate courses every two years to maintain their real estate license. Although there are a few exceptions to these real estate license requirements, continuing real estate courses are valuable. They not only keep the license active, they also ensure real estate agents stay aware of the rules and regulations.
Those entrepreneurial spirit's seeking relief from the daily grind of a nine to five corporate job may want to consider becoming real estate agents. With the advent of the internet, finding the right real estate school has become easier than ever. Thus, becoming a real estate agent is within anyone's reach. All they need is perseverance and the courage to take a little risk. Becoming one's own boss, with a bright future, is only a certificate away.
Sources:
"Real Estate Broker." Wikipedia. 1 Sept. 2007. 3 Sept. 2007. http://en.wikipedia.org/wiki/Real_estate_broker.
"Illinois Approved Real Estate Schools." Illinois Division of Professional Regulation. 2005. 3 Sept. 2007. http://www.idfpr.com/DPR/RE/Education/RESCH110.asp .
"Real Estate Frequently Asked Questions." Illinois Division of Professional Regulation. 3 Sept. 2007. http://www.idfpr.com/FAQ/BRE/toggleBRERealEstateFa q.asp.
