Welcome to Real Estate Leads Report! We have everything that you will need to reduce your stress as you begin your career in real estate. We feature tips and tricks of the trade, specifically lead generation strategies that working right now. We also cover inudstry trends and specific training and exam requirements for each state, along with business and tax filing requirements, are just some of the helpful things you will find here.
Becoming a Successful Real Estate Agent
Congratulations on your decision to start an exciting and profitable career as a licensed real estate professional!
Whether you are seeking to become a real estate salesperson, realtor, broker, home inspector or home appraiser, you are entering a field that is coming back into high demand. As a result, your chances of finding a job with a licensed brokerage or becoming a real estate broker yourself or launching your own professional business are better than they have been in a long time.
Real estate license requirements differ for each state. You can search our site for the requirements to become a licensed real estate agent to help you quickly get started.
The requirements for licensure are one thing, but the lifeblood of your real estate business is lead generation. You want to position yourself to constantly get new referrals for clients who want to buy or sell, or who need a property manager.
Want to learn the latest lead generation strategies that are working for top real estate agents right now? Learn more.
What is a Real Estate Agent?
Real estate agents or brokers handle the negotiation between buyers and sellers real property. They match sellers who want to sell properties with interested buyers. Moreover, brokers and real estate real estate agents help sellers to promote their property and get as much as they can in the marketplace.
At other times, a licensed agent or broker may act as a buyer’s agent, assisting buyers looking to purchase real estate to acquire property for the lowest price possible under the most favorable conditions. Traditionally, brokers represent the sellers of real estate and have a duty to get the highest price and best terms for sellers. Today a real estate agent, salesperson or broker has a fiduciary responsibility to their client, whether that clients is a buyer or a seller. However, the lines can get crossed when agencies assist buyers and sellers int he same transaction, becoming a dual agent.
Types of Licensed Real Estate Professionals
Typically, When someone first gets a license to become a real estate agent, she or he obtains what is called a real estate salesperson’s license, although some states call this first license a broker’s license.
In many states, after a number of years of practice as a licensed real estate salesperson, it is possible to become a licensed principal or qualifying real estate. This additional license allows the individual to own their own practice, or manage an existing brokerage. Usually more coursework and passing additional exams are required. However, these requirements vary by state. For instance, there are states that allow college degree holders to apply for a broker’s license without any required years of practice, perhaps only after taking courses. Some states, such as California allow licensed lawyers to become real estate brokers once they pass the brokers exam, even without taking courses.
A broker’s license provides flexibility. With such a license, a real estate agent could strike out on their own and hire other salespeople, or choose to continue to work for another broker as an associate broker.
Again, in some states all license holders are brokers and there is no “salesperson” designation. Be sure to check your state’s specific requirements.
Officially, the designation Realtor is a trademark of the National Association of Realtors and refers to licensed professionals who are members of that association.
Real Estate Licensing
In most states across the U.S., an individual is required to hold a license before receiving compensation for services they provide as a real estate broker. The only time this is not the case is when buyers and sellers act as principals on their own behalf in the selling or buying of real estate. In some states, lawyers are allowed to handle real estate sales for compensation.
A real estate license grants an agent or a broker the legal right to represent home sellers and/or buyers in the processing of acquiring real estate.
Read more about real estate licenses.
Training to Pass a Real Estate License Exam
In order to earn your real estate license, you will need to take particular courses (between 35 and 100 hours depending on the state), and pass state and national exams on real estate laws and transactions. To work as a real estate agent, salespeople must be associated with (and act under the authority of) a licensed real estate broker.
In order to keep your real estate license, licensees must take continuing education credits to stay up to date on local and national changes in the law.
There are a variety of trainings and exams you can expect to take as a real estate professional, depending on where you are in your career and the state in which you live. These include:
- Exam Preparation (New York Only)
- Broker or Salesperson Pre-Licensing
- Broker or Salesperson Post-Licensing (Florida only)
- Salesperson Apprentice Education (Texas Only)
- Appraisal Qualifying
- Home Inspection
- Continuing Education
It is possible to use one license to practice in more than one state as a number of states also have reciprocity agreements with other states that allow licensees to take the exam without completing the state’s specific course requirements. Sometimes the requirement between states having reciprocal arrangements is to take only a law exam for a particular state.
Many find it convenient to take the required courses for real estate licenses online. Online courses in real estate allow you to learn at your own comfort and convenience. Online real estate courses are designed to be user-friendly and interactive, giving you feedback on your progress in mastering course material.