How To Become A Real Estate Agent
As a real estate agent, you will help local community members with the buying and selling of their property. They will look to you to give them advice on buying or selling their home. You will help people find their dream property. You must love sales, be a good negotiator, and be able to communicate effectively with others. Being a real estate agent is a great career for many people.
Why Become A Real Estate Agent
A real estate agent is a person who helps people buy and sell their home, or other pieces of property. A real estate agent is also known as a real estate representative or real estate salesperson.
There are many titles involved in the world of real estate, and although they are sometimes used interchangeably, they are not equal. A real estate agent is somebody who has earned a real estate license, and performs in the profession of buying and selling property. There are also real estate agents: people who belong to the National Association of REALTORS. These real estate agents must apply to belong to that association. There are also real estate brokers, who have passed the broker licensing exam within their state.
People need to buy and sell their homes, but the process is complicated. That is why they employ real estate agents: knowledgeable experts who love homes, and can help them get the best deal. As a real estate agent, you will have clients who will be selling their homes, and want to get the best price that the market will offer. You will act as a salesperson on their behalf, trying to get them a good amount of money. Other people will come to you wanting to buy a home. You will need to listen to their needs, and help them find the home of their dreams.
Real Estate Agents should possess the following qualities and skills:
- Good Communicator
- Good Negotiator
Real Estate Agent Work Environment
About half of all real estate agents in the United States are self-employed, working out of their own offices. The other fifty percent work in brokerage offices, leasing offices, and other real estate firms. These venues can range from small, locally owned practices to larger, national real estate chains with numerous branches. Some real estate agents have a franchise agreement to be associated with a particular well known real estate chain.
Real estate agents spend a lot of time in the office, which may be at their own home or at a company office. They also spend a lot of time on the road, meeting with clients, showing off properties and traveling to look at properties. As salespeople, real estate agents are often at networking and promotional events where they are discussing their work and meeting potential clients.
Real Estate Agent Salary
The median salary for real estate agents was $43,370 in 2015, according to the United States Bureau of Labor Statistics.
Real estate agents are salespeople whose pay is based on a commission. They earn money on each property that they sell. Because of this, it is in the best interest of the real estate agent to sell houses for the highest price the market will offer, and to have several clients that they work with.
Average Real Estate Agent Annual Salary
The average annual salary for real estate agents is $59,630 a year. Salaries start at $23,130 a year and go up to $109,490 a year.
Average Real Estate Agent Hourly Wage
The average hourly wage for a real estate agent is $28.67. Hourly wages are between $11.12 and $52.64 an hour.
Stats were based out of 147,960 employed real estate agents in the United States.
Highest Paying States For Real Estate Agents
- 1. New York $49.19 / hr $102,310 / yr
- 2. Texas $34.85 / hr $72,480 / yr
- 3. Hawaii $34.84 / hr $72,470 / yr
- 4. Alaska $34.15 / hr $71,030 / yr
- 5. Rhode Island $33.87 / hr $70,450 / yr
Top Paying Cities For Real Estate Agents
- 1. Decatur, IL $70.31 / hr$146,240 / yr
- 2. Midland, TX $50.39 / hr$104,820 / yr
- 3. New York, NY $50.01 / hr$104,030 / yr
- 4. Tyler, TX $45.13 / hr$93,870 / yr
- 5. Greeley, CO $41.23 / hr$85,760 / yr
Data provided by the Bureau of Labor Statistics (BLS).
Real Estate Agent Career Outlook
Employment for real estate agents is expected to grow by three percent from 2014 to 2014, according to the United States Bureau of Labor Statistics. This is slower than other occupations on average.
The real estate profession is determined by the housing economy. When more people are buying and selling properties, there are more properties to help sell. In periods of declining economic activity and high interest rates, people will be reluctant to purchase a new home or sell their property.
Real Estate Agent Degree
Step 1: Enroll in a prelicensing course. You have to complete a prelicensing education course as part of the real estate agent certification process. There are different requirements for real estate agents, and these requirements vary for each state, so be sure to check with the state you want to work in for what the exact requirements are. You can usually take the prelicensing course in a classroom at a local community college, at a real estate school, or even online.
Step 2: Take exams. You must take the real estate license exam and pass. You can take practice exams to help you in preparation for this examination.
Step 3: Find a broker. As a real estate agent, you are licensed to work under a real estate broker. Once you pass your exam, find a broker who is hiring and will work with you. This can be at a small, local firm or for a large, national company. You can then final paperwork with the state in which you are licensed, and start your career as a real estate agent.