Everything You Need to Know About Obtaining a Real Estate License
Real estate is a long-standing field where many workers have found great success. In fact, according to the U.S. Bureau of Labor Statistics, real estate brokers and sales agent job opportunities will grow at 5% annually from 2021 to 2031, with hundreds of thousands of new jobs yearly. For those looking to break into the field, obtaining a real estate license is the first step.
Real Estate License
While the amount of real estate license types can vary from state-to-state, the majority offer two types: salesperson or broker. The primary difference is that real estate salespersons, mainly called agents, connects buyers and sellers to facilitate a purchase. They work one-on-one with clients as well as submit offerings for negotiation.
On the other hand, a real estate broker typically has agents working under them. They can work independently, unlike an agent, and they assist with the technical aspect of sales along with helping to manage the overarching brokerage. In short, the job of a real estate agent is typically a step towards a job as a broker.
How Long Does It Take to Get a Real Estate License?
The exact requirements vary on a state-by-state basis, but the baseline is around 135 hours of coursework. This is followed by submitting to take a final exam that will determine if you receive your license as an agent. Assuming you pass, you will be required to be sponsored by a broker who you work under.
To receive a license as a broker, you will need to have been a real estate agent for at least two years, in most states, as well as need to pass additional educational requirements. The time it takes to receive your initial license can be reduced by planning classes in advance, which is one of the benefits of taking a real estate pre-license course online, rather than trying to find one in-person.
Considerations When Pursuing a Real Estate License
Knowing the length of time it takes to obtain a license is only the beginning. There are a number of considerations to take into account before pursuing this education:
- Start considering locations to start building your book in before you even start your education
- Your paycheck will be based entirely on your productivity
- It’s best to have money saved up before as you start to build your business
- Take up a mentor at the brokerage you work for
Getting your real estate license can be relatively simple, but building your business will be the more challenging aspect of your journey.
Start your real estate career today
Obtaining a real estate license is a relatively quick endeavor for those who are dedicated enough. Securing a license and achieving success in the field are quite different. Any new license holder will need to dedicate many hours to building their business and relationships with new potential clients.