So you want to become a Realtor but aren’t sure how to get started? Well, you’re in the right place. In today’s article, I will outline a step-by-step guide to earning your Realtor’s license, including what procedures you need to take and what certifications you need to acquire. If you are interested in learning more, keep reading.
What Is a Realtor?
A Realtor is a real estate professional that is a member of the NAR. A Realtor can be an agent or a broker but must be part of the NAR. Brokers who are Realtors generally own their own agencies and have hired agents working for them. The main task of a Realtor is to make sure that their clients are satisfied at all times and assist them in finding the best property that matches their needs and preferences.
What Certifications Are Needed To Become a Realtor?
Generally, to become a Realtor you must be at least 18 years old, have taken the required real estate courses, and passed the related examinations. The requirements differ from state to state. Here is a list of general requirements for a Realtor’s license:
- Have no records of criminal history for the last 7 years
- Have no recent background or involvement in bankruptcy
- Possess an active real estate license
- Be an active member of the real estate community
- Have paid the membership dues
- Follow and abide by the NAR’s code of ethics
5 Steps to Earning Your Realtor’s License
Step 1: Get the Right Education
The first thing you need to do is take courses on real estate and educate yourself before committing to a Realtor’s license. Aspiring Realtors must possess a high school diploma or GED. A good Realtor is educated, knowledgeable and professional in every aspect of real estate. Getting a good education is crucial in the work that you do so that you can be successful in the long term. If you are interested in finding the best real estate schools in the U.S make sure to read our article on the topic.
Step 2: Pass the Required Examinations
The next thing you need to do is pass all the required real estate examinations. The examinations generally consist of multiple-choice questions. It is important to pass the exams to prove that you are capable of handling situations and showcasing your skills.
Step 3: Join Your Local Realtor’s Association
After completing the necessary steps and passing the required examinations, you can join your local Realtor’s association. There are a total of 1,400 associations all across the United States. With the help of NAR’s find an association tool, you can easily find your state’s local Realtor’s association.
Step 4: Pay a One-time Application Fee
If you are approved and granted your membership, the requirement is to pay a one-time application fee. The application fee differs depending on each association.
Step 5: Pay Your Annual Membership Dues
Last but not least, once you become a Realtor, it is required that you pay your annual membership fee of $150. By paying the annual fee you are guaranteed to remain an active member of the association.
Benefits of Acquiring a Realtor’s License
One of the benefits of earning a Realtor’s license is that Realtors get to have flexible schedules. They can pick their working hours and arrange them to best fit their personal life. That way they can have a good work-life balance. Another benefit is that Realtors who are brokers have the potential to better develop and grow their business. Since brokers often have hired agents working for them, they can devote their time to developing their business. Realtors are also always up to date with everything real estate-related, so you are the first to know about the changes in the marketplace or big upcoming events that might take place.
What’s the Difference Between a Real Estate License and a Realtor’s License?
Having a membership in the NAR will help increase your credibility in the real estate industry so that your clients will find you more trustworthy to work with. Besides that, having a real estate license is just as important and satisfactory as getting a Realtor’s license. A big difference between having a real estate license and a Realtor’s license is that Realtor’s have to follow NAR’s code of ethics while real estate agents are not required to do so. Another difference is that becoming a Realtor is something that requires a lot of patience. Most real estate agents and Realtors are paid by commission, which means their income depends on the number of homes they sell. Since a lot of real estate agents and Realtors work at their own time and are self-sufficient, the amount of salary they get depends on how many clients they gain. Therefore, it can sometimes get a bit overwhelming and tiring.
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