So you are mulling around the potential option of entering into the ever-changing world of real estate but you’re still not quite sure if it’s right for you. Perhaps you are uncertain about how the industry is forecasted to grow over the next few years or you’re wary of the requirements for entry.
Happily, there is plenty of information available for the aspiring real estate agent to dig their teeth into that helps them get a good idea of what they need to do and where the industry is headed. Here we take a look at the full career path, from beginnings through to potential growth in the industry.
Basic Educational Requirements
At the very least an aspiring property agent will need to have completed high school and, where possible, have shown an aptitude for speaking. Many colleges and other institutions also offer additional certification relating to the industry, much of which covers aspects of property that are important to know. A good grounding in the concepts surrounding real estate law and finance is recommended, as these are the things that a client is hiring you to know.
Obtaining a License
Assuming you meet the base education requirements you should be able to take the licensing exam for estate agents. This differs from state to state, with some areas having specific educational requirements before you are allowed to sit the exam. Make sure that you know what these are and gear your education around them before applying for your licence. Also remember that the licence doesn’t last forever and must be updated every so often, so keep that in mind once you have started work.
Once you have the required qualifications it is time to start your career proper. In most cases this will involve starting work with an established estate company, as only the most ambitious or foolhardy strike out on their own without having gained any experience.
You will need to develop an in-depth knowledge of both national and local property trends. This is extremely important to your clients as such knowledge will help inform their decisions. Furthermore, you must also be fairly competent when it comes to marketing as you are not only dealing with property but also developing a reputation with your clients.
Of course, one of the main reasons that people become interested in entering real estate is the potential salary. Recent statistics released by the Bureau of Labor Statistics (BLS) indicate that the average salary for a real estate agent is a little over $53,000. At the lower end of the scale a new real estate agent is probably looking at a base salary of $21,000, though this can rise with commission and experience.
Knowing potential salaries right now is all well and good but the future is where many potential real estate agents will be looking to see if this is a viable career. Happily it appears that the industry is forecasted for growth according to figures from the BLS. They estimate that the number of real estate agents in the country will grow by 11% between now and 2022. While this may mean more competition, it also means that the property industry as a whole is forecasted to grow so there is plenty of potential to make a great career.