A career in real estate is a great option for those who are just entering their professional life or those looking for a change. It is one of the highest paying jobs for those without a college degree and allows for greater flexibility and freedoms than a typical office job. As long as you are at least 18 years of age, a legal resident of the United States, and have a high school diploma or GED you can become a real estate agent.
Every practicing real estate agent must be licensed. The requirements for obtaining a license vary from state to state, so it is important to research the regulating body for real estate affairs in your local state. The Mbition training dashboard provides detailed information on the requirements for each state. Simply choose your state from the dropdown list and you will find the steps you need to take to obtain a license. Always make sure to double check with the state regulatory body as these requirements may change at any moment.
In general, there are 5 steps required before you can legally practice real estate:
1. Take an Approved Pre-Licensing Course
In order to succeed as a real estate agent, you’ll need to understand the basics of property selling. The first step to licensure is an educational course. Required credit hours vary from state to state but typically range between 60 - 90 hours. Different institutions offer a variety of in-class and online courses, but it is important to ensure that the real estate school you choose is approved by your state regulatory board.
Mbition is an approved, quality source of education for real estate agents. Our Real Estate Pre-licensing Solution packages cover all of the educational requirements needed for each state. These course packages are in-depth, with curriculums designed by industry experts. Students will have access to study tools and ongoing support from experienced instructors who are on standby to answer any questions. Our real estate school prepares professional students for an honest and successful career. With premium content, exam prep, discussion of industry best practices, technical assistance, and ongoing professional support, Mbition is the optimal solution for real estate education. No matter the state you are in, our real estate school can prepare you to pass your exam, obtain your license, and develop a professional career.
2. Pass Your State Exam
The state exam is your chance to prove your knowledge of the real estate industry and market and industry best practices. You can expect to see questions on topics such as license requirements, broker licenses and trust funds, to name a few. A passing score is required to obtain a license. By taking advantage of all that Mbition has to offer, you’ll be able to take the test with confidence!
When choosing from the Real Estate Pre-licensing Solution packages, you’ll have three options: Silver, Gold, and Platinum. All three packages cover everything needed to cover the education requirements. Gold and Platinum contain various extra elements to assist students with studying for their exam. Both come with a “Pass the First Time Guarantee,” so you can eliminate that test anxiety come exam day. When you choose Mbition as your study buddy, obtaining your real estate license is a breeze. Our real estate classes are focused on relevant materials that will prepare you for both your exam and your career.
3. File Your Real Estate License Application
With the test behind you, it’s now to apply for your license! Most states require that you file within 90 days of passing the exam. Your application may require a background check, fingerprinting, various fees, and/or proof of insurance - again, be sure to check with your state regulatory body for application details. Most applications take between one week to two months to process.
Most states approve your license upon successful submission of your application. Some states first approve a pre-license that allows new agents to practice under supervision until certain requirements are meant. After completing the pre-license requirements, you will be granted a full real estate license. If you are completing your real estate classes with Mbition, detailed information will be provided about both the testing and application processes. Students will also have access to ongoing support for any questions they may have about the licensure process.
4. Partner with a Professional Broker
Once your application has been accepted and you have received your license, you will be a certified real estate agent. Congratulations!
Most states do not allow new real estate agents to practice on their own. You may need to find a sponsoring broker or brokerage in order to start selling properties. Many states require broker sponsorship as part of the licensure process. Your sponsoring broker will help you find clients, determine your workflow, and train you in the field. From national franchises, like RE/MAX, to small, local brokerages, there are plenty of options out there. Your earnings will be split with your sponsoring broker, so be sure to enquire about the type of commision splits the company follows. New real estate agents should expect to receive lower-end commision. As you gain more experience, you will be able to claim more commision on each sale you make.
5. Join the National Association of Realtors (NAR)
Once you’ve received your real estate license, you are legally considered a real estate agent. However, unless you join the National Association of Realtors (NAR), you cannot legally call yourself a “realtor.” Other benefits of joining the NAR include: participation in Multiple Listing Services, networking with established Realtors, support, better reputation with clients, and speciality discounts. While it is not necessary to join the NAR in order to become a successful real estate agent, the benefits of a membership may bolster your career.
6. Complete Any Continuing Education Requirements
Taking pre-licensing real estate classes, passing the exam, submitting your application, and finding a sponsoring broker is a lot of work! In order to ensure your efforts don’t go to waste, make sure you are aware of your state's renewal and continuing education requirements. Most states require real estate agents to complete a few courses per year, or every other year, in order to stay up to date with industry best practices. As a real estate agent, it is your job to be aware of the market and any new technologies or techniques that may affect your job.
Mbition provides real estate classes for continuing education for all states. Check out our continuing education database for your local state to see the courses offered. Agents will also benefit from marketing and professional development materials and courses. Contact us today to see what we can do for you.