How do I become a real estate paralegal?

How to become a Real Estate Agent?

• How do i become a real estate agent? Im a junior in High School so I would really prefer that areal estate agent answer. I would like to now all the steps, if any that I should take now, How old i need to be to get my liscence and all. Thank you!

• Answer:

  If your passion is to be in real estate - go for it. A college degree is helpful for any career track. It offers a broader and deeper layer of knowledge that will come in handy, whatever you do. And it's a good backup if you change careers down the line. Take some good business courses, marketing, even general law, and particularly, math and English. And many institutions of higher learning offer a degree in real estate which is be very handy for a new agent, and may reduce your continuing education requirements. Some States require a college degree, others do not. Check with your local State Board of Realtors for that specific detail, and more info on the continuing ed thing. And, most likely, you will need to be at least 18 years old, to sign contracts. Then, before you launch your new career, be sure to save some $$$, because it will take some time to get started. 6-8 months income would be a safe bet, to keep the stress levels down while you are waiting for your first closing - and because you will be paying all kinds of business related costs up front, just to get started (MLS and local board fees, classes and test fees, licensing fees, errors & omissions insurance, marketing and advertising costs, computer, printer, general business supplies, etc.) Plan to spend at least $3,000 gearing up - more if you join a broker who charges desk fees. Make a business plan - if you've never done this before, go online for examples, contact a local SCORE volunteer, ask your banker, or your broker, once you get started. Plan your work, and work your plan! Go to class online or in person and LEARN your STUFF. Don't learn the minimum required to pass the tests. Your customers will be relying on you to be an expert, so soak it in. I would recommend attending classes in person so you get all your dumb questions answered immediately and to your satisfaction. Interview several brokers until you find one you like, that offers excellent training and support, has a congenial atmosphere, and a record of success - plus a good reputation. Ask what they pay for and what you will have to pay for. Then, get out there! Let everybody you know hear that you are in real estate now - shout it to the skies, email and snail mail everybody with your new business card, send out marketing materials and advertise yourself. Work your business plan. And, remember, the idea of earning 6% commission on every sale - that's a fantasy. Think of the 6% commission as a pie. Let's say the sales price of the house was $200,000. 6% of that is $12,000, yes? So, 1/2 of the pie goes to the listing BROKER (not the agent) and 1/2 goes to the selling BROKER. That would be $6,000 to each side. Then, the BROKER shares their piece of the pie with the agents involved. Most agents get 50-60% of that piece of pie, depending on your individual deal. That means, you as the new selling agent might get $3,000 - minus your franchise fees, E&O insurance, and all of your related costs. If you get lucky, you might be both the listing and the selling agent, and earn $6,000 minus expenses, but you will never get the full 6% commission on any deal. And your commission income is taxable by Uncle Sam. Another way of looking at this is - if you sell $1Million in real estate, and you are essentially getting your 1/4 piece of the pie, you will earn $15,000 in commission, minus expenses. If your cut of the pie is larger, the income will be larger, but not as a new agent. Again, if this is your passion, go for it. Treat it like a real full time job, work it hard. But this is not a get rich quick program - or everybody and their dog would be a realtor!!! Good luck and best wishes