Every year, thousands of new real estate agents join the ranks of millions of other real estate professionals trying to help buyers, sellers and renters meet their real estate needs.
Although thousands of realtors also exit from the sector, US Bureau of Labor Statistics predicts that demand for real estate brokers and sales agents will continue to grow at 3% over the next decade.
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Despite real estate market volatility, including high mortgage rates and a historic agreement with the National Association of Realtors, Amy Lessinger, President RE/MAX, says the industry is adapting. For the most seasoned Realtors, she adds, this is an opportunity for success and growth.
So for those with a thirst for adventure, look no further than real estate. However, as an internet search reveals, getting started in this field can be challenging, largely because the exact requirements for obtaining the proper license vary from state to state.
Although Lessinger is relatively new to her role leading one of the largest real estate companies in the United States, she joined RE/MAX 26 years ago—at age 26—as a new agent. After years of hard work, she eventually purchased the brokerage and helped a team of 135 agents dominate the real estate market.
Fortune recommends spoke with Lessinger about the world of real estate education and how people can get a real estate license and ultimately be as successful as she was. Here are some of the key steps:
- Conduct a self-assessment
- Full pre-licensing training, background checks and fingerprinting.
- Pass the real estate exam
- Find a brokerage that’s right for you
- Keep learning and growing
Do a self-assessment: do you have a “fire in your belly”?
Before spending hundreds of dollars on real estate education, not to mention the hours of study and preparation required to pass the exam, it is important to do your real estate research.
First of all, keep in mind that these are troubling times in the real estate industry. There has been a surge in faces during the pandemic. who entered the property world, and now many of these people are leaving.
Also, don’t be fooled by realtors on social media and television. While many of them may look incredibly wealthy, their income can come from a variety of sources other than commissions. They may also bemoan the benefits of those who work for them at their brokerage firm.
Experienced Realtors will tell you that the first few years in real estate involve long days, several weekends, and an overall strain on your family and personal life. The field is not for the faint of heart. However, there are also different levels of involvement in the real estate industry; Not everyone does this full time, not everyone sells homes; There are several ways to find the lane that best suits your goals.
“I think they (those entering the field) need to be honest about what they are willing to give to their new profession: how much focus, attention and time they can devote to developing their skills,” Lessinger explains. . “And having confidence that they can ramp up quickly will be a key component to their long-term success.”
Some of the skills that the best agents have are:
- High concentration
- Self-motivated and directed
- Ready to take responsibility
- Have a public network
For example, having experience in sales or marketing was in many cases an indicator of a natural fit for real estate requirements. However, she noted that realtors ultimately come from all walks of life.
“I wanted to find agents who had fire in their bellies,” she says. “Because the business will not hold you accountable directly. You will be directly responsible for running the day-to-day operations and completing tasks that will help you find more buyers and sellers to serve.”
Full pre-licensing training
The next step is to turn your passion into reality. First, check your state’s pre-licensing training requirements and list of approved providers.
There are dozens of programs in every state, both online and in-person, that can teach you the skills you need to earn your license. IN TexasFor example, there are approximately 65 qualified education providers where you can complete the 180 hours of required coursework. The price may also vary depending on the supplier; it usually costs several hundred dollars.
During real estate school, students learn about many highly specialized topics, such as easements and how people can decide to obtain title, Lessinger said. While these are areas that can actually be handled by a professional, it is important for a real estate professional to be aware of them in order to alert buyers and sellers.
Ultimately, while real estate school is an important step in the agent process, the real learning happens on the ground.
“Indeed, there they will develop their skills in the day-to-day activities of an agent undergoing licensing, as well as in the training and support they receive from their brokers,” explains Lessinger.
Pass the real estate exam
Don’t forget that you can’t just pass the pre-license courses without studying and putting in the effort; For many freshers, passing the exam may be a little more challenging since it includes both national and state-level topics.
For those who took the exam between May 1, 2022 and April 30, 2024. Texas pass rate in the sales agent exam was only 57.16%. Don’t let this deter you, however, as even some of the most successful Realtors in the field have had to take the test multiple times.
Once you pass the exam, check all the boxes in your state and receive your license, then you can explore the possibility of joining National Association of Realtors.
Find a brokerage that’s right for you
Once you become an agent, it is time to join a brokerage. Since who you join can have such a big impact on your career, it’s important to find one that fits your goals and lifestyle.
“I think it’s important for new agents coming into the business to understand what the brokerage is going to provide to me in terms of support, tools, training so that I can get up and running fairly quickly and acquire a skill set.” says Lessinger.
Some brokerages may offer a mentorship program that will put you next to an experienced agent and really help you through the first few transitions and develop your skills. Moreover, it’s important to find a quality brokerage that offers education, tools, support and a culture of productivity, Lessinger adds.
“We have a saying at RE/MAX: Producers want to be around the big producers,” Lessinger says. “So we think it’s incredibly important that our culture is based on high performance because we have great players around us and you play better too.”
Keep learning and growing
Lifelong learning is the key to becoming a successful realtor. Markets, regulations and trends are constantly evolving, and the best realtors will always be ahead of the curve to best serve their clients.
After recently moving to the states, Lessinger is studying real estate again on her own to get her broker’s license in Colorado. She says it was amazing that even after 30 years in space, simply crossing national borders could open up a new world of rules and possibilities.
Check everything Luck’With ratings of educational programsand find out more about specific career paths.