8 answers
Asked Viewed 78 times Translate

How do you make a name for yourself in reality?

I am thinking about pursing a business degree and becoming a realtor. I would love to have my own brokerage and create my own business. #marketing #career


+25 Karma if successful
From: You
To: Friend
Subject: Career question for you
7
100% of 6 Pros

8 answers


Updated Translate

John’s Answer

RESPONSIBILITIES OF REAL ESTATE BROKERS VS. REAL ESTATE AGENTS
Brokers and Realtors are both licensed real estate agents who assist clients in the renting, selling, and buying of properties. A Realtor is a real estate agent who belongs to and follows the code of the National Association of Realtors. Although Realtors may be either an agent or a broker, the brokers are licensed to run their own real estate business, with a team of real estate agents or Realtors working on their behalf. Many brokers manage a large number of agents and earn a brokerage fee for every sale an agent makes. To be licensed as a broker, workers need to complete real estate training programs or earn bachelor's degrees in real estate. They also need anywhere from 1-3 years of sales agent experience.

REAL ESTATE BROKER EDUCATIONAL REQUIREMENTS
Although real estate brokers can choose to earn undergraduate degrees related to real estate and finance, the U.S. Bureau of Labor Statistics (BLS) states that a high school diploma was the minimum educational requirement for this career field (www.bls.gov). Nevertheless, licensing guidelines in most states require applicants to complete postsecondary coursework related to real estate and finance. Real estate undergraduate courses include real estate law, property management, real estate investments, real estate appraisal, and property development. Several institutions also provide real estate certificate programs, some of which are related specifically to the real estate broker career field.

REAL ESTATE BROKER TRAINING
Before becoming a broker, the BLS states that most workers obtain experience by working under experienced brokers as real estate agents. As agents, aspiring brokers gain a feel for the real estate market and learn how to find properties best suited for clients. Most brokerage firms train agents to complete real estate paperwork, including loan applications and property title documents. After gaining enough experience as an agent and building up a reputation, agents can open up their own businesses and become real estate brokers.

REAL ESTATE BROKER JOB RESPONSIBILITIES
In many ways, real estate brokers act like managers over real estate agents. As managers, brokers take on all the responsibilities of running the business, including marketing, finding new agents, and maintaining strong relationships with banking and lending firms. Some brokers share the same duties as agents, such as listing properties to buy and sell, negotiating prices between buyers and sellers, hosting open houses, and filing real estate paperwork. Brokers may also run routine training seminars to make sure agents are up-to-date on all new real estate laws.

REAL ESTATE BROKER LICENSING REQUIREMENTS
As of 2012, the BLS reported that all states required real estate brokers to be licensed. Eligibility requirements usually include completing state-approved educational programs, such as earning a bachelor’s degree or certificate related to real estate. Many states also require that brokers have at least 1-3 years of recent experience selling real estate. After successfully passing the required licensing exams, most states mandate individuals to renew their licenses by participating in continuing education programs.

REAL ESTATE BROKER CAREER OUTLOOK AND SLARY INFORMATION
The BLS anticipated employment for real estate brokers to increase 7% from 2018-2028, which is faster than average. As the economy rebounds from the recent recession, the demand for real estate services will cause an increase in jobs for these workers. The average Real Estate Broker salary is $75,500 as of August 27, 2020, but the salary range typically falls between $56,900 and $105,000. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.

Aly getting the license is the easy part. Becoming successful and making a sustainable income as a real estate broker or sales agent is hard work and, in most cases, requires a substantial commitment of time, effort, and even money. Most sales agents and brokers make money through commissions, usually as a percentage of the selling price of the property, or, less frequently, as a flat fee. In general, commissions are paid only if and when you settle a transaction. Ultimately, this means that you could work hard for days, weeks, or even months without taking home any money at all. Of course, when you do close a sale, you don’t always get to keep the entire commission since it is often shared among several people involved in the transaction. In a typical real estate transaction, for example, the commission might be split four ways:
• Listing agent: The agent who took the listing from a seller
• Listing broker: The broker for whom the listing agent works
• Buyer’s agent: The agent who represents the buyer
• Buyer’s agent’s broker: The broker for whom the buyer’s agent works

Hope this was Helpful Aly

John recommends the following next steps:

Step 1: Earn your Degree – Certificate, Associate’s, and Bachelor’s degree programs are available in real estate and can help an aspiring real estate agent stand out to potential employers.
Step 2: Research Your State’s Requirements – There’s no such thing as a national real estate license; you must meet your state’s unique licensing requirements. A good place to start your research is your state’s real estate regulatory office website, which you can find by doing an online search for “Nebraska real estate regulatory office”.
Step 3: Take a Pre-Licensing Course – No matter where you live, you’ll have to take a pre-licensing course from an accredited real estate licensing school before you can sit for the real estate license exam. The required number of hours varies by state.
Step 4: Take the Licensing Exam – Your instructor should explain how to schedule, register, and pay for the licensing exam (if not, visit your state’s real estate commission website). Exams are computerized and consist of two parts: a national portion on general real estate principles and practices and a state-specific section that covers your state’s real estate laws.

Thank You Dexter for your continued support. Take the attitude of a student, never be too big to ask questions, never know too much to learn something new. John Frick

3
100% of 2 Pros
Updated Translate

Derek’s Answer

Hi Aly!

I love real estate. And getting into can be both lucrative and enjoyable, should you know how to build your pipeline. Being your own boss is the ultimate goal, and nothing better than real estate to do that.

Making a name for yourself comes down to how you network. After getting your real estate licenses and becoming a part of a brokerage, your best friend will be social media. Although I am not a fan of most topics on social media, it has now become the biggest pipeline builder for all things real estate. There are a number of social media platforms and tools that can be used to build your brand, such as what homes you like to purchase/sell, what style of home is your favorite, and how you market your clients biggest asset.

Your friends and family are great ways to begin. Let them know your new passion and demonstrate your knowledge of the market. More often than not, home buyers/sellers want someone they are familiar with to sell their home, rather than someone who has 100 years of experience. As you build experience, your referrals will come in from those family members and friends you worked with.

Another thing to consider is what type of real estate you want to do. buying and selling homes is a great way to keep larger incomes coming in sporadically. You need to always be conscious of where you stand financially and ensure you are prepared for down markets. Another real estate side is rental properties. Having a real estate license allows you to forgo realtor expenses and can help with getting cheaper properties with the goal of renting them. Building a portfolio of rental properties can lead to lucrative income after ten year.

My suggestion would be to meet with a couple realtors and pick their brains around their current life styles. Find those that have done both rental properties and purchase/sells. See which one best suits your interests.

After deciding what type of real estate, market your brand on social media! There are companies out there that help you formulate posts, language, photos, etc. for a small fee so you can begin marketing yourself.

Best of luck!

1
100% of 1 Pros
Updated Translate

Steve’s Answer

First secure your Real Estate License in the state you reside. Then interview various local Brokers (Name Brand and Smaller Brand) to determine where you would like to serve as an Listing and Sales Agent. You will be a 1099 in relationship to that Broker, and usually not an employee. Pay your dues, learn the craft working with the Broker and take advantage of any training programs offered. As you get some time under your belt, eventually apply for a Brokers license after you obtain the extra coursework required in order to take the State Exam. I suspect this will take a few years and there will be certain requirements and hurdles you will need to achieve prior to obtaining your Brokers License.


Best wishes on this journey!

0
Updated Translate

Steve’s Answer

First secure your Real Estate License in the state you reside. Then interview various local Brokers (Name Brand and Smaller Brand) to determine where you would like to serve as an Listing and Sales Agent. You will be a 1099 in relationship to that Broker, and usually not an employee. Pay your dues, learn the craft working with the Broker and take advantage of any training programs offered. As you get some time under your belt, eventually apply for a Brokers license after you obtain the extra coursework required in order to take the State Exam. I suspect this will take a few years and there will be certain requirements and hurdles you will need to achieve prior to obtaining your Brokers License.


Best wishes on this journey!

0
Updated Translate

Maria’s Answer

Study the competitors and the brands you love. You will find that building a brand comes with knowing the value your business can bring and then identifying what that could mean for your future clients. Find what will set you apart and then expand on it.

Maria recommends the following next steps:

Check out: "How Brands Grow: What Marketers Don't Know" Book by Byron Sharp

0
Updated Translate

Andre’s Answer

Hi Aly,

I'm not a realtor but I am in marketing and have worked on projects in building a brand. You definitely want to be authentic as you build your reputation and brand as a realtor. Keeping in contact with friends, family and acquaintances is super important. Social media of course is a great way to do this as well as direct mail. Make sure you are providing interesting information like property value trends in their neighborhoods, great places to eat, new interesting listings. You'll also want to meet new potential clients so be active in your community. Volunteer at home tours, join groups etc.

Hope that helps a little and best of luck.

0
Updated Translate

Andre’s Answer

Hi Aly,

I'm not a realtor but I am in marketing and have worked on projects in building a brand. You definitely want to be authentic as you build your reputation and brand as a realtor. Keeping in contact with friends, family and acquaintances is super important. Social media of course is a great way to do this as well as direct mail. Make sure you are providing interesting information like property value trends in their neighborhoods, great places to eat, new interesting listings. You'll also want to meet new potential clients so be active in your community. Volunteer at home tours, join groups etc.

Hope that helps a little and best of luck.

0
Updated Translate

Rohit’s Answer

Hey Aly, I've a very generic advise where I'd like to suggest that you should work on your self branding. It can be enhanced with dedication and transparency in your work.

If you personal brand is strong, you will shine in any field.

Hey Rohit, do you have any advice on how to work on self-branding? Gurpreet Lally

0