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How hard will schooling for a real estate agent be?

I want to follow my family business but I need accounting knowledge and real estate and market knowledge. I also need money to start up my career. I know the types of jobs I can do within the field it’s just getting started that is scary.

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Megan’s Answer

Hi Chloe, there are also other avenues of Real Estate that you can pursue where it may feel a little bit more secure! Once you recieve your Real Estate license, you can look in to opportunities at Commercial Real Estate or Residential Real Estate companies where you are able to get your foot in the door on a starting level.

I began my career answering phones for a residential real estate firm during college and took the classes to get my license so that I could provide more information to interested parties over the phone than if I did not have my license (certain states have specific requirements about who can say what over the phone). From there I got my foot in the door with a large commercial real estate firm supporting a one of their clients in house Real Estate team. My day to day helped them do their administrative work, such as reading leases and informing them of important dates, helping them hire legal counsel, gathered market data from local brokers for their review, and much more. This taught me about all the different asset classes (office, data center, industrial, etc.), I read many different leases and clauses and I was able to see how both commercial RE companies have many different avenues for their employees and how other non-RE companies see and handle their real estate such as leases for their employees or manufacturing warehouses.

One great thing about RE is that there are so many different avenues you can go and explore otuside of just helping people buy and sell homes. Although beginning any career can be scary, finding a great company to support and guide your growth is really beneficial.

Hope this helps a little!

Megan recommends the following next steps:

Research your state requirements for getting your RE license
Investigate companies to see what mentorship they provide for starting RE Agents
Look at what other opportunities there are for starting positions aside from selling real estate
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Rich’s Answer

The academic load & subject matter isn't too difficult for someone that did better than average in high school. On the other hand, the field itself can be very challenging to say the least. At this time in our country's history, the financial market is extremely volatile & the real estate market is exceptionally fragile.

With inflation being higher than it's been in over a half century & interest rates continuing to climb, people are not looking for homes right now. The rate of mortgages is incredibly high & employment security is shaky at best, so people willing to get a loan is a very risky thing to do at this time. In fact, anyone offering a loan I would be very cautious of & ask everyone to remember the housing bubble that burst during the Obama administration. The words "too big to fail" still haunt anyone with financial savoy. That was a time when the American taxpayers were made to bail out the big banks who handed out golden parachute deals for executives & homes were for closed upon in record numbers.

Much like today and the bottomless pit of Ukraine that has sucked down the retirements of 90% of seniors & 100% of all young Americans future. I hate to sound pessimistic, but I do not foresee any young adult having the ability to move out of their parent's home anytime soon. My advice to you would be to pay attention to the stock markets, the Federal Reserve who just sunk the bond market &. Driving around, look out for the amount of new construction & for sale signs of older homes. Interest rates will continue to climb based on the performance in foreign markets, in particular the EU & China.

We are about to experience fall & energy costs will climb with the need to keep warm during the colder months ahead & the insisting administration to push for electric vehicles. This spells out a huge stress on the electric grid, which is already having a difficult time handling the demand currently. Imagine in the months to come when people are trying to keep their home warm & the lines of people attempting to wait for hours while charging their state mandated EV.

Some states are implementing rolling blackouts to ration the electric use to alleviate the strain on the old grid systems that are in dire need of improvement. The crushing policies of the administration to the oil & gas industry has left America with a inadequate supply to meet growing demands & the selling of oil reserves to China was a ridiculous mistake. The overwhelming lack of supply without strategic back up for emergencies like war, natural disaster & terrorist attacks leaves Americans at the mercy of higher fuel & energy prices, having to import it from other countries.

I say all of this will no doubt affect the prospects of people attempting to purchase homes. Usually, lenders require at least 10% of the price of the home before even thinking about going forward with loaning out money. With this in mind & the average home prices continuing to climb, things look pretty dark. Yahoo News reports in an article dated September 30, 2022 titled "In Less Than 5 Years, You Won't Be Able To Afford a Home in These Cities" & says the national average home value is $356,336.00 in the U.S. which is expected to rise by 2.7% over the next year. Some cities are looking increases of 8% coupled with interest rates to also go up by 2-4%. https://finance.yahoo.com/news/less-5-years-won-t-120009308.html In
El Centro, California
Current home value: $338,029
Year it will become unaffordable: 2023
Projected home value in 2023: $366,761
U.S. average projected home value in 2023: $365,957
Difference in value: $804

Daphne, Alabama
Current home value: $335,450
Year it will become unaffordable: 2024
Projected home value in 2024: $381,906
U.S. average projected home value in 2024: $375,838
Difference in value: $6,068

Claremont, New Hampshire
Current home value: $347,832
Year it will become unaffordable: 2024
Projected home value in 2024: $384,947
U.S. average projected home value in 2024: $375,838
Difference in value: $9,109

Yakima, Washington
Current home value: $341,953
Year it will become unaffordable: 2024
Projected home value in 2024: $376,285
U.S. average projected home value in 2024: $375,838
Difference in value: $447

Lakeland, Florida
Current home value: $320,914
Year it will become unaffordable: 2025
Projected home value in 2025: $393,133
U.S. average projected home value in 2025: $385,986
Difference in value: $7,147

Homosassa Springs, Florida
Current home value: $287,730
Year it will become unaffordable: 2026
Projected home value in 2026: $397,285
U.S. average projected home value in 2026: $396,407
Difference in value: $878

Knoxville, Tennessee
Current home value: $318,783
Year it will become unaffordable: 2026
Projected home value in 2026: $405,502
U.S. average projected home value in 2026: $396,407
Difference in value: $9,095

Athens, Georgia
Current home value: $320,772
Year it will become unaffordable: 2026
Projected home value in 2026: $401,920
U.S. average projected home value in 2026: $396,407
Difference in value: $5,513

Pueblo, Colorado
Current home value: $312,503
Year it will become unaffordable: 2026
Projected home value in 2026: $399,013
U.S. average projected home value in 2026: $396,407
Difference in value: $2,606

Atlantic City, New Jersey
Current home value: $325,599
Year it will become unaffordable: 2027
Projected home value in 2027: $413,581
U.S. average projected home value in 2027: $407,110
Difference in value: $6,471

Now put into perspective the DOW closed yesterday at 28,725.51 dropping -500.10 (-1.71%) in one day making a -31% drop in the last year. I say this because this is showing that all Americans retirement plans have been decreased by one third, making retirement look like it will have to wait.

So all of this being said I am glad you mentioned you were going into your family's real estate business because you will probably be living with them for many years to come. We all are in for a very lean future and will be forced to tighten our belts and contribute to the family expenses. It will be many years of being dependent on one another just to get by with the basics needs of survival. We will only become independent again when the crazy unsustainable energy policies of this administration completely reverse and allows American oil, gas & fracking industries to go gang busters, returning our country to one that can sufficiently make & refine enough for our own needs.

Becoming independent and purchasing a home is reliant on the entire country becoming independent on producing our own energy & manufacturing goods here in the United States.

Good Luck

Rich recommends the following next steps:

I suggest becoming a student of the finacial markets domestically & the outside influences of the fluctuations. To really understand if there will be customers to sell to one must have the ability to see how foreign markets are performing & what you pool of potential buyers will have the ability to offord.
Keep a record of Americas average income & the prices of homes & ask yourself could families afford to purchase a home with the cost of living. That will give you an idea of the demand that will be your perspective income source.
Watch closely how your parent's realestate business is performing & compare that to the market values we discussed.
Always be on the look for other career industries that may be performing better. It's not to late for you to be trained in another field while you are young.
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quintavius’s Answer

hello, its not hard at all you dont need a degree or anything to become a real estate agent. Pay for online classes or in person classes and in about 6 months you can have your liscence without a problem. You would be in the field in no time.
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Aaron’s Answer

Every state has different requirements to become a licensed agent in their state. It can be anywhere from Maybe 30 to 90 or 120 hours of a pre-license course followed by a state exam. Depending on where you are, you sh9uld be able to locate an in-person course, or Be able to find one of many online courses that you can take at your own pace within the parameter set up by the real estate commission. Some in person classes will take 3 to 6 months, my office has a hybrid class that is half in person with an instructor and half online between classes and allows someone to complete the course in 4 weeks meeting twice a week for 4 hours.
Each state has a national portion and then the specific state laws that you are tested on.
Some Brokerages like mine offer free online prelicense training for most states, so that could keep costs down.
As far as costs- cost for prelicense course, cost to take state exam. Depending on state- cost for fingerprinting/background check. Joining a Brokerage- cost to join local MLS(your inventory of homes) and the local, state and National Association of REALTORS(If your Brokerage is a member) z and any costs your Brokerage may have.
Happy to answer any questions.
REAL ESTATE IS SIMPLE, IT ISNT EASY.

Aaron recommends the following next steps:

Check your states Real Estate Commission website to determin license requirements.
Checkout local real estate schools.
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