Considering Becoming a Real Estate Agent in California? Consider This.
Considering Becoming a Real Estate Agent? Consider This.
You’re thinking that a little bit of extra spending money would be great to have this holiday season so you’ve decided on becoming a real estate agent. What’s so tough about being a Realtor, right? Spending your days looking at lovely homes with rich people who’ll do exactly what you tell them to do and you’ll earn a big fat commission check. Hold on. Hit the brakes right there. Here are the top four things you need to know about becoming a real estate agent and actually making money, assuming making money is your goal.
1, Give yourself at least four to six months to get your Real Estate License. You’ll have to take (and pass) three college level courses and schedule, take and pass the California state real estate exam. Add to that you have to be at least 18 years old, have proof of legal residence in the United States, have a clean slate with no criminal convictions, as those might prompt the Bureau of Real Estate for the State of California to decline your application for a license. You can get all the other details at their web site – www.BRE.CA.GOV. The point here is that you’re not going to be getting your real estate license by this holiday season.
2. Once you get your real estate license, you’ll still be months away from your first pay check. So it would be ill-advised to latch on to your cousin’s short sale as your first listing. Because here’s what will happen. It will take your cousin and his wife two months to get you the paperwork their bank requires to apply for consideration as a short sale. Then once their bank approves the attempt of a short sale, it may take a month to get a qualified buyer with an offer to submit to the bank. Then you’ll shuffle paperwork back and forth between your cousin, his bank, and the buyer for another four months. Then if and only if the bank approves the buyers’ offer, you’ve still got at least a month long escrow until you’re done. Doing the math on this scenario it’ll be eight months until you get paid. Just in time for early bird shopping for next year’s holiday season.
3. You love your cousin, so of course you’ll help him with his short sale. Now you need to go find some other clients. Please read the previous sentence out loud three times, if you really want to become a real estate agent to make money. Your requirement to find qualified and motivated clients is the bottom line to making money as a real estate agent. Your broker will not hand you qualified clients who are determined to complete a home sale or home purchase. Your broker doesn’t know any people in Orange County who need your help. You and your broker only get paid when one of your clients, that you have to go out and find on your own, actually completes a real estate sale or purchase. This brings me to the final point.
4. Once you get your real estate license, you’ll be inundated with emails, phone calls, and letters from Orange County Real Estate Brokers who will offer you a “position” with their company. Just keep this in mind. These Brokers needs real estate agents to complete transactions in order to get paid. The Brokers are looking at you as fresh meat to bring them more transactions. You can join their group, if you agree to pay them the portion of your commission they require of you. You’ve got this, right? You have to find your own clients, and then you get to pay your Broker out of your hard earned commission. Is there any doubt that the Broker is actually working for you? Not in my mind.
So get busy becoming a real estate agent and choose your broker wisely. Happy holidays are just around the corner.
I’m Leslie Eskildsen. Just keeping it real in Mission Viejo real estate.
Call me. 949-678-3373
Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
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