Real estate is something that’ll never go away, so you can always find work when becoming an agent. But what is an investment real estate agent?
Investment real estate agents help investors find properties. They function similarly to regular real estate agents, but they don’t focus on helping buyers that want a place to live. Investment property real estate agents make a lot of money every year, so knowing how to become one could benefit you.
Read on to learn how to become an investment real estate agent in a few steps.
Look Into State Requirements
When it comes to becoming an investment real estate agent, the first thing you must do is look into your state’s requirements. Every state has different requirements in terms of age, background checks, exams, pre-licensing, etc.
To start looking into your state’s requirements, you can visit the Association of Real Estate License Law Officials regulatory agencies. From there, you can find your state’s regulatory agency along with contact details. On the agency’s website, you should find all the info you need about the requirements.
Depending on where you live, you may be able to get a reciprocal license. This allows you to use your state’s license in another state not to have to go through another exam.
When a state offers reciprocal licenses, they only apply in certain states. Even if you get one, you may still have to do another exam if another state isn’t covered.
Go Through a Pre-Licensing Course
Taking a pre-licensing course is required in most states because it gives future real estate agents the knowledge they need to pass the license exam. However, the required hours will vary depending on your state. As you can see, most of the things you’ll be will be different than someone that lives in another state.
Fortunately, you can take a pre-licensing course in several ways. Most states allow you to take online courses, go-to real estate school and take classes at a college. One option will most likely be cheaper than another, and you’ll get the same knowledge.
It’s best to choose a course that fits your schedule. If you’re extremely busy, an online pre-licensing course would be the best option. Those that have a lot of free time can go to a college or real estate school.
Take the Licensing Exam
After fulfilling all your state’s requirements, the last thing that stops you from becoming a commercial real estate investment sales agent is the licensing exam. Without passing this exam, you cannot become a legal real estate agent. Your instructor will tell you how you can take the exam and what to expect.
Real estate licensing exams take place on the computer and cover both national and state-specific laws. You’ll be scored differently in the national and state-specific sections. Should you fail any section, you can retake the exam later.
Again, you’ll need to look up your state’s rules regarding how often you can take the exam. Most states set specific dates for real estate exams, so if you fail, you may have to wait a few months before doing it again.
To make things easier, these licensing exams are multiple-choice. However, you’ll only have a certain amount of time to complete the exam, which is determined by your state. After passing, you can submit an application and necessary documents to a real estate agency.
When the agency approves you, you can access their website and see your name under a “Licensees” section. Only after being listed and provided with a license can you work as an investment real estate agent.
Join a Real Estate Brokerage
Upon becoming a licensed investment real estate agent, you can immediately join a real estate brokerage to start working with clients. A licensed broker runs brokerages to ensure that real estate agents under them are following laws.
Unlike many jobs, real estate agents earn their income from commissions. Whenever you make a transaction, the brokerage will give you a percentage of the value. While you won’t earn as much as you would without a brokerage, you cannot legally work independently.
Most brokerages operate differently, so you should look into whether you’ll need to pay for things like desk fees, tech fees, marketing materials, and more. In many cases, a brokerage will provide you with these things to quickly start making transactions.
A brokerage can also help you create a website so that you can attract clients. Your website will show up using local SEO services whenever people are searching for investment real estate agents.
Keep in mind that you must also renew your license every year, which can cost more money. Aside from that, you’ll need to continue your education so that you can stay up to date with laws. Before getting into real estate, figure out if you’ll be willing to spend thousands each year to work.
Consult Investment Real Estate Agents Today
Now that you have a better understanding of how to become an investment real estate agent, you should reach out to them to learn more about the career. Consulting investment property real estate agents will help you decide whether you want to become one because you’ll know what their daily lives are like.
Start by going to Google and searching for “investment real estate agent near me.” From there, you can find an agent and contact them with questions about real estate. Get as much information as you can because it’ll help you transition into the field.
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Need more local marketing tips? Check out The Essential Marketing Guide for Real Estate Professionals