Can You Be A Real Estate Agent Without Collage
Yes! In short yes you can become a real estate agent without going to collage. If you’re thinking about becoming a real estate agent then this article will outline what you need to do to become an agent without a collage degree.
What we are going to be looking at today
- What A Real Estate Agent Does
- Education And Licensing Required
- Real Estate Agent Expenses
- How Much Do Real Estate Agents Make
What Does A Real Estate Agent Do?
Real estate agents help both home buyers and sellers alike. They list properties for sale for sellers and find the buyers for these homes as well. They can make commission from both finding a client a home and selling a clients home. The commission for each home bought or sold is normally around 5% split between the listing agent and buyers agent. The agents then split this commission with their broker and any other team members that were a part of the deal.
For Example: Your a real estate agent helping your client find a home, the house price is $300,000. Your client buys the home, you will then split 5% ($15,000) of the price of the home with the listing agent. The $7,500 you have will then be split between you and your broker (Unless you work alone) earning you around $3,750 for the sale of a $300,000 home.
Note: The rate at which you split the commission with your broker depends on the terms of your contract, some brokers offer 50/50 while some may offer more or less.
Education And Training For Real Estate Agents
The steps involved to become a real estate agent may be different in your area, I’m going to tell you how it works in my area, Nova Scotia.
The Requirements to become a real estate agents in Nova Scotia are:
- You Must Be 19 Years Of Age
- High School Diploma (Or Equivalent)
- Legally Able To Work In Canda
- Complete Salesperson Licensing Course
- Pass Real Estate Exam (Min 70%)
- Criminal Record Check Acceptable To NS Real Estate Commission
The costs of these real estate courses and exams are as follows:
- NSAR Course Fees – $3,155.60
- Exam Fee – $100 Per Attempt
- Licensing Fee – $435
- Recovery Fund – $100
- NSAR Joining Fee – $763 + $113.75 Quarterly Dues
- CREA Joining Fee – $200 + $77.50 Quarterly Dues
- Errors & Omissions Insurance – $489.70 + $100 Joining Fee
These are almost all the fees associated with being a real estate agent in Nova Scotia. You will have to check with your local guidelines but expect something similar. This doesn’t include any of the day to day expenses of a real estate agent.
What Are The Expenses Of A Real Estate Agent
There can be may expenses in the day to day work of a real estate agent. A lot of these are optional and depend on how you run your real estate business.
Travel Expenses – Traveling to clients for meetings, showings, open houses and more is going to be one of the main expenses of a real estate agent. Most agents will need to have their own vehicle with insurance. Some agents may choose to travel to various different training sessions across the world to help them further develop their skills as well.
Lead Generation – Generating leads isn’t free, real estate agents use many different ways to ternate their leads out of which cost money. Some of these methods may include paid advertisements, business cards, posters, email marketing, and more. All in one solutions such as GoHighLevel may help reduce these costs by bundling everything together.
Client Retainment – Once you’ve spent the time and money to get a client you’ll want to keep them for a lifetime. Keeping in contact with your previous clients can cost you a small amount such as sending post cards during the holiday season.
Other Expenses – Other expenses a real estate agent might encounter are things such as a laptop, phone, suit, meals for clients and anything else that may come up in the day to day of being an agent.
How Much Do Real Estate Agents Make?
Real estate agents don’t get paid a salary like most other jobs. They rely on commission earnings, so the amount of houses they sell directly impacts their income. Most new agents just getting into the business might only sell 1-2 homes per month, sometimes even less. It is always a good idea to get on a team to help learn the business as fast as possible. Working on a team also helps to ensure a steady stream of income as you’re not only relying on yourself to sell homes.
A real estate agents earnings have no limit and can quickly exceed six figures, making it a great choice for someone who isn’t interested in collage. The training can be completed online at your own pace and is a lot cheaper than attending collage for many years.
Top Ten Tips For New Real Estate Agents
