How to become A Realtor

Realtors help people from all walks of life and all income levels find and own the ideal home or business space of their dreams.

• Licensed Realtor

What do Realtors do?

A Realtor would typically need to:

• Guide clients through buying, selling or renting residential or commercial real estate
• Meet with the client in-person or speak over the phone to discuss their budget, neighbourhood and other real estate expectations
• Find properties that meet the requirements of the client; coordinate appointments, showings, and meetings
• Organise transactions between buyers and sellers, and between owners and tenants; draft contracts
• Negotiate with the other party; carry offers and counteroffers between each party and any questions/concerns they may have
• Work with another realtor when an offer is accepted and guide the client through the process of filling out requisite paperwork
• Ensure the client is fully aware of all requirements to complete the transaction, including home inspections, deadlines
• Attend closings, review mortgage packages, and negotiate unresolved disputes; offer information that allows the client to make an informed decision
• Interact with mortgage lenders and attorneys to ensure timely execution of documentation and resolve issues promptly
• Meet with lots of people, give out business cards, and keep track of contact information for a growing network
• Follow up the first contact with periodic phone calls, emails, regular mail, or text messages to keep their presence fresh in the minds of potential clients
• Develop marketing plans for listings; list the property online on real estate sites, host open houses on social media platforms, and in real estate magazines
• Create and distribute flyers, newsletters, listings, PowerPoint presentations, and other promotional materials
• Update client databases; research listings to develop comparative market analysis (CMA) reports; update websites and social media profiles
• Process real estate documents, agreements, and lease records; create budgets for monthly, quarterly, and annual operations; reconcile monthly bank statements
• Operate according to a superior set of standards and ethics

Realtors divide their time between their office and the field. Apart from meeting clients to show them properties or go over paperwork, they must attend inspections to inspect properties, conduct research, and work on commission reports.

An experienced Realtor can work in small towns, urban centres, or rural areas. Extensive travel in the local neighbourhoods during a work day is a given.

A Realtor enjoys a flexible work schedule in that they may not work 9 to 5, Monday to Friday. However, you will have to adjust your work hours per clients' needs and expectations. Your evenings, weekends and holidays may be filled with hosting open houses and showing properties. 

Finding a new job might seem challenging. Realtors can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies. Most Realtors prefer to work for themselves or enter into partnerships.

Realtors are generally employed by:

• Brokerage Houses

Professional associations and organisations, such as The National Association of Realtors (NAR), are crucial for Realtors interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation.

Professional associations provide members with various continuing education, networking opportunities, and mentorship services. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Frequent fluctuations in earnings with no guarantee of a monthly paycheck
• Frustration and disappointment stemming from the buyer’s inability to secure a mortgage loan, poorly attended property showings, and unrealistic expectations of clients
• Competition from highly-developed marketing platforms and consumer-friendly brands
• Essential but time-consuming administrative tasks
• Lack of adequate work-llife balance due to a schedule that revolves around the needs and expectations of clients
• Ill-conceived customer perception of realtors being little more than salespeople
• Failure to educate customers on their value propositions and consequently losing them to cheaper business establishments
• Political and economic uncertainty in the face of global polarisation and frequent changes in leadership
• Rise in interest rates and subsequent rise in prices of new homes resulting in high probability of the real estate market going dry
• Huge drop of middle class society that forms the bulk of potential customers in developing countries
• Fall in demands for homes located in disaster-prone areas, those with shortage of energy or water, or areas with poor infrastructure
• Immigration laws that dissuade foreigners from investing in housing

Although your real estate licensure qualifies you to begin working solo, most states require Realtors to work with an established brokerage for a few years. 

You can choose between a traditional firm where you work in a team, receive on-the-job training, and gain experience from senior colleagues or a non-traditional company where you could be more independent or focus on a speciality area.

Summer internships, part-time work at an entry-level position, or short-term paid/voluntary work offer a taste of the work, give valuable insight into how a company or institution operates, help build valuable contacts, and improve one’s prospects of getting a permanent job. 

The experience may also help you determine whether the public, private, or voluntary sector is best suited to realise one’s ambitions. Your educational provider’s career service department can provide information about viable opportunities for work placements, internships and voluntary work in diverse sectors.

Read about the profession, and interview/shadow experienced Realtors to prove your commitment to course providers and prospective employers.

A high school diploma or equivalent is considered adequate to succeed as a Realtor. However, most aspirants undertake a bachelor’s degree or an associate degree that incorporates business administration, accounting, communications, and marketing courses to master critical business, problem-solving, and interpersonal skills.

Take as many business-related courses as you can in high school. English and speech classes will help you develop your research, writing, and oral communication skills.

Remember that completing a particular academic course does not guarantee your entry into the profession. Be that as it may, your professional qualifications and transferable skills may open up more than one door.

Do your homework and look into all available options for education and employment before enrolling in a specific programme. Reliable sources that help you make an educated decision include associations and employers in your field.

All aspiring Realtors must obtain a bona fide licence to practice. Essential prerequisites may vary across states but typically include completing a pre-licensing course from an accredited real estate school, undergoing a background check, and passing the state exam.

The background check includes but is not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media, and drug screening.

The state exam administered through the Real Estate Commission (REC) or a similar agency usually comprises questions on listing, selling and managing property, financing and professional responsibilities, licencing and statutory requirements, and the duties of the REC.

Performance, experience, and the acquisition of professional qualifications drive the career progression of Realtors who typically work independently and measure their success in terms of a larger client base and increased income.

Candidates with excellent customer service, communication, and organisational skills who demonstrate high levels of trust, confidentiality, and integrity have the best job prospects.

Continuing professional development (CPD) will help an active Realtor build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. 

CPD also allows you to upskill continually, regardless of your age or level of knowledge and enables the regular renewal of required licences and certifications.

Popular professional certifications, such as Graduate - Realtor Institute, Certified Real Estate Inspector (CRI), Certified Sales Professional (CSP), Seniors Real Estate Specialist (SRES), or Resort & Second-Home Markets designations would help potential Realtors become experts in their chosen niche, grow their business, and increase their income potential.

Get to know the local neighbourhoods like the back of your hand; familiarise yourself with housing stock and commercial properties in the area. Invest time in understanding local property values and analysing and interpreting market trends, so you can guide your clients wisely and build your credibility.

Build contacts through a real estate sphere of influence (SOI) strategy, which focuses on generating leads through people you already know, including family, friends, neighbours, classmates, business associates, and social contacts.

Well-streamlined marketing platforms that are likely to become the single point of entry for all listing information force Realtors to sharpen their professional skills, expand their knowledge of the markets they work in, and make their clients aware of relevant differences so that the latter can make more educated choices.

Realtor vs Real Estate Agent

A Realtor is a real estate agent licensed by the National Association of Realtors (NAR). In addition to following a superior code of ethics, Realtors have access to a local and national network of professionals, possess better negotiation skills, perform excellent market analysis, and use transaction management services to streamline the home buying and selling process.

Current Scenario

There is a common assumption that one can make a fortune in real estate. Nonetheless, it is a brutal business with back-breaking competition, with only 13% of new Realtors finding their feet.

Jump on the MLS Bandwagon

MLS (Multiple Listing Service, currently the most powerful real estate marketing system, allows Realtors to view several new listings each week or month and narrow the search for potential buyers.

A comprehensive competition analysis makes determining a good listing price for a potential seller’s property easier.

An Investment that Pays Sure Dividends

Realtors must spend significant sums, usually out-of-pocket, marketing the client’s property. Social media posts, digital campaigns, print advertising, and event networking are expensive and time-consuming but play an important role in making your home visible to prospective buyers.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Realtors have more flexible work schedules and locations. They own the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

On the other hand, a full-time Realtor has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

The MLS (Multiple Listing Service) system gives unmatched exposure to properties for sale. A listing on MLS will be shared with over 13,700 Realtors.

They may find it impossible to take time off to go to the dentist, visit friends, or spend time with family; nevertheless individuals with a passion for the business find it immensely satisfying to carve a niche for themselves in this complex and expensive profession that doesn’t get due recognition; they delight in helping clients make their real estate dreams a reality.

“Real estate is never easy. There are late nights, early mornings, no weekends, and infrequent vacations…but the payoff is that you get to help people through one of the biggest life decisions and make their dreams come true.”

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