I am hoping to get everything going in the next week on getting my Real Estate License.
My question to you what does the process look like and any tips?
Advice from those in the state of Arizona would be preferred but all advice is appreciated!
It's easy, just a bunch of studies and a little "hard work". As I like to say, if I could do it anybody can... It's a process, they know how to teach it, so just go with the flow and poof you come out the other side take the tests, may be once , maybe twice and in no time at all you're there.
Hey there I spoke to an agent in Phoenix yesterday and he said you could get your license in 11 days if you went to like 8 or 9 days straight of 9 hour classes. Keep in mind all this will do for you is teach you how to pass a test.
Good luck and if you apply yourself you'll love having your license!
If you don't have a day job there are some accelerated coursed for licensing. Otherwise w few months of night classes and you will be ready to sit for the exam.
Make sure you have realistic expectations.
If residential figure out your average houses sales price for your area.
Realize that summers months is when a lot of buyers purchase to get kids situated before school starts back. Realize with low interest rates a lot of people are buying but if rates rise in the next few years sales volume will drop off and the market will be flooded with residential agents trying to make a living to survive. This business cycles no matter what asset class you are in. There are always sales but the ebb and flow goes up and down like a roller coaster.
If your average home price for a sold is 200k then a 3% that is 6,000. New agent usually you are on a 50/50 split. So before your license dues, mls costs, gas, wear and tear on care, etc. you have 3,000. Take away business costs and taxes on gross income and it goes way down. Let's call it 2,000 a closing net.
If you sold 2 houses a month which for a new agent is basically doing better than 99% out there then you net 48,000 for the year. Residential get used to nights and weekends and no life to speak of. Now if you are getting licensed to buy your own properties and not for a living then that is a different story all together.
I do commercial but have 12 years in and others have way more time in than me but I have seen the markets cycle. Remember that those who fail to plan, plan to fail.
Once you've passed your exams, its time to look for a broker to hold your license. Interview them like you are hiring them, not like they are hiring you. Ask about commission splits, training, lead distribution, and fees. They have to impress you with what they offer, not the other way around. Also understand that brokerages may requirements for their agents, like wanting only experienced agents. They may not be set up to train a new agent. You want to make sure that you will get plenty of support starting out. As @Brett Synicky wisely said, you only learn how to pass the exam in the classes. You learn how to sell and how to (Really) write contracts once employed.
Understand one thing, though, before you start. Once you are licensed, you are not in the real estate business, you will be in the lead generating business. That is where you will spend at least 60% of your time. You can't sell real estate until you find some leads to convert.
Good luck, don't sweat the tests and keep us up to date on your adventures.
I really appreciate all the honest feedback I'm actually looking at it for a side job and to help my investing piece. I plan to go full time once my rental properties put out enough cash flow so I don't have much to lose! I will take everything all of you mentioned and apply that to my success! Thank you again
Start looking for a broker now. So, while getting your license you can be interviewing brokers to see what they offer you.
Do they have training, office support, etc.? Ask about fees you'd have to pay. Some want you to pay a desk fee, others just take part of the commission.
@Sommer Richards I just just got my Az. real estate salesperson license. I took classes at ASREB and while working work full-time in a non-real estate career. I took classes at their Gilbert and Scottsdale campus. Gilbert I did evening classes, and Scottsdale I did Sat./Sun. classes. I did it in about 3 weeks. I took the school test right away and passed, and within a week took state/national exam in Phoenix. I passed both tests first time. Its not that hard, having your background in real estate will help you lot, at the minimum you'll know the terminology. I have studied real estate for a long time, which helped give me a head start. There are people who will take just the school exam 2-5 times before they pass. You need to pass the school exam before you can take state/national exam. I think the key to passing is cram your classes into the shortest period of time possible, and once you are done with all your pre-license classes (90hrs) take your tests right away while information is still fresh.
Now that I am licensed I trying to figure out how and where I will put it to use.
Hope this helps. Good Luck!
These are some great tips. I am currently in the classes for the California license. I have been talking with KW and they seem to have a great foundation for associate support (to get you on your feet). In CA they won't let you take more than one of the 3 required courses in an 18 day window so I'm looking at a minimum of 54 days until I can finish those. Then it's about 6 weeks for the state to schedule your exam, and who knows how long before my application is processed. I want to get out of my current full-time job and into the industry that I have come to be obsessed with. I didn't feel it made sense to work in one and invest in the other. I think that if the right hand and left hand help each other I will accomplish more.
Good luck @Sommer Richards . I am looking to do the same thing and hoping to make a careful and slow transition into full time real estate. I have some realtor friends who would echo @Joel Owens statements - it's a hustle and it absorbs all of your time, but I see it as an amazing learning experience and a great way to start the investing journey. Way better than my current day job. :)