Real Estate FAQs
What are the steps to becoming a Realtor?
To begin a career in real estate, you must complete 63 classroom hours covering topics approved and required by FREC (Florida Real Estate Commission). This course includes a final test that must be passed. Then the appropriate application and fee is submitted with electronic fingerprints to Department of Business and Professional Regulation (DBPR). You must also successfully complete the Florida Real Estate Sales Associate Examination with at least a 75 percent. Learn more at Department of Business and Professional Regulation website: http://www.myfloridalicense.com/dbpr/re/documents/RESLRequirements.pdf
What are the qualities of a good Realtor?
A good Realtor have a wide variety of knowledge and qualities; they must be self-motivated, tenacious, pay attention to detail and have a clear understanding and in depth knowledge of the area in which they operate. Realtors must be honest, have integrity and be aggressive but polite.
Why become a real estate agent?
There are many pros to becoming a real estate agent. To start, and maybe the biggest benefit, is the opportunity to be your own boss. This means you make your own choice on how your business is run, allowing a lot of flexibility. Overall you choose how big your business grows, how you get it there, and ultimately how much you earn.
Do I need to have time and money to get started?
To get started in real estate you must have funds available to pay for the 63-hour class, application, fingerprinting, testing fees and membership fees for your local MLS. Additionally, you may want to funds readily available as it can take a few months to get your first commission check. Although you most likely will be working under a broker, you are still an independent contractor which means you must have the money to pay for business cards, signs, websites and other tools to start your business.
How much do real estate agents make on average? Do they get paid weekly?
Real Estate agents do not make a salary and are paid strictly off commission, which means you can either experience a feast or famine. When you get started it can take a few months to get your first commission check, which is why it is important to plan accordingly for your first few months in the business.
The positive side is that a commission based job has limitless earning potential; the more you sell the more you make. Usually agents are paid a certain percent, so if you sell a $300,000 house and the selling commission is 2.5% of the purchase price, the total commission paid is $7,500. Then you’ll need to split that with your broker. Let’s say you have a 30/70 split with them, you end up with $5,250, off just one transaction.
What is the passing rate for the state exam?
Currently the pass rate for first time test takers of the Florida Sales Associate exam is 51%.
What responsibilities do real estate agents have?
Simply put, Realtors help people buy and sell real estate, and although that may sound straightforward, it isn't. There are many tasks behind the scenes Realtors must do. These include gathering information about potential listings, searching for homes to view, organizing documents, marketing listings, negotiating deals, among other tasks.
What does a day for a Realtor look like?
Being a Realtor takes self-motivation and organization. It is best to create a schedule and stick to it. A typical day could look like this; one hour of prospecting in the morning, transaction management in the late morning, showings in the afternoon, and listing presentation creation late in the day.
Can I make my own schedule?
Real estate agents do have flexibility in their schedules. But keep in mind that many homebuyers work during the week so you’ll often find yourself working on nights, weekends and some holidays.
Can I sell real estate part time?
Absolutely! In fact many people start off this way. Part of this business is building a client base which, can take time. So working a part time job is a great way to break into the business without going broke.