Real Estate is one of the most popular career paths in 2021 for people who like to be their own boss! Deciding to pursue Real Estate as a career is a major decision for anyone. Being a Realtor has its own perks like flexibility to create your own schedule, unlimited potential to make money and working at your own pace. However, every coin has two sides to it, there are definitely some challenges that come with being a realtor like unstable paychecks since you don’t know when you will close a deal and get the paycheck. With proper financial and business planning all those challenges can be overcome easily.
Now you may ask, how does one become a Real Estate Agent? No one just wakes up and becomes a real estate agent, there are many steps you need to fulfil in order to actually start working as a Realtor.
Step 1: Research NJ Requirements to Be a Realtor
Each state has their own requirements to be a Real Estate Agent. A good place to start is making sure you have met all the basic requirements to take the real estate exam and actually start working as an agent in Jersey City, Newark, Hoboken, or Hudson County in general.
- You must be 18 years of age or over
- Have a High School diploma or your GED
- Complete 75-hour Pre Licensing course
- Application Process
- Background Checks and Fingerprinting
Once you have completed your research, you can go right ahead and get started with your Pre Licensing course.
Step 2: Complete Your Required Education
The State of New Jersey requires you to take a 75 hour pre licensing course in order to become a Real Estate Agent. No matter what state you are in, you are required to take a pre-licensing course in order to become a licensed real estate salesperson. There are many different real estate schools all over Hudson County that offer a 75 Hour Pre Licensing Course. The price for Real Estate Courses varey but can range anywhere between $200-$500. Here’s a list of some of them to get you started on:
Step 3: Register and Pass Your Licensing Exam
It is recommended that you take this licensing exam right after you finish your pre-licensing course so that your memory is fresh, it will help you pass the exam easily. You have one year after your pre licensing course to take this exam. The cost for application or registration of this exam is around $100. Your Real Estate School instructor will guide you through the process of registering, scheduling and paying for this exam, if not you can go on the State of NJ website to find more information. These exams are computerized and consist of 2 parts: a national portion on general real estate and a state specific questions part which covers the real estate laws in the state of NJ.
Each section is graded separately and you must receive a passing grade on both the sections in order to pass the exam. To further prepare for this exam, you can check out many Real Estate Exam prep courses online. The State of NJ does not have any limit on how many times you can take the exam within the year of finishing your 75 hour pre licensing course, although it does cost an extra $45 every time you retake the exam.
Step 4: Find a Sponsoring Broker and Fingerprinting
No real estate agent can work independently without a sponsoring Brokerage. An Agent works under a broker so that they can make sure you are following proper guidelines and laws while making a real estate transaction. Every brokerage is different and finding one that fits your needs is important. Things to look for in a brokerage may be how open they are to mentoring you, the amount of marketing they do, the amount of listings, commission cuts, etc.
Once you have a sponsoring brokerage you should get your background check and fingerprinting done. It is recommended that you do this as soon as possible after taking your exam. Find more information about fingerprinting on their website.
Step 5: Submit Your Application
The next step is to submit your application to get a license with the Real Estate Licensing Bureau of NJ. You must submit your application within a year of completing your 75 hour pre licensing course. The application will only be accepted if it is fully completed with license fees, proof of passing the exam, and the evidence of completing the fingerprinting process.
Step 6: Training with the Brokerage
Once you have completed all the required steps and have received your license, you will start training with the Brokerage you have chosen. Usually the Broker will do their internal training which covers things like the CRM Process, the internal payment system and much more. The broker will most probably put you with a senior agent for the first few weeks to get you comfortable with showings, open houses and making real estate transactions. As all brokerages are different, finding a place that will mentor you and help you when you start is important! It is crucial that you learn to use important tools such as DocuSign, DotLoop, as well as the various MLS(s) that New Jersey has.