How Long Will It Take To Get My Real Estate License?
Honestly, it depends. Each state has it’s own requirements for the number of pre-licensing coursework hours that must be completed prior to applying for the state exam. For example, in New York, the required number of hours is 75. In South Carolina, the requirement is 90 hours but in Michigan, it’s only 40 hours.
When I did my coursework in NY, I was unemployed so I was able to use all of my downtime to complete the course in 2 and a half weeks. Note – not all online courses are the same. Some online courses are still instructor led and meet for a few hours every few days. Also, not all real estate schools are accredited in all states.
My personal school recommendation is Aceable Agent. Their course is self-paced, so you are in control over how long it will take to complete it. They’re currently accredited in AZ, CA, CO, FL GA, MI, NY, PA, SC, TN, TX, VA and WA. Both Real Estate Express and Kaplan Real Estate Education offer courses in all 50 states but primarily through instructor-led courses. You can also find accredited real estate courses with discounts by checking on Groupon and search “real estate course”.
Are There Any Start-up Expenses?
The very short answer is yes. Real estate agents are independent contractors, not salaried employees. As such, expenses like your pre-licensing coursework, licensing fees and all required real estate association and MLS dues are your responsibility. However, there is a bright side. Being a real estate agent means that you are the boss of your own business and many of your business expenses will be tax-deductible. You MUST consult with an accountant to determine which expenses you may declare. Click here for real estate agent tax-tips from the IRS.
Are There Any Ongoing Expenses?
Again, yes there are ongoing expenses that you need to consider too. Lead generating, advertising, marketing, whatever you call it, it costs money but you set a budget based on what you can afford. To start, will you spend $1 per day on advertising or $5 or more? Maybe you’ll spend zero on marketing because you want to focus on doing Open Houses and picking up buyer clients that way. It could be a hybrid of the two. Perhaps you’ll spend $0 but I’d count on about $15-$30/month to start once you are in production. As you become more successful, you’ll increase your budget.
There are other expenses to consider too such as business cards, for sale and open house signs, photos/videos of listings, closing gifts for clients, continuing education to name a few. These are mostly considered business expenses and may be used as deductions. Again, you MUST consult with an accountant to determine which expenses you may declare.
How Long Does Training Last?
New agents are placed into a training program designed to jumpstart their productivity. In most cases, agents will “graduate” after one year. Some agents prefer to stay longer because they like the extra support that’s provided to them. Generally speaking though, you’ll be in the Productivity or Growth program for approximately 1 year.
What Are The Leadership Opportunities?
At Keller Williams, leadership opportunities abound! Every agent, new or existing has the same chance to move into a leadership position. KW’s ALC or Agent Leadership Council is made up of the top 20% of agents in each office. This dynamic ‘board of directors’ is actively involved in the leadership decisions that make the office more productive and profitable. There are also committees that agents can join that cover topics like education and technology. Be a voice, you will be heard. So you see, it’s up to you.
Have More Questions?
I’m happy to answer any of your questions personally. If you’re seriously considering a career in real estate, please click the button below to book a meeting with me and we can discuss it. The availability shown is always current. Just find a date and time that work for you. I look forward to hearing from you!