In the last decade, one of the sectors that have continuously evolved and become better and bigger is real estate. In 2023, the projected amount of revenue in the real estate sphere is $395.40bn USD. Nowadays, a considerable number of individuals aspire to pursue careers in the real estate sector. No denying one can have an incredibly rewarding and lucrative career as a real estate agent. However, you need to know if or not you can work as a real estate agent without a degree.
People who intend to purchase a residential or commercial property get in touch with a real estate professional first. You can help property buyers and sellers fulfill their targets when you work as a real estate agent. Succeeding in this sector immensely depends on your skill sets and how large and robust your network is. Read on to learn about the education requirements for a real estate agent.
Career as a Real Estate Professional
The job of a real estate agent is different compared to a real estate broker in several ways. These professionals help property buyers find their desired homes and offices. Simultaneously, real estate business owners can sell their properties with ease when competent real estate agents work as a middleman between them and people looking for properties.
Real estate professionals must have commendable negotiation abilities to help both buyers and sellers negotiate the price and finalize deals. You can start your career in real estate and make lots of money in a quick time if you are great at sales and have excellent communication skills. You need to be good at marketing and convincing both parties to accomplish your professional goals.
A real estate agent’s prime duties include enabling property seekers to prepare requisite documents. In addition, such a professional helps sellers price their properties, market them, and list them for sale. Real estate agents ensure that available properties are easy to view for interested buyers and help real estate businesses work with lawyers to close deals successfully.
It is essential for a real estate agent to have a profound knowledge of real estate law besides the prerequisite skills. Their valuable advice on making subtle changes or necessary improvements helps sellers get good value for their properties. You can stand out as a real estate professional if you help a real estate firm plan the best ways to promote saleable homes or offices to appeal to buyers.
The Current Scenario in the Real Estate Sector
Know that you have a couple of options if you have already made up your mind to work in the real estate industry. The majority of real estate agents work in close association with a reputed real estate agency or brokerage firm. On the other hand, many agents who are competent and experienced prefer working independently. Keep reading if you want to know whether you can work as a real estate agent without a degree.
No matter if you have a degree in real estate management, you will receive commissions as a real estate agent instead of a salary. You will get the appropriate charge for rendering your services whenever there’s a property sale, meaning both parties close a deal. A split of commission happens between the agents, one representing a seller and the other a buyer. Real estate agents, on average, earn $47,925 USD on a yearly basis.
Crucial Steps to Take to Become a Real Estate Agent
Prioritize Thorough Research
You need to conduct extensive research before making the final decision on whether to build a real estate career. Learn about the requisite knowledge and skills to acquire in order to succeed in this industry. Obtain useful information pertinent to the real estate market available on the internet. Moreover, get in touch with established real estate agents as well as other experts in this industry.
You can learn a lot from what they have experienced over the years and become cognizant of the potential challenges. Their advice and recommendations can help you face and overcome hurdles. It is prudent to accompany a real estate professional (only if they allow you) whenever they meet clients. Observing keenly how these professionals carry out their tasks can be a great learning experience for you.
Opt for a Particular Area of Specialization
A real estate agent has the authority to handle different properties, such as residential, commercial, and industrial. However, it is wise to choose a specialization so that both parties, including buyers and sellers, prefer having you as the middleman.
Make sure you consider your interests when selecting your specialized area. Building your brand in an area of specialization and gaining enough experience will help you keep attracting property buyers and sellers.
Focus on Building a Strong Network
Networking is a crucial step you cannot overlook if you wish to pursue your career in real estate and remain successful. It is only when you have a robust network of interested property buyers and sellers that you will be more likely to become a part of real estate sales involving substantial money.
Professionals who are still going strong and have established their brands prioritize networking. The reason is it helps build great connections with clients and leading real estate firms, besides facilitating agents to gain insights into industry trends. Do not avoid building a network with other highly experienced agents. So, attend conferences, seminars, real estate professional meetings, etc.
Devise a Solid Plan
You may not be able to move forward at a good pace and keep making money if you do not have an effective plan. Your growth is inevitable when you create a great plan and have a clear understanding of the key factors that drive the real estate market. It is wise to work with leading real estate firms when you start your career to gain sufficient experience.
After pursuing your career as a real estate agent for several years, you can begin your real estate agency. Many seasoned real estate professionals make other agents their partners or work as commercial brokers or consultants. You cannot help but make a plan regarding the path you must follow and implement result-driven strategies.
Can You Work as a Real Estate Agent without a Degree?
No doubt, this particular question arises in everyone’s mind who dreams of becoming a real estate agent. It is not mandatory to fulfill certain educational requirements to qualify as a real estate agent. However, having a management degree in real estate can help foster career growth. Therefore, most aspirants enroll in online courses appropriate for real estate agents.
It is paramount for a real estate agent to have a good knowledge of business and financial management. A BBA or MBA in real estate course can help you gain a clear understanding of the same even before you start working in this industry.
These degree courses enable you to fortify your foundations related to property buying and selling fundamentals. Moreover, you understand the importance of keeping abreast of the latest industry trends and how to make informed decisions every time that satisfies both parties. Real estate agents with experience and relevant education earn, on average, $62,000 USD.
Leading real estate brokerage firms prefer working with agents with a degree. It is necessary to work with a licensed broker or a brokerage company to function as a real estate agent. Thus, meeting the educational requirements of reputed brokerage firms is of utmost importance. The faster you understand this and do the needful, the better it is for you.
Registration and Necessary Licenses
No agent can practice in a legal manner without completing the mandatory registration and requisite real estate license. In some states, aspiring real estate agents must sit for a real estate exam and have a relevant degree to get hold of a license. You should check with your state’s real estate board to know what you need to qualify as a real estate agent.
Once the body considers you eligible to practice as a real estate agent, you will receive a registration number from the Real Estate Regulation Authority. Your registration will remain valid for a period of five years. Applying for a RERA registration number in every state is necessary to work as a real estate agent in various states. According to ARELLO, there are more than three million active licensees in the USA.
The state government imposes a particular tax every year on real estate professionals. Therefore, filing an application for Professional Tax Registration is necessary to conduct your real estate activity hassle-free. Remember that the validity of this tax registration is only a year. You will be regarded as a more credible real estate agent when you opt for this registration and have other necessary licenses.
Hopefully, earlier confusions regarding whether you can work as a real estate agent without a degreeare no longer there. One thing is for certain you can earn more than other agents if you have a relevant real estate degree in some states. However, what matters the most is a strong skill set, solid expertise, requisite licenses, and extensive experience practicing in the real estate sector.
