Make no mistake: becoming a realtor involves a lot of hard work and time. But, it can be a tremendous investment for your future. The entire process from the qualifications necessary, the costs and the timeline to become an agent differs from one state to another. As such, it is essential that you know exactly how to get a real estate license before you even think about becoming a real estate agent.
What Are the Basic Requirements?
While each state is allowed to dictate specifically the requirements necessary to become a real estate agent, certain basic requirements are common in most states.
How to Get a Real Estate License?
1. Take a Course for Pre-Licensing
To acquire a real estate license, in most states, you need to take a pre-licensing course. You need to invest quite a bit of money along with time. That is why it is important to gather the total costs and budget appropriately, before getting started.
For pre-licensing, certain schools require you to meet over a set number of classes or credits. This can happen either over quite a few weeks or at your convenience; know your options and choose one accordingly. The fees for this course again depend on schools and the state but be prepared to shell out anywhere between $300 to $1000.
2. Take the Licensing Examination
Depending on the state, you will need to appear for a licensing examination. That will take anywhere between an hour and a half to three and a half hours, to fully complete. Also, be prepared to shell out between $20 and $65 for the examination fee.
This test will typically consist of multiple choice questions, about 100 or so, and will cover state and national laws and principles. Again, the minimum passing score differ from state to state.
Typically, the passing score is anywhere between 60% and 75%. Upon passing, you obtain a completion certificate from the school or an official real estate transcript along with a photocopy of your score.
3. File an Application for a Real Estate License
Upon successfully passing the examination, you can submit your results, the application for the license, and the fees for the application. The fees will be between $55 and $275. You might also be asked to have a background check which will set you back anywhere between $50 and $90.
As mentioned earlier, you will require your basic education or be of minimum age requirement. You also have to be authorized to work in the USA, and some states also need you to be a resident in the same state. After submitting everything, it will take about a week to two months for the license to be processed.
4. Find a Real Estate Brokerage
Once your license is processed and you have obtained it, you will be required to work with a real estate broker. This broker is the person who will sponsor your first couple of years (typically two to four) as a realtor.
For those who don’t know what a real estate broker is, it is basically an office or an agency where real estate agents work. It is always wise to search for a broker even before you give your licensing exam. Real estate is a team sport and your network will be your most valuable resource before, during and after your journey begins.
5. Join the NAR (National Association of Realtors)
After having acquired your license and finding yourself a brokerage sponsor, you would assume you are now a real estate agent. However, you are still not there yet. While it is not necessary legally, you should join the NAR (National Association of Realtors) for you to be able to call yourself a real estate agent.
This is also important if you want to take part in MLS (Multiple Listing Services) which will allow you to see other real estate agent’s listings. Without being a member of the NAR, you will still be a legal realtor, but your potential to earn is quite limited without the MLS.
6. Renew Your License Regularly
As you can see, acquiring a license is a ton of work, so ensure you are renewing it on or before the designated date. Depending on the state, the license expires anywhere between every two to four years.
Additionally, several states also require you to fully complete a number of hours course credits to be eligible for the renewal. This is typically between 22 and 90 hours. These courses ensure that you are always up to date with the evolving state and nation markets as well as regulations.
Some Helpful Information
If you have already acquired your real estate license along with everything else and still looking to expand your business, Real Estate Express can help out. Upon signing up for this program, you will receive a commission check and so much more when your website has generated sales. So, be sure to check them out.
As you can see, to become a realtor is a huge decision and involve a lot of attention, time, and dedication. Knowing how to get a real estate license and successfully obtaining it will ensure that you are given an opportunity to unlimited earning potential, and someday, the possibility of becoming your own boss.
The word side hustle means something different to everybody. Many people first start a side hustle to help pay the bills. But, your efforts can eventually help you quit your job as you pay off debt and your earnings increase.
If you currently think a side hustle can only help you stop living paycheck to paycheck, it might be time to re-frame your mind.
If you love your current job and you want to ride it out to retirement, great. But, for many people, a side hustle is one way to change careers. Or, to retire early.
Two Good Reasons to Have a Side HustleThere are many reasons to have a side hustle, but here are three of the best reasons:
People usually start a side hustle for one of these two reasons. First, their day job isn’t paying enough. Second, they want a new job or retire early from “corporate.”
Or, if you’re like me, it’s a combination of these two reasons.
For many, it’s easier to make more money than reduce expenses. Even if you’re debt-free, you still must eat, pay taxes and have a place to sleep. But, your income potential is limitless with a side hustle.
Still need to pick a side hustle? Ask yourself these questions to start on the right foot.
Can You Retire on Any Side Hustle?No. Some side hustles are only designed to help you pay the bills. Take online surveys and cashback apps like Ebates or Ibotta for instance. Minimal effort usually means minimal income.
To scale your side hustle, you need to treat it like a business.
If you want a hustle with long-term potential, you need to spend hours on a task, not minutes. Eventually, you can get to the point where you can outsource the hard work to others and you earn passive income. But, it takes time. And, it’s not always easy.
6 Tips to Scale Your Side HustleWhen you want to turn your side hustle into an income machine, follow these tips.
If you haven’t started a side hustle yet, consider all these tips as you consider your different options.
Start Small and Dream Big
Most people think a side hustle is going to change their quality of life instantly. Except for a select few, this isn’t the case. Therefore, so many people stop hustling after the first few months.
Like anything in life, you don’t start at the top rung of the ladder. This is for side hustles too. Some side hustles like donating plasma and online surveys pay steady income from the start. But, your income potential may never increase. It’s just the nature of some side hustles.
Most side hustles with large income potential require you to gain experience to make more money. As your skill level increases, your earning potential increases.
I began freelancing in my free time because I knew I could eventually replace my daytime income with my side hustle. But, it took three years to reach that point. And, I’m still working each day to increase my income further.
It takes time to scale your side hustle into a business. We live in a world dominated by instant gratification. As a result, we think it’s not worth pursuing a goal unless you’re an immediate success.
At first, your side hustle will only pay the bills. If you want it to help you quit your job, you need patience and determination.
Have Multiple Income Streams
I’m a huge fan of having multiple income streams. My wife and I are both self-employed and have two income streams each.
When you work for an employer, you receive a steady paycheck regardless of the business levels. Sure, you might not work overtime in off-peak season. But, you can predict how much you make each month.
Even if your side hustle is only in one niche, you have multiple platforms to find clients. For example, you can join two online survey sites. Or, you can drive for Uber and Lyft. If you landscape, you can also mow lawns and remove snow.
Discover Your Long-Term Interests
By trying multiple activities, not only do you increase your income potential. But, you also discover your strengths and weaknesses. And, you also find out what activities you want to do long-term. If you're going to replace your income or retire early, it’s the long-term side hustles you want to focus on.
If you only concentrate on side hustles you want to do for a short-time, you’re only going to keep paying the bills. Once you hit that savings goal or pay off that loan, your motivation level starts to decrease. Then, you go back to only relying on your day job. If you only want a temporary side hustle, this mindset is okay.
Network with Others
Turn the old cliché “Misery loves company” upside down. Success loves company too.
To turn your side hustle into a business or your job escape plan, you must network with others. Although I found my first clients using the Upwork freelance platform, it was my network that helped turn my side hustle into a full-time income stream.
Sometimes, you may help connect one of your friends with a client. In other cases, they might share a lead with you. In other cases, you only share experiences, so you can avoid common mistakes. The only way to find out is too network.
Find a Hustle That Fits Your Schedule
Finding time to scale a hustle can also be tough. If you don’t have a lot of free time, you might be better off focusing on earning passive income. Investing is one of the best time-proven ways to build wealth. Your money works when you sleep or vacation. But, it takes time to build a nest egg.
With any side hustle, you must decide how much time you’re going to dedicate each week. As your side hustle income increase, you might even reach that point when it feels impossible to work full-time and hustle.
This was my case for almost a year. I finally made the leap when our monthly expenses were as low as possible. And, when we built our savings to a comfortable level. In other words, we could afford to take more risk to earn a potentially higher reward. After first using the hustle to pay the bills, we started saving the money to improve our future quality of life.
With any side hustle, the sooner you start, the better. Here are several reasons why:
Each day you wait to start hustling, the odds of starting decrease. Instead, doubts and distractions replace your desire to make more money.
To avoid wasting time, you should have a plan. But, the hardest step for many is deciding to start.
Zero risk equals zero rewards. If you don’t start, you never know if you will be successful.
Even if you don’t have a lot of time or money, start now. Many side hustles have few barriers to entry. You learn from trial and error. And, you gain money and experience with each gig.
SummaryAny side hustle can help you pay the bills. But, you can also use your experience to reshape the way you live life. At first, use your hustle earnings to improve your current finances. But, always keep an eye on your long-term goals. You’re behind the wheel. Now, you can decide which direction to head.
Written By: Josh Patoka
Justin Grimes has been an active business & real estate investor since 2007 participating at various levels in asset classes from single-family rehab and mortgage note creation to multi-family, self storage and mobile home parks. He enjoys building teams and scaling his portfolio of assets.
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SALES LEAD GEN.