Should I be getting into this business?
Real estate is a demanding business
Well, if you are looking to make a quick buck or think it might be an easy way to get rich fast, you should think about a different career. Take a moment and chat with several serious real estate brokers and they will tell you the same thing. Building a career in Real Estate takes a lot of hard work and dedication.
In many respects, real estate brokers work for themselves (although the license laws require them to work under the supervision of a brokerage firm). This means that brokers are expected to find their own listings and prospective buyers. Brokers must be both self-motivated and highly disciplined and follow a strict business plan.
Brokers must also be flexible, willing to work unusual hours, and able to deal with a wide variety of people and issues. They should be able to tolerate uncertainty and rejection, as there are many ups and downs in the real estate business. Because brokers must manage their own business (within the framework of their affiliation with the real estate firm), they should be knowledgeable about budgeting, financial planning, marketing, record keeping, and tax issues. And, because technology has become so essential to the real estate industry, a broker should be willing to adopt updated computer and software solutions that create efficiency in daily business practices.
Do you have confidence you can handle these challenges? If so, real estate could be a rewarding career for you.
What do I have to do to get a license?
To qualify for a broker's license in Washington State, you must:
- Be at least 18 years old.
- Have a high school diploma or equivalent.
- Successfully complete 90 hours of approved real estate education within 2 years before applying for the exam. This education must include:
- A 60-hour course in Real Estate Fundamentals.
- A 30-hour course in Real Estate Practices.
- Pass the Washington State License Exam
You can find more detailed information at the Gateway Real Estate Academy website.
What kind of firm should I join?
Although a broker must be able to work independently, your career will be influenced by the brokerage you choose. As a new broker there is nothing more important than training. Working with buyers and sellers of real estate is a competitive business. Without the proper fundamental training and ongoing support, a newly licensed broker is at a distinct disadvantage. Good training may be the best benefit a firm can offer you.
There are considerable differences between real estate firms, and a good fit is important for both the new broker and the firm. Some are limited service, offering little training or support. Other firms are full service and put a great deal of emphasis on training and support. The limited service firms tend to be flat monthly desk fee's or high commission splits for the broker which sounds great. Of course if you aren't trained to make many sales or have trouble getting them closed then the bottom line doesn't show much profit. The full service firms are more expensive to affiliate with but their high support levels often mean more sales and closings.
At Gateway Real Estate we mix the best of the limited and full service firms. We keep our fees low for our brokers but put a great emphasis on on-going training and sales support. We publish a monthly training calendar that includes free clock hour classes for license renewal. Our broker manager is available for daily one-on-one training for all real estate topics and our experienced brokers offer a wealth of expertise that they willingly volunteer. For the newly licensed brokers Gateway Real Estate is definitely the place for success.
Contact us now to find out how we can get your Real Estate Career off the ground. A call to 253-904-1500 will set everything in motion.