What is a REALTOR®?
REALTORS® are professionals engaged in buying, selling, exchanging, renting, leasing, counseling, appraising, and developing real estate for others for compensation. Individuals seeking to provide those services are first licensed by the State of Indiana and then agree to a higher standard of practice when they join the REALTOR® organization. The agent, the company and in some cases, the franchise, market those services to the consumer.Why pursue a career in real estate?
According to the National Association of REALTORS®, there are more than 1.6 million REALTORS® nationwide. Nearly 20,000 of those professionals live and work in Indiana, says the Indiana Association of REALTORS®.For many, the freedom a career in real estate provides is very appealing. REALTORS® can schedule activities and appointments at their convenience.
Others are drawn to real estate careers because they want compensation that is commensurate with their efforts. In fact, recruiters cite unlimited earning potential as the number one reason that people gravitate towards a career as a REALTOR®.
How to become a REALTOR®
Besides all the benefits, it's also relatively easy to begin a career in real estate. First, a pre-licensing class must be successfully completed—most take two to nine weeks to complete. After completing the course, the prospective REALTOR® must then pass the Indiana Real Estate exam.Beginning a career in real estate will require some start-up fees. A new REALTOR® will initially spend between $1,200 and $1,500 for licensing, training and dues to the Metropolitan Indianapolis Board of REALTORS®. In time, other necessary items the REALTOR® must fund include a lock box, listing fees and personal promotion tools, such as business cards and professional headshots.
How to select a broker or agency
The next important decision is selecting where to work. A new licensee must affiliate with a principle broker, or agency, within 120 days.Many agencies continue the education process with their own training program for new REALTORS®. These business development programs often cover topics such as financing, contracts, how to effectively show a property, open houses, target marketing and technology training.
On-the-job training is ongoing in almost any agency. Most organizations offer opportunities such as mentoring from seasoned brokers, lead management programs that help new REALTORS® find clients and properties, and professional skill classes.
Before affiliating with an agency, new REALTORS® should first ask the
following questions:
- Is there a formal training program?
- Is there a charge for desk space, equipment use, and advertising?
- What marketing tools does the agency have?
- Does the agency broker have name recognition in my market area?
- What opportunities for prospecting does the agency offer?
Working as a REALTOR®
Careers in real estate appeal to a wide variety of professionals—but there is no established track that leads to becoming a REALTOR®. Many backgrounds lend themselves well to a successful career in real estate. Former nurses, teachers, and salespeople have an advantage, because skills such as listening, negotiating, and communicating are very important.A successful career in real estate will require a time commitment. While REALTORS® can often control their schedule and the number of hours they work, there are often evenings and weekends involved. And there is not always a direct correlation between the number of hours worked the number of dollars in a REALTORS®' paycheck.
Despite the challenges, a career as a REALTOR® can be very rewarding, both personally and financially. For more information on becoming a REALTOR®, call (317) 956-1912.
