So, you've passed your exam and have your real estate license—hurray! Now, you can ask yourself, "What to do after getting a real estate license?" It's time for celebration, but it gets confusing. The real estate profession has a lot of options, and the most appropriate one depends on your interest field, experience, and long-term goal.
In this guide, we will be covering career options, income, and real estate success. Let's begin!
What Can You Do After Getting a Real Estate License?
Most people believe that with a real estate license, you can sell houses only, but no! There are a number of ways in which you can make use of your license, such as:
Becoming a Real Estate Agent (Buyer's Agent or Seller's Agent)
Becoming a REALTOR® (A real estate agent who follows the code of ethics of the National Association of REALTORS®)
Becoming a Real Estate Broker (Manages agents and runs a real estate business)
Investing in Real Estate (Buying and selling property for profit)
Becoming a Real Estate Attorney (Advice on legal aspects of real estate transactions)
Now, let's break down each of these careers into more specifics.
1. Real Estate Agent (Buyers Agent or Sellers Agent)
One of the most in-demand professions when you have your real estate license is to be an agent. You can be employed as:
Buyer's Agent: Helps people in the search and buying of their dream house.
Seller's Agent (Listing Agent): Helps sellers to sell their house for the best price.
As a property agent, your pay is based on commission, i.e., you get paid after you seal deals. The greater number of deals you seal, the more you are paid.
2. REALTOR
A REALTOR is a property agent who belongs to the National Association of REALTORS (NAR) and operates under its code of ethics. Not every real estate agent is a REALTOR, although every REALTOR is a real estate agent.
It exposes you to good industry resources, better networking equipment, and greater credibility.
3. Real Estate Broker
A real estate broker is more trained and experienced than an agent. Brokers can operate independently and even hire agents to work under them.
There are three types of brokers:
Associate Broker: Works under a managing broker but has a broker's license.
Managing Broker: Handling the office and overseeing agents.
Principal Broker: Overseeing the brokerage company and being responsible for all the deals.
4. Real Estate Investor
Real estate investment is something if you prefer making money in the long run. But exactly how do real estate investors profit? Well, let's talk about a couple of the most sought-after techniques:
Flipping Houses: Acquiring houses, repairing them, and reselling them for profit.
Rental Homes: Buying homes and leasing them out to generate passive income.
Commercial Property: Buying office buildings, retail stores, and apartment complexes.
Real estate investment can prove very profitable but requires research and sound judgments.
5. Real Estate Lawyer
Real estate lawyer is a specialist in real estate law and helps clients with matters of law relating to real estate transactions. He/she can:
- Preparation and negotiation of contracts
- Settle disputes between buyers and sellers
- Pass property title
- You need a law degree and pass the bar exam as a real estate lawyer.
What Can You Do With a Real Estate License Other Than Sell Houses?
Selling houses is just one of many real estate careers. Other careers are:
Property Manager: Manages rental property for property owners.
Home Inspector: Inspects homes before selling to buyers.
Real Estate Appraiser: Estimates properties.
Leasing Agent: Secures renters for rental property on behalf of landlords.
Read More:
What Is the Typical First-Year Property Manager Salary?
A property manager manages rental property, including receiving all of the rent and keeping the building well-maintained.
The typical first-year salary for a property manager is between $40,000 - $60,000 per year, depending on experience and location.
What Is a Real Estate Appraiser Salary?
A real estate appraiser estimates homes and gives them their market value. The service is crucial to real estate transactions, lenders, and banks.
The real estate appraiser's salary varies by location but, on average, makes $50,000 - $80,000 per year.
What Career Is Best in Real Estate?
Best paying career in real estate based on what you want:
If you like sales and interacting with people: Be a real estate agent.
If you like being your own boss: Be a real estate broker.
If you want to do legal work: Be a real estate attorney.
If passive income streams appeal to you: Invest in rental real estate.
If you like dissecting property: Be an appraiser.
Final Thoughts
Now that you have an idea of what to do after getting real estate licensing, let's begin! Home selling, real estate investing, or rental property management, real estate is filled with endless opportunities for success and growth.
Start by choosing a path that best fits you and take that first step down the path to a successful real estate career today!
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Earning your real estate license is just the beginning! First, join a reputable brokerage to gain hands-on experience and mentorship. Next, build your network by attending industry events and connecting with potential clients. Invest in marketing—create a strong online presence and leverage social media. Consider further education, such as certifications in specialized markets. Lastly, stay updated on market trends to provide the best service and grow your career successfully! ferienhaus