Start as a Real Estate Assistant to Begin Agent Career
As the duties you'll perform do not require a license, the requirements for this position are more general office type skills. Good computer skills, graphics design experience, people skills and some organizational abilities usually work fine. Keep in mind, state regulations usually limit what you can do.
An Assistant With a License Can Do More
If you get your license but still want to ease into the business, a licensed real estate assistant gets a better wage due to the expanded duties they're allowed to perform. The agent or broker can be relieved of more tasks this way, and also not have to be present at open houses. You can handle many more questions from clients and prospects.
The Personal Factors
Let's start by saying that a large percentage of new agents fail and get out of the business in their first or second year. Why? Well, there isn't one single reason, but the biggest is not making enough money. However, that's not just bad luck, as there are reasons:
- not enough thought put into the transition and loss of their old income.
- no budget is developed and followed.
- the new agent doesn't market themselves, instead relying on broker marketing and floor duty.
- expenses are higher than they anticipated.
- they didn't do an income analysis and realistic plan for income generation.
- they didn't realize that half or more of the buyer prospects would not be ready to buy or they would lose them to other agents.
- they anticipated much more referral business than they got from family and friends.
So, they try and fail, and they're out of the business. The money, training and time to get their license are usually wasted, as they never try again.
If you have any doubt about your staying power if things don't go exactly as planned, consider taking a job as a licensed assistant for a while.
Learn While You Earn
The fact is that much of what you learn to take the license exam is good to know, but it's not going to be very helpful in the daily practice of real estate. In fact, most of the contract stuff, transaction management, inspections and other details are never mentioned in license exam courses.
Another reason that some new agents don't last long is that they make some pretty big mistakes in their first few deals. Even if they aren't the type of errors that get them some type of censure or license suspension, they can often involve very upset customers/clients. It's shattering to be new and basking in the glow of your first deal only to find that you made an error that cost your customers money.
The new agent in their first few transactions will run into dozens or many more questions, or situations where they don't know what to do. They will risk practicing law without a license by writing contingencies or other clauses into contracts. They mean well, but the experience isn't there yet. If blowing it and harming a customer or upsetting them is going to be a big problem for you, the assistant idea is a good one.
In performing the duties of a licensed assistant, you'll get to read over contracts, addenda, amendments, inspection reports and more. You'll learn what you need to know for when you decide it's time to take the plunge.