glitterpunkrealtor blog

Should I Become a Real Estate Agent?

December 01, 2024

Since becoming licensed I’ve had several questions about becoming an agent and if I thought it was a good idea to get a license? My answer… it depends. I know that isn’t a satisfying answer, I’ll do my best to lay out the benefits, challenges and costs of licensing yourself.

Disclosures:

• I am a licensed real estate agent, and my license is held at the brokerage of eXp Realty LLC, and a National Association of Realtors® member.
• Real estate is a side hustle for me. My salaried job is prioritized and I have been there since 2015.
• Legislation changes from state to state. Rules may be different due to your location and/or your brokerage. When in doubt, talk to your brokerage.

Should I Become a Real Estate Agent?

Steps to Become a Real Estate Agent in Nevada

1. Meet Basic Requirements
   • Be at least 18 years old.
   • Have a high school diploma or equivalent.
2. Complete Pre-Licensing Education
   • Complete 120 hours of pre-licensing education from an accredited real estate school:
     • 45 hours in Real Estate Principles.
     • 45 hours in Real Estate Law (including 18 hours of Nevada law).
     • 15 hours in Real Estate Contracts.
     • 15 hours in Agency.
3. Pass the Nevada Real Estate Salesperson Exam
   • Register for the exam through Pearson VUE.
   • The exam consists of two parts: national and state-specific questions.
4. Submit Fingerprints and Complete a Background Check
   • Submit your fingerprints for a criminal background check.
5. Apply for Your Nevada Real Estate Salesperson License
   • Submit your application along with proof of education, exam results, and background check to the Nevada Real Estate Division.
   • Pay the application fee: $140 (as of May 2024).

Required Classes

The required pre-licensing education includes:

• Real Estate Principles (75 hours)
  • Introduction to real estate.
  • Property ownership and land use controls.
  • Valuation and market analysis.
  • Financing and closing procedures.
  • Agency relationships and contracts.
• Real Estate Law (45 hours)
  • Real estate law, including contracts, property ownership, and transfer of property.
  • Nevada-specific laws and regulations (18 hours must cover Nevada law).

Costs to Maintain the License

1. License Renewal Fees
   • The salesperson license must be renewed every two years.
     • Initial Renewal is required after one year, then every two years
   • Renewal fee: $195 (as of May 2024).
2. Continuing Education
   • Complete 36 hours of continuing education every two years:
     • 18 hours in core subjects (agency, Nevada law, ethics, contracts, risk reduction).
     • 18 hours in general real estate courses.
   • Cost varies depending on the courses, typically ranging from $100 to $300.
     • Sometimes you can get packages or your brokerage may offer free classes that qualify.
3. Other Costs
   • Membership fees for real estate associations (optional but beneficial).
   • Errors and omissions insurance.(may be covered with your brokerage fees)
   • Business licenses (state, county, city)
   • Marketing tools and services
     • Business cards
     • Website
     • Leads (cold or warm)
     • Advertisement (print, social)
   • Travel expenses (appointments, education, social events, property listing preparation, etc.)
   • Access to coaching or mentoring
   • Healthcare

Resource: Department of Business and Industry Nevada Real Estate Division

Can This Be a Part-Time Job?

Yes, being a real estate agent can be a part-time job. Many agents start part-time while maintaining another job until they build a client base and can transition to full-time. Many say that it isn’t possible to make full-time money working part-time hours, but I beg to differ! Yes, it is challenging but not impossible. I am of the mind that these types of challenges are very overcomable with the right mindset and approach.

Benefits and Challenges of Being a Real Estate Agent

Benefits

1. Flexibility
   • Set your own schedule and work at your own pace.
   • Opportunity to balance work with other commitments.
2. Income Potential
   • Commission-based income with the potential for high earnings.
   • Earnings are directly related to effort and performance.
   • Earnings are closely related to your location and relevant economy
3. Helping People
   • Assist clients in making significant life decisions.
   • Satisfaction from helping people find their dream homes.
4. Networking Opportunities
   • Getting to know your neighbors and participate in the local community activities.
   • Build a network of clients, colleagues, and industry professionals.

Challenges

1. Irregular Income
   • Commission-based income can be unpredictable, especially in the beginning.
   • Initial phase may involve lower income until you build a client base.
   • There are no benefits, so you have to buy your own medical/dental/vision coverage.
2. Competition
   • Highly competitive industry with many agents vying for the same clients.
   • Requires continuous marketing and networking.
3. Time-Consuming
   • Demands time investment, especially for showings, client meetings, and open houses.
   • Balancing multiple clients and transactions can be challenging.
4. Continuing Education
   • Must stay updated with industry trends and regulations.
   • Regularly complete continuing education courses to maintain the license.
5. Handling Difficult Clients
   • Some clients may be demanding or difficult to work with.
   • Requires patience, negotiation skills, and problem-solving abilities.

By considering these aspects, you can better assess a career in real estate and decide if it aligns with your personal and professional goals. If after reading this you decide “That’s a no for me, dawg…” then there are other options. Investing in real estate (rentals, EFTs, commercial, land banking, etc.) may be a better fit. Or you may look into jobs adjacent to the field like transaction coordinator, lending, property management or business brokerage. And finally, there are supporting roles that don’t require any license or upfront money, but can get you a foot in the door - receptionist or assistant,

Jobs in the Real Estate Field That Don’t Require a License

If you’re interested in the real estate field but prefer roles that don’t require a real estate license, there are several options available. These roles can still offer valuable experience and opportunities within the industry.

1. Real Estate Assistant

• Description: Assist real estate agents and brokers with administrative tasks such as scheduling appointments, managing client communications, preparing documents, and maintaining records.
• Skills Needed: Organizational skills, attention to detail, communication skills, and basic knowledge of real estate transactions.

2. Property Manager

• Description: Oversee the daily operations of rental properties, including managing tenants, handling maintenance requests, collecting rent, and ensuring the property is well-maintained.
• Skills Needed: Management skills, customer service, knowledge of property laws and regulations, and problem-solving abilities.

3. Real Estate Marketing Specialist

• Description: Develop and implement marketing strategies to promote properties and real estate services. This includes creating advertisements, managing social media accounts, and producing marketing materials.
• Skills Needed: Marketing skills, creativity, knowledge of digital marketing tools, and strong communication skills.

4. Real Estate Photographer/Videographer

• Description: Capture high-quality photos and videos of properties for listings, virtual tours, and marketing materials.
• Skills Needed: Photography and videography skills, knowledge of editing software, and an eye for detail.

5. Leasing Consultant

• Description: Work with property management companies to show rental properties to prospective tenants, answer inquiries, and assist with the leasing process.
• Skills Needed: Sales skills, customer service, communication skills, and knowledge of the leasing process.

6. Real Estate Transaction Coordinator

• Description: Manage the paperwork and administrative aspects of real estate transactions to ensure smooth and timely closings.
• Skills Needed: Organizational skills, attention to detail, knowledge of real estate documents, and communication skills.

7. Real Estate Data Analyst

• Description: Analyze market trends, property values, and other data to help real estate companies make informed decisions.
• Skills Needed: Analytical skills, proficiency with data analysis tools, knowledge of real estate markets, and attention to detail.

8. Title Examiner/Abstractor

• Description: Research property titles and public records to confirm ownership and identify any discrepancies or liens.
• Skills Needed: Research skills, attention to detail, knowledge of property laws, and investigative skills.

9. Real Estate Writer/Blogger

• Description: Create content related to real estate for blogs, websites, and publications. Topics can include market trends, property tips, and industry news.
• Skills Needed: Writing skills, creativity, research skills, and knowledge of the real estate industry.

10. Home Stager

• Description: Prepare homes for sale by arranging furniture and decor to make the property more appealing to potential buyers.
• Skills Needed: Interior design skills, creativity, knowledge of current design trends, and an understanding of buyer psychology.

Benefits of These Roles

• Experience: Gain valuable industry experience and knowledge without needing a license.
• Networking: Build connections within the real estate industry.
• Flexibility: Some roles offer flexible hours and opportunities to work part-time.
• Skill Development: Develop skills that can be useful for future roles, including those that may require a license.

Challenges of These Roles

• Limited Income Potential: Some roles may offer lower income compared to licensed real estate agents or brokers.
• Career Advancement: Advancement opportunities may be limited without obtaining a real estate license.
• Job Security: Some positions, such as real estate assistants or leasing consultants, may have less job security compared to licensed professionals.

By exploring these roles, you can find a position that suits your skills and interests while gaining valuable insights into the real estate industry.

Conclusion

Truly, only you can determine what is the best fit for you. You know your schedule, responsibilities and commitments. You should determine your goals over the short and long term to evaluate whether any job or career is worth the effort, money and time required to make it feasible. Talk to a trusted friend, family member or colleague through all the different aspects of the job and decide if it is a good fit.

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I am a local Las Vegas real estate agent. If you are in the Las Vegas area and need real estate help, I’m happy to be of service! Send me a text to schedule an appointment today. Or you may book an appointment online here.