Careers in Real Estate - North Carolina
Are you considering a change of career? Have you ever thought about becoming a real estate agent or broker? Most real estate agents operate as independent agents albeit normally for only one broker at any given time depending on real estate regulations in your particular state. Each state requires a professional license to engage in selling or buying real estate for others. Each state has specific education and licensing requirements that most be followed along with a state examination that must be passed. Pre-licensing education courses are available from a number of different real estate schools in North Carolina with course duration dictated by the state. Required education ranges from a comprehensive 1-week course to weekend courses to evening courses. Generally you will be expected to pay for the course out of your own funds unless being sponsored by a particular broker. Once licensed, you are required to complete prescribed continuing education in real estate, again as prescribed by the state.
Beyond the mechanics of taking the required classroom education, passing the exam and becoming a licensed real estate agent, one needs to assess whether a career in real estate will indeed be a successful one.
Eight Question Self Assessment for Someone Considering a Career in Real Estate Sales:
- Do you have experience in selling high cost products to individuals? While sales experience is not a prerequisite to success, it certainly helps. Being competitive and having the will to win will play a big part in success.
- Do you enjoy working with all types of people “one on one” and have the stamina to endure a sales cycle that can run from several days, to several weeks, to several months and beyond? Do you have an outgoing personality and welcome the opportunity to meet new people each and everyday?
- Are you detailed oriented? A typical real estate transaction involves a myriad of details including legal contracts/amendments; inspections; comparable analyses; negotiating et al.
- Do you have a good memory and are you well organized? Memory and organization are particularly important as you step through the sales cycle, remembering homes shown days or weeks ago, following up with prospects and being expected to be the expert.
- Do you have the flexibility to work evenings and weekends when needed? While the typical real estate agent enjoys a great deal of independence by definition, the flip-side is working with customers based on their schedule not yours.
- Do you have sufficient working capital to sustain a start-up career in real estate? Most real estate agents work on a commission only basis which means one only gets paid upon a successful closing/completion of the sale. Regardless of whether on the listing side or sell side of any transaction, the time from initiation to close will typically run from 30 days to 120 days or more. Depending on the real estate market conditions and your personal drive, it may be days, weeks or months before you have your first listing contract or first contract for sale.
- Do you have sufficient working capital to handle the ongoing expenses of being a real estate agent? Typical expenses include Multiple Listing Service Dues; initiation and ongoing Board of Realtors® monthly dues; advertising expenses including establishing a website presence; automobile expenses; desk fees (if any) charged by your broker; printing costs; business card costs et al.
- Business ethics plays a vital role in the real estate business and you must ask yourself whether you consider yourself an ethical person. Generally speaking, there are always more real estate agents in a given market than can be financially supported by the same market. The temptation to skirt the business ethics to obtain a customer or sale can be great. Crossing the ethical line can be costly in terms of reputation or in violations and prescribed remedies.
Resources for those considering a real estate career in North Carolina:
North Carolina Real Estate Commission – Comprehensive real estate license information including pre-license education requirements; real estate examinations; approved North Carolina real estate schools and more.
