Do you have a passion for property and looking for independence and flexibility in your career? If so, you may have considered becoming a real estate agent. It’s an attractive and rewarding career. However, there is one question that often comes up; do you need a college degree to become a real estate agent? In this article, I will discuss everything you need to know about becoming a real estate agent, including the answer to this question.
Do real estate agents require a related college degree?
No, in most states, real estate agents don’t require a college degree, but having a degree in a related field can provide agents with valuable knowledge and skills for navigating the industry. It’s important to note that the educational requirements for becoming a real estate agent can vary from one location to another. According to the California Department of Real Estate (DRE), Individuals can apply for a real estate salesperson license after completing three-year college-level courses. However, you will not necessarily need to enroll in a university to obtain this degree.
Is a Real estate degree beneficial for a real estate agent career?
Yes, there are many benefits to obtaining a real estate degree. It can provide a deeper understanding of real estate concepts, legal requirements, and best practices. Although earlier we discussed that real estate agents don’t need to have a college degree to become successful real estate agents, it is always recommended by most experts to obtain a real estate degree.
According to this data from the Association of Real Estate License Law Officials (Arello), the real estate industry is overcrowded. There are more than 3 million people who have real estate licenses in the US. So, having a strong educational background can help you to compete with them.
What do you need to become a real estate agent?
Now that you know you don’t necessarily have to enroll in a university to become a real estate agent, it’s important to understand the requirements. Every jurisdiction and state has different requirements for becoming a registered real estate agent or broker. However, there are some requirements that are common and you will need to meet them regardless of which country or state you come from.
- Age Limit- In general, you need to be 18 years to apply for real estate agent licensing.
- Education requirements- Applicants should have a high school diploma or an equivalent such as GED. In most countries, you need to take about 120 hours of a pre-licensing course. The number of hours can vary from one state and country to the other.
- Exams and Eligibility- After taking the pre-licensing course, you will now have to pass the licensing exam. In most instances, this exam can cover different aspects of real estate such as contracts, real estate laws, property ownership, and other related topics. Besides these, it would be helpful to have a background in general accounting. With the best study materials, it could help you understand financial statements and tax implications in the industry.
- Application process and fees- The applicants will be required to submit their application to the real estate regulatory agency which can vary from one country to the other. The application fees will equally vary. Luckily, most countries and states allow the submission through online portals.
- Background check and fingerprinting- The real estate regulatory body will schedule a physical meeting for background checks and fingerprinting.
- Approval- Once your application is received, the team will take a few days to check, confirm details and approve your licensing.
While a college degree is not required to become a real estate agent, there are countless benefits of navigating the real estate industry with a related degree. However, note that there are many successful real estate agents without a degree. What matters the most is that you pass the licensing exams and provide excellent services to your audience.