Real Estate School FAQs

How much do classes cost?  

$425 if you sign up for the 48-hour portion and the 24-hour portion at the same time, $450 if you do them separately.  This is the only money you will need to spend until you complete the course.

 

What does it take to get my license?

You must take the 72-hour national and state portions of the pre-license classes, be fingerprinted and pass a background check, pass a state-approved exam within 6 months of completing your course.

 

What if I can’t make it to some of the scheduled classes?

You can miss a small percentage of the total class time, however, there is so much material covered in such a short time that it can add to the challenge of passing your exam.

 

Are online classes available? 

Yes, although the face-to-face classes provide you a better opportunity to ask questions, have more personal interaction with an instructor and hear personal stories and examples from an instructor.  If you are interested in online classes, realestateexpress.com is a good place to start.

 

How do I go to work for a real estate company after I pass my exam?

You should set up an interview with a broker.  If they decide to hire you and if you decide you like what you hear, then you will turn in an application to them (provided by the state) to get your license.

 

Is the state exam difficult?

For most, it is.  This is no joke.  It is an exam you need to study for and you need to know the material.

Can I take the national portion of the exam and then go back and finish the state portion of the exam later?

Yes you can and that is not a bad way to go about it.  You will be learning a lot of new material and new concepts.  Splitting up the exam allows you to focus on just part of the material at a time.  The downside is you have to pay for the entire exam more than once if you split it up.

 

What if I fail the exam?

The good news is you can take the exam an unlimited number of times until you pass, as long as you do it within the 6 months after you pass the course.

 

How does a real estate agent get paid?

Real estate agents are paid on commission only as a rule.  There are some exceptions, but this is a commission-based career.  You get paid when you close a transaction.

 

How does the company make money?

The company keeps a portion of your commissions. This amount varies from company to company.

 

Does the training at a real estate company cost money?

Most of it does not.  Much of your training will happen within the office, although there are many courses you can take outside the brokerage that do cost money.

 

Can I go to work for a team?

Yes you can, however, you also give up freedom and generally, you lose the ability to make as much money as you want.  Most team positions are administrative in nature and do not require a license.  They are hourly-type positions and there are relatively few openings. 

 

Are real estate companies different or really all alike?

All companies are different because the leadership in each company has a different vision for their company.  

 

Can I sell real estate part time?

Absolutely.  You are free to set your own hours.  Part time agents often transition into full-time agents as well.

 

Do I get an office?

Each brokerage has a different policy as far as offices go.  In today’s tech-driven economy and with the tools you should have available, office space is becoming less important. 

 

Does the class train me to be a real estate salesperson?

No.  That training should come primarily from the broker you go to work for. Your training AFTER the class is very important and you should ask about training programs when you interview.

 

I want to learn everything first, then start selling…is that ok?

This is a common problem with many new agents.  Much of real estate is on-the-job learning and you will continue to learn for the rest of your career.  The best and fastest learning you can do is DO IT!  Attempting to learn everything FIRST can cause you to make money LAST…or never.

 

Can I set my own hours and do my own thing as a real estate salesperson?

Absolutely.  One of the advantages of this career is that you can work your own hours.

 

Can I open my own office after I go through the class and pass the exam?

No.  The State of Missouri requires that you have your salesperson license for 2 years before you can obtain your broker’s license.  A broker’s license is required to have your own office.

 

So I have to pass a background check? What if I have a DWI or a misdemeanor?  Can I still get a license?

It depends. That is up to the Missouri Real Estate Commission.  If you have any questions about past court actions, you should contact the Commission.

 

What are my ongoing expenses after I get my license?

Most of the expenses are paid by the agent. This is self-employment and you are considered by the State and by the IRS as an independent contractor.  Expenses vary by office, but you will have a $46 expense for your monthly Multi-list dues, generally you will have to pay for things like copies, advertising, errors and commissions insurance provided by your company, gas in your car, signs, etc.  You will also have annual dues to the National Association of Realtors of about $500.

 

What will I need to buy to get started?

Really, the biggest expense will be a computer or a tablet.  You phone alone will generally not work well for the technology you will need to use.  Basic office supplies.  That’s about it!

 

Are there any guarantees I will make money?  Any salaries or hourly wages?

Generally no.  This is commission based and you will also need to save for your own federal and state taxes.  Your broker, by law cannot withhold these from your commission checks.

 

How do I know if I will be successful?

There is no single predictor.  It will be up to you!  Your own effort is the biggest predictor.  Contacting as many people as you can about real estate is the other.

 

How much money can I make?

The sky is the limit!  Agents in Joplin have made more than $1,000,000 in a year in commission income.  You are free to make as much as you like!

 

What is my total startup cost?

Not including a computer or office supplies, your total investment for the required course, background check, state exam and the fees you will pay to the Board of Realtors will total around $1500-$2000, however, those expenses do not all come at once.   

 

Why are there so many teams?

Teams exist as a way for agents to leverage their time. A single agent can only do so much in a day, so they hire team members to assist in certain parts of the transaction so they can focus on growing their business.

 

Can I have my own team?

Yes, however that should be a longer-term goal.  Teaming up with another new agent in the beginning is a terrific way to divide your income in two.  That is not the purpose of a team, generally speaking.

 

Is health insurance available through the brokerage?

No it is not.  A broker cannot offer, nor deduct the cost of an insurance plan from your commission checks. There are a number of co-op insurance plans available to Realtors, however…the expense is the agents.

 

Is there a retirement plan?

Again, because you are an independent contractor, you are responsible for your own retirement plan.  Many agents use the opportunity to find good buys on real estate as a part of their retirement.

 

How do I know if I will be successful?

There is no way to tell.  It is up to you, your work ethic and your willingness to get out and talk to people about real estate.

 

How do I get business?  Does the company provide me leads?

The vast majority of the leads you get will be generated by you.  You will generate leads in a number of ways including personal contact, telephone, events, email, text messages, direct mail, social media, open houses and others.  Every company has a certain number of leads that are provided to agents, however, this is a very small percentage of an agent’s total income.