The daily life of a REALTOR® can be fun and exciting as you help your clients find their dream home or sell so they can open up that next chapter in their lives. It also comes with frustration as finding new clients is not easy and comes with lots of rejection as well as it can be stressful as you are negotiating expense repairs discovered during an inspection or last minute lender requirements sometimes hours before closing!
In an effort to be fully transparent in the process and expense of becoming a Realtor plus the pros and cons of our career, you will find the honest truth about being a REALTOR® below.
Getting your license
The basic requirements to be eligible to obtain a real estate license in Kansas are:
- You are at least 18 years of age.
- You have a high school diploma or equivalent.
- You have NOT been convicted of certain felonies within a specific timeframe.
The steps required to apply for licensure by the Kansas Real Estate Commission (KREC) are:
- Complete a 30-hour Principles of Real Estate course from an accredited school and receive a completion certificate. This certificate is valid for 12 months and is required to take the Licensure Exam.
- Pass each of two sections of the Licensure Exam. You will receive a score report for each part of the exam. These two reports are each valid for six months from the date you pass that section.
- Submit to a KBI/FBI criminal background check. Your background check is valid for six months.
- Complete the 30-hour Kansas Practice Course from an accredited school and receive a completion certificate. The Kansas Practice Course certificate is valid for 6 months.
- Affiliate with a real estate broker
The licensing process will cost approximately $675, then when you affiliate with our office you will be required to join the Sunflower Association of Realtors, the Kansas Association of Realtors, and the National Association of Realtors... and then you must join the local MLS so you can have access to all the homes for sale. This is an approximately and additional $950 expense.
So the cost of getting your license and becoming a Realtor is about $1625!
Becoming a Real Estate Agent: 10 Pros and Cons
Becoming a real estate agent can be a life-changing career opportunity.
You might be wondering if becoming a real estate agent is worth it. To help you determine if it’s right for you, we put together a list of the pros and cons of being a real estate agent. We review the perks of becoming a real estate agent and what deters people from this career path. After reading this, you should be able to decide if this is the career for you.
Pros of Becoming a Real Estate Agent
There are great perks to becoming a real estate agent. Most people start this career because they aren’t happy with their current career or they want freedom of time and the opportunity for a better income this career can bring them.
So, here’s a list of a few of the pros of becoming a real estate agent.
- Income Potential. One of the greatest advantages of becoming a real estate agent is the unlimited income potential. As an agent, there is no limit to how much you earn, because real estate agents work for a commission.
Typically, the agent walks away with 2.5% - 3% of a property’s sale price. For example, in areas where the average home price is $150,000, the sale could create $3,750 - $5,000 of income. Of course this may need to be split with your brokerage and team if you choose to work with one.
The good news is agents decide how many clients they take on, which means they are in charge of how much they make per year. Want to make more? Connect with a few more clients ready to buy or sell!
- Flexible Schedule. Real estate agents can pretty much set their own schedule.
Agents with children like the flexibility to attend school events and spend more quality time with their family.
- You are a Business Owner. Real estate agents are entrepreneurs. Although they must work under a broker to legally sell real estate, or may choose to work with a team, they own their own business.
Many teams and brokerages have resources to support their agents with marketing and lead generation. But, each agent decides how they use these resources in their business plan. - It’s a People Business. Real estate is a people business and agents who enjoy working with others do very well.
Working with people with different needs and goals from first-time homebuyers to investors, there are many clients who need a professional to guide them with their real estate needs.
Agents can’t sell real estate without people who are ready to buy or sell. So, connecting with potential clients daily is important!
- You Help People Achieve Their Dreams. One of the most underrated benefits of becoming a real estate agent is the reward of helping people achieve their dreams.
They help sellers get the best price possible for their property and often assist them with their next steps.
The amount of gratitude buyers will express when they get the keys to their first property is touching.
…and then there are the Cons of Becoming a Real Estate Agent
Like everything, there are also disadvantages to becoming a real estate agent. Don’t let these cons ruin your dream career. Instead, use these as the items you need to prepare for when you get started.
- Success Requires Patience. One of the biggest cons of this job is the amount of patience it requires. It may take a new real estate agent months to find their first client or close their deal.
That could mean a lot of time and effort put in before they ever see a paycheck, such as prospecting, advertising, and conducting open houses.
Most real estate agents quit in their first year, but the reason they quit is that they don’t have a plan.
- You Experience Rejection. Another tough part of becoming a real estate agent is dealing with rejection.
Agents get rejected a lot. Like multiple times a day!
They are prospecting perfect strangers as well as their sphere of influence. Not everyone is going to need a real estate agent when you ask. You will hear no…. A lot and sometimes a few curse words directed at you.
As long as real estate agents don’t allow rejections to stop them from pursuing new leads, they’ll be successful.
- This Job is Competitive. There are hundreds of real estate agents in our area. It seems everyone knows a few real estate agents or worked with a great one in the past.
Agents have to work hard to differentiate themselves.
The best place to start is to tap into your sphere of influence. Agents should get the word out to their friends and family. Often their first deals will come from those in their sphere.
- Closings can be a challenge. They could take more than 30 days to close regardless of what’s in the contract. Agents need to roll with the punches, tackle issues as they arrive, and keep their eyes on closing while keeping everyone happy during the process.
As long as agents stay professional, the challenges will typically get resolved.
- Some People are Hard to Work With. Finally, the downside of working with people is that they aren’t always easy to work with.
Agents will interact with agents, clients, or third-party entities who just make everything difficult and harder than it usually has to be.People have different personalities and differing ideas on ways to do business that may not align with those they work with.
Agents need to learn how to negotiate, collaborate, and diffuse any difficult situations as they maintain their own professional standards.
Final Thoughts on Becoming a Real Estate Agent
Becoming a real estate agent has its share of pros and cons, but don’t let the cons deter you from your dreams. This career is for those who are dedicated, resilient, and committed to success.
There will be hard times for those who start a real estate career, but the reward and freedom are worth it.
If you are committed to this career and doing the best you can, then nothing will stop you from succeeding and achieving everything you want.
THE NEXT STEP….
Do you have the funds in place to get your license?
Did the pros of being an agent inspire you?
Did the cons of being an agent discourage you?
If you are prepared to move forward, complete the form below to schedule a meeting to develop a plan of action to get you set up up for success in your new real estate career!
