If you’re thinking of advancing your career, fulfilling your lifelong dream, or making some extra money, becoming a REALTOR® may be a great choice. A REALTOR® is a prominent prestigious person in the real estate business who benefits by expanding their network while having better character and conduct standards.
The actual difference between REALTOR® and Real Estate Agent
The terms REALTOR® and real estate agents are often confused together to be synonymous. However, these are a couple of two differences between the two terms.
REALTOR® is a member of THE NATIONAL ASSOCIATION OF REALTORS®, who follows its standard code of ethics. It is an identity mark for a real estate professional that defines a person to be having a federally registered collective membership. All of the REALTORS® are real estate agents, but all real estate agents are not necessarily REALTOR®.
Are You Eligible to Be A REALTOR®?
Here are some eligibility requirements to become a REALTOR®
- You must hold an active and valid real estate license.
- You must be actively involved in the real estate business.
- You must haven’t filed any bankruptcy or insolvency.
- You must hold no record of official sanctions involving unprofessional conduct.
Steps to Become A REALTOR®
- Obtain A Real Estate License
The first step to becoming a REALTOR® is to get your real estate license. To do this, you’ve to fulfil the following requirements.
- Fulfil educational requirements
- Qualify the licensing exam
- Submit background checks
- Submit fingerprints
- Submit licensing fee to the real state commission of your state (if required)
After getting your license, you’ll have to get associated with the brokerage in your locality.
- Be A Member of a Local REALTORS® Association
The next most crucial step is to join the National Association of REALTORS®‘s (NAR’s) or any local real estate association. You can find your local real estate association using various online tools.
Remember that the association you join must have a branch office manager, corporate officer, firm partner and shareholder (i.e., principal). An association is valid only if all the principal components join first followed by all the other employees.
- Submit Annual Membership Dues
To remain an active member of the local association, you must submit the annual charges for it, as you become a REALTOR®. The different national association might have varying yearly subscription charges. According to NATIONAL ASSOCIATION OF REALTORS® in the US, national dues for 2020 and 2021 are 150$. Primarily local association bill all of the REALTORS®.
- Submit a One-Time Application Fee
As the membership of your brokerage is approved by the board of directors of your local association, a one-time application fee is due, and that must be paid timely. Each association has its application fee.
Real Estate Agent
A real estate agent is the person who has qualified the real estate exam and has received a real-estate license issued by the state. The license holding real estate agents can legally work with the sellers and buyers regarding any commercial real estate or residential real estate property.
- Getting a real estate agent license
To be a real estate agent, getting a real estate license is the first and foremost requirement. For this purpose, you’ll have to:
- Complete all the required courses from a real estate school that is approved by the state
- Qualify the real estate exam comprising state, local and national laws, code of ethics and contracts.
- Submit background checks and fingerprints
- Pay licensing fee
- Check for any specific real estate commission of your state.
Pros of Becoming a REALTOR®?
To become a REALTOR® from the real estate agent, it is not essential to have a brilliant career, and many things help you attain a prominent place in the industry. While becoming a REALTOR® is not required for you to have a successful real estate career, many advantages will help you stand out in your industry.
Real certifications and designations
As a REALTOR®, you can take additional courses to attain the prominent designations in the real estate industry. You become an expert in your niche through such opportunities. It also helps you to grow your brand and increase your revenue generation. Here’s a list of the most famous real estate certifications.
- Counsellor of Real Estate (CRE)
- Graduate REALTOR® Institute Designation (GRI)
- Military Relocation Professional (MRP)
- Accredited Buyer Representative (ABR)
- Accredited Land Consultant (ALC)
- Seniors Real Estate Specialist (SRES®)
- Certified Commercial Investment Member (CCIM)
- Performance Management Network (PMN)
- Society of Industrial and Office REALTORS® (SIOR)
- Certified Property Manager (CPM)
- Certified Relocation Professional (CRP)
- Certified Residential Specialist (CRS)
- Resort & Second-Home Markets Designation (RSPS)
As you become a member of the National Association of Realtors, you can enjoy a unique title and gravitas that many other agents don’t possess. Additionally, you’ll be ready to develop an enduring relationship with other agents, which may expand the sphere of networking and influence and assist you in growing your business.
So, are you ready to become a REALTOR®?