How to become real estate agent in Virginia

What make you decide to become real estate agent?? Most people decide to become real estate agent for the time flexibility and it's reward. Most real estate agents are independent contractor and by the end of the year, the brokerage company that you affiliate with (broker) will issue 1099 instead of W-2.

Difficulty: Moderate

Instructions

1. As an independent contractor, real estate agent responsible for their own expenses, the brokerage firm doesn't withhold income to pay taxes either.
   It's almost like you run your own business as a real estate agent.

2. What is the requirement to become real estate agent in Virginia??
   The initial requirement is taking 60 hours principle of real estate, 52 hours national portion and 8 hours for Virginia state portion. The candidate also needs to pass the final test in the classroom before taking PSI examination.

3. There are 2 portions of PSI examination National and State portions. The candidate need to pass both portion to be consider as a license real estate agent, then apply for a license at DPOR or REB. You need to affiliate with a broker to activate your license. You can also hold inactive license.

4. There are many institutions offer the requirement education for license real estate agent. In Virginia, you can check NVAR website or check with the brokerage firms for initial education.

5. In 2004 The Virginia Real Estate Board passed legislation that require new real estate agent to complete 30 hours of post licensing-continuing education prior to the first renewal of their license (in the first two years). Then real estate agents need to take 8 hours continuing education every two years as a requirement to renew their license in Virginia.

6. Become real estate agent unlike any other job, you need to set up your own hour, organize your own appointment, spend money at front for real estate agent expenses, and there isn't any guarantee to be a successful real estate agent. It's all depending on you.

7. You should have enough money in saving for the first 6 months (or as little as three months) for cost of living before seeing any money come from real estate transaction.

8. There is good amount of initial cost as well to get real estate agents up and running to run their business. Some of those costs are: Initial education, PSI examination, initial licensing fee, Post licensing-continuing education, MRIS (Multi-listing service), NVAR membership, Sentri-lock, etc.

9. There are many additional fees along the way to maintain real estate license and to market yourself as a real estate agent, to reach potential buyers and seller, some of those fees are: continuing education, license renewal, MRIS, Sentri-lock membership, NVAR, brokerage fees (either commission split or flat fee), sign riders, print advertising, online website presence, home office (copy, fax, scan, papers, clips, pens, etc.), cell phone, laptop, GPS, increase in car mileage, gas, car insurance, etc.

Tips & Warnings

• You can also work as a real estate agent assistant working with an experience agent to learn the business and may receive income right away.
• Talk to your broker or check job posts for this opportunity.

[MyJB]

on 6/22/2009 Lots of good information to let a person know if they want to pursue this career. It's a lot of work and fees, but it seems to be worth it in the end. 5*

[jcrush]

on 6/22/2009 Funny I should read this article now. I was considering going into business with a relative in VA. How timely, thanks.!/*****