Become a REALTOR®
A career in real estate begins with a real estate license that is obtained through the South Dakota Real Estate Commission. There are several steps you will need to complete to obtain a license, including a background check, education and testing. You will also need to be affiliated with a broker. Go to the South Dakota Real Estate Commission website on Licensing to find out more information about obtaining a license: http://dlr.sd.gov/bdcomm/realestate/licensing.aspx.
Real Estate Agent or REALTOR® – what’s the difference? A real estate agent is someone who has passed the exam and acquired a license. It is a generic term. REALTOR®, on the other hand, is a trademarked name. It can be used only by a real estate agent who is a member of the National Association of REALTORS® (NAR). Members of NAR are bound by a Code of Ethics and held to a higher standard. To become a member of NAR you will need to belong to your local association, REALTOR® Association of the Sioux Empire (RASE).
Are you Prepared? Check-out the Rookie Realtor® Tool Kit provided by REALTOR® Magazine!
- pay a local association application fee?
- pay local, state and national association dues?
- provide your own private healthcare insurance?
- pay for your own marketing and advertising, including business cards and For Sale signs?
- pay your brokerage?
- have 6 months to 1 year’s income saved to cover while you are building your business?
- have flexible childcare?
- have professional attire?
- have a presentable and reliable car?
- have appropriate insurance coverage’s?
Did you know that…
- you are starting your own business? You will be an independent contractor. You won’t be “hired” or paid a salary. Your income will depend upon your sales.
- taxes and Social Security are not deducted from your commissions for you? You will receive a 1099 from your broker at the end of the year. You will be responsible for saving and paying your taxes.
- you will be on 24-7 alert? Your time will be directed by your clients’ needs.
AND have you talked with brokerage firms to find out what is required to work for them?
Planning and timing are key to a successful career move.
There are many misconceptions about what real estate agents do, how much time they spend on the job and how much money they make. The best way to determine if you are ready for a career in real estate and have the means to start your business is to talk to various brokers. You will discover quickly that they are quite willing to talk about your interest in a real estate career.
You should enter the field of real estate with open eyes, armed with knowledge and understanding. The better prepared you are to face the challenge of starting your own business, the more successful you will be in your career.