Why Become a Real Estate Agent?
Unlimited Earning Potential
Flexible Hours
Independence – You have your own business
Opportunity for growth
Creativity – Marketing
No two days are the same
Emotional Reward
Can earn a comission on homes you buy
Investment Opportunities
You control your own destiny
We’re Hiring: New Agents
If you’ve decided to look into starting a career in residential real estate sales, the single most important decision you’ll make as part of this investigative process is to determine which broker and office is the best fit for you. There is no one broker who is “right” for everyone, so it’s important to make a decision as to which office is right for you and your professional goals as well as your approach to your career.
At EXIT, we give agents a solid foundation for starting their career, as well as a place to grow at any stage of their future professional development.
If you’re interested in learning what set EXIT apart from it’s competitors, please contact me, Ralph Esposito, at +1 201-220-1106 or eMail me at [email protected] to find out if what we’re looking for in a new agent matches what you’re looking for in a broker.
New Jersey Real Estate License Requirements
From the State of New Jersey – Department of Banking and Insurance:
Set forth below is a general description of the requirements for licensure as a New Jersey real estate salesperson or broker.
To qualify for a real estate salesperson’s license an applicant must be 18 years of age or older, have a high school education or equivalency, complete a 75-hour prelicensure course at a licensed school and pass the license examination. After successfully completing the course and passing the examination the applicant must apply for a license through a sponsoring real estate broker. In addition the Commission must be satisfied as to the applicant’s honesty, trustworthiness, character and integrity.
To qualify for a broker’s license an applicant must have a high school education or equivalency and must successfully complete 150 hours of prelicensure education. Applicants must first complete a 90-hour general real estate course, and then two 30-hour courses on Agency/Ethics and Office Management and related topics. In addition, applicants must have been continually licensed and employed on a full-time basis as a New Jersey real estate salesperson for the three years immediately preceding application. After completion of all three courses applicants must submit to the Education Qualification Section of the Commission their completed school certificate and a completed Experience Report For Broker Applicant form. Following review and approval, the applicant will be mailed a Certificate of Examination Eligibility, which may be used to make a reservation to take the Broker license examination. An applicant must pass the broker license examination and apply for and request the issuance of a license as a broker or broker-salesperson not later than one year after their successful completion of the broker prelicensure education requirements.
If an applicant has ever been convicted of a crime, or is currently on parole or probation their application for a real estate license may be denied. See N.J.S.A. 45:15-9, 45:1512.1 and 2A:168A-1 et seq.
If you are a disabled United States Veteran and a citizen of New Jersey, it may be possible to secure waivers of the education and experience requirements for licensure. Please contact the Commission’s Education Waiver Section at 609-292-7272 Ext. 50137 for details.
New Jersey does not have reciprocity with any state.
If you have any questions regarding the above please do not hesitate to contact the Commission’s Education Bureau at 609-292-7272 Ext. 50113 or 50137.
How much will it cost to become a Real Estate Agent?
Someone new to the business needs to spend no more than $2000 in order to become successful. This includes the cost to attend real estate school which is generally $300-$500 (ask me how I can reduce these costs for you.) You will spend almost $1000 just to get started. The $1000 dollars includes training as well as fees that the state of NJ requires to obtain your license which are $160 and another fee of $78 in addition to the fees for access to your board and access to the MLS.
The biggest commitment is your time!
In order to be successful, you need to commit time to learning the business. Simply getting your license does not ensure that you will be successful! Training and your willingness to learn are the keys.
New Agent Start-up Costs
Starting in Real Estate is like starting your own business. There are costs associated with starting any business, but the startup costs in real estate are far less than the startup costs in other businesses (e.g., retail store, opening a franchise).
Below are the approximate basic costs associated with getting started in residential real estate sales.
* Real estate salesperson pre-licensing course (“real estate school”): $349
* State licensing exam fee: $47
* State fingerprinting fee: $71
* $160 payment to NJ State Treasurer to activate license
* Errors and Omissions (E&O) insurance – annual fee payable every September ($265 in December 2010, but pro-rated to lower amount for agents starting after December 23)
* Auto insurance with coverage at or above:
* $250,000 for each person/liability
* $500,000 for each accident/liability
* $100,000 minimum property damage limit
* Hudson MLS participation — $250/year
* EXIT Dues $295/year
* Membership in Liberty Board of Realtors: $350/year
* SUPRA lockbox key — $50 activation plus one of 3 service plans:
* Approx. $83.14 every 6 months
* Loss & theft insurance $25 (optional – without it, $266 for replacement key)
* Basic service with Smartphone: approx. $19/month
* Professional service with Smartphone: approx. $23.38/month
New Agent Training
At EXIT, learning is not an option it is continual. As the market changes so does the needs of the sales force. EXIT offers courses designed to get you up and running in the business as quickly as possible. The curriculum covers everything from making calls, conducting a listing presentation, finding and working with buyers to conducting a successful open house.
EXIT Online University
With over 200 courses to choose from the EXIT Online University offers you an opportunity to constantly refine and improve your sales skills. We design our courses with the continuous input from associates and managers in the field. We focus on core areas that new sales associates need to focus on.
Contact me to preview the EXIT Online University site.
The one constant in Real Estate is that the markets and the skills you need to develop to deal with them are constantly changing. EXIT University allows sales associates to focus their learning on how to deal with the changing markets. It is focused on skills, strategy and allows EXIT Associates to operate at a higher level than their competition.
Continuous In-Office Workshops
We regularly hold training workshops in the office. Every week there is at least one workshop offered to enhance your skills. We cover real estate related topics such as pricing strategies, market update news, technology items, as they relate to real estate. How to enhance the exposure of your listings and how to make them more marketable. The topics are chosen by the agents and we’re always listening to our clients and customers to fine tune our skills.
Mentor Program
I believe it is important for you have on-the-job-training as you learn and continue to develop your skills in Real Estate. The Mentor program is an important part of this process. I will support you while you listen, learn and work on developing the skills necessary to achieve your goals. Ultimately, it is your business so the responsibility to succeed lies with you but I want to give you every opportunity! Many long-term relationships blossom between the experienced Mentor and the Mentee…it is not uncommon that the new associate work together with the Mentor well into their careers.
My Role and Responsibility as your Mentor:
I will walk you through your initial meeting, help to organize you office assimilation & introduce you to the support staff, ensure enrollment in the MLS and Board of Realtors, coordinate your access to training and set up a program to observe your progress.
* I will orient you with the office.
* I provide on the job training for you, helping you complete all training related activities.
* I observing you on all firsts and allow you to shadow me on appointments. ** ( as appropriate **)
* We having regularly scheduled meetings during the first three months.
The New Associate will, within reason, Observe their Mentor on the following critical items:
* Computer Skills: MLS use, CMA creation, etc.
* Prospecting Activities: FSBO, Expired Listings, etc.
* Open Houses: prep, execute and follow up.
* Opportunity Time: handle the office phones and lead management systems, Farming: follow the office program for farming and direct mail.
* Working with Buyers: Buyers Consultation, write contracts, present offers, negotiate, and create compliant files.
* Working with Sellers: set marketing plans and goals, personalize the listing presentation, prepare market update, prepare pricing, negotiate an offer, attend a closing.