How to Get a Commercial Real Estate License
Obtaining a Commercial Real Estate License
S elling commercial real estate for a living can be a fun and profitable experience. Many people become commercial real estate’s agents as a way to fulfill a dream of earning extra money, or beginning their own brokerage firm. There is always significant room for ongoing advancement when involved in the commercial real estate industry. However, first requires obtaining a commercial real estate license.
Ways to Obtain Commercial Real Estate License
- State Regulations
- Going to School
- Taking the Test
- Paying for the License
- Locate a Brokerage
All of the regulations involving selling commercial real estate in the state are handled through the state Realty regulation board. It is typically a great idea to first locate the regulation board, to see what needs to be fulfilled in your specific state. This will help you obtain your license. If it is not possible to locate the state board through typical means, search on the Internet to find realty regulations that specifically concern your state.
Search for a local school in your area that is offering classes on how to obtain your commercial real estate license. Nearly every state in the union requires at least 60 credit hours and up to 90 credit hours of heavy hitting commercial real estate courses as a way to obtain a pre-licensing certificate. More than likely the Realty Board will offer a huge list of approved schools throughout the state.
While it is not required to take any course work in most states, it does help at the time of testing, to pass the exam. Usually, the two specific types of courses that are offered in most states on selling commercial real estate are Commercial Real Estate Financing, and Commercial Real Estate Principles.
Once you receive your certificate of the school, or feel confident that you can pass the test, you need to set up an appointment. Usually, the state’s realtor exams are handled once or twice each month in large metropolitan cities. Recognize that these tests are usually very difficult, where less than 25% of the entire class will pass it on their first try. To be successful, you will need to make sure that you study very hard, apply yourself, and keep retaking the test until you pass it.
Once you are successful in passing the test, the state will allow you to purchase your commercial real estate license to begin selling commercial real estate. Based on your state, you will likely pay $100-$600 for your license. Typically, the license will last one year to three years.
The last step in having the ability to sell commercial real estate is to find a broker. Real estate agents are not allowed to work on their own, but are required to work under a brokerage. Only after you have been able to sell commercial real estate successfully for 3 to 5 years, you can get your brokerage license, and start your own business to sell commercial real estate.
Generally speaking, the regulations concerning selling commercial real estate vary between states. However there are specific guidelines that are pertinent to every state.
One of the key requirements of any commercial real estate – selling strategy has to include access to a wide database of potential customers.
The success of any person connected with commercial real estate -selling depends on his or her having the right skills for making the required sales. These skills are not something that can be easily acquired, but require constant dedication and hard work. Being part of a sales team will allow such skills to benefit the whole organization, and can lead to personal success.
If you are on your own, make an effort to constantly widen your circle of acquaintances and list of prospective customers. Ensure that you are constantly in touch with them.
There are specific guidelines that are pertinent to every state. By reading above, you can learn exactly how to become highly successful in selling commercial real estate by obtaining a license..
