Big News!!!! I passed my Oregon real estate exam and I am officially a licensed real estate broker. I have been considering taking this leap for some time now and the time was finally right to start.
A little background. Before becoming a stay-at-home mom, I worked as an escrow assistant for five years. During this time, I gained valuable insights into the technical aspects of the real estate industry, which I believe will benefit me in my new career. Additionally, my experience in escrow allowed me to build a strong network of colleagues, clients, and friends. Before entering escrow, I worked at a regional bank and quickly moved up the ranks. Starting as an entry-level teller, I was promoted to personal banker within just six months. As a personal banker, I consistently achieved top sales in the region, leading to another promotion to customer service supervisor. This journey helped me gain confidence in my ability to learn quickly and communicate effectively with clients.
How to get a license. When I made the decision to obtain my real estate license, I reached out to several realtors for guidance on how to get started. I soon learned that there are a variety of ways to obtain a license. Some people choose to become unlicensed employees on a real estate team, learning the intricacies of the industry while also taking the online licensing course. They then take the exam before searching for the ideal brokerage to join.
In my case, I received a small discount on the course and began attending office meetings to absorb as much knowledge as possible while working through the coursework. I also contacted several other realtors for advice and guidance. Others opt to complete the course and exam before finding a brokerage to work with.
After determining your desired path, you must take the Pre-Licensing course for your state, which takes 150 hours in Oregon. I personally completed the course in four months while being a stay-at-home mom, but it’s possible to finish it sooner, say, three months. However, my studies were delayed for a few weeks due to a life event. Once you finish the course, you can schedule to take the National and State Exam but don’t feel disheartened if you don’t pass on your initial attempt as it’s normal to require a few tries. Fortunately, I passed on my first try and proceeded with fingerprinting and background checks. After completing those, you must find and confirm the brokerage you want to “hang your license” with. If you need help with your state’s real estate license requirements, visit your government’s website for pertinent information.
Benefits of becoming a real estate agent. As a real estate agent, you are an independent contractor, which means you have the freedom to create your own schedule and build your network according to your preferences. However, with this freedom comes the responsibility of managing your own taxes. In Oregon, independent contractors must set aside funds to pay both state and federal income taxes, as they receive their full commission without taxes being automatically deducted. It’s important to keep this in mind as you navigate your role as your own boss in the real estate industry.
As a homeowner, you don’t have to pay the listing side of the commission when selling your house. However, it is recommended to pay the commission to the buyer’s agent. If you are buying a house, you can be innovative with your commission and save a considerable amount of money. Additionally, you will have access to a vast network of additional contacts (lenders, insurance agents, etc) to choose from for your personal transactions, which can lead to even more savings.
Stay tuned for what’s to come. This is a new adventure for me and I am excited to create a long lasting career. I’ll be updating you guys on the next steps I take and share my experiences.
Whole Health Momma 