What It Takes to Be a Real Estate Agent In Tennessee

So, you think you want to become a real estate agent. It’s no wonder since the market has been incredibly competitive with so many people looking to buy and sell. There are incredible benefits like being your own boss, creating your own schedule, and having a flexible lifestyle.

However, being a real estate agent might not necessarily be the right job for you. What does it really take to become a real estate agent in Tennessee? Let’s take a look.

1. Take the Course and Get Licensed

Before you get to start showing and selling homes, you’ll need to take the necessary coursework and state licensing exams. In Tennessee, you can take your real estate license course online. Once you’ve passed the course, you’re able to then submit your application with the state to take the licensing exam. You can expect to pay anywhere from $500 to $600 for everything including:

• 90-hour Pre-licensing Course
• Application Fee
• Fingerprints
• Licensing Exam

2. You’ll Have to Work Under a Broker First

In the state of Tennessee, you’ll need to first work under a broker for at least 24 to 36 months, depending on whether or not you have a degree in real estate. This means when you do sell a house, you’ll have to pay a portion of the commissions made to the broker.

Brokers have gone through extra licensing and coursework. While an agent is allowed to sell a house, a broker can start their own firm and hire agents to do a lot of the heavy lifting.

3. It’s More Than Selling a House

Becoming an agent is far more than just selling a house. There are lots of other tasks involved such as filing real estate documents, managing personal marketing strategies, updating listings, and scheduling showings with potential buyers.

Real estate agents need to be self-disciplined since most of this work is done on their own schedule. It’s a great point of flexibility but can be more demanding for those who might be used to a typical 9-to-5 desk job.

4. You Have To Be Ready to Hustle

When you first start as a real estate agent, you have to build your reputation. This means finding ways to market yourself as an agent and network with the community is going to be a huge asset. You’ll have to find ways to not only generate leads, but to get them to follow through.

And just because a seller accepts one of your buyer’s offers doesn’t mean you’re immediately getting paid. As the saying in real estate goes, you can’t count your pennies until the cash is in your hands.

5. Know How Much You’re Really Making

It’s important to have a good understanding of how your commissions will work to have a realistic impression of what your earning will be. The average real estate agent receives a commission of around 5% to 6%.

That percentage is split between the buyer and seller’s agents. Your 3% is then split based upon what percentage the brokerage fee is. You can anticipate making roughly around $3,000 to $4,000 per sale.

While that sounds great in theory, you’ll need to sell roughly 1 to 2 houses per month for you to make a median income. This also doesn’t account for the months when deals don’t go through.

6. Work On Your People Skills

 Working with clients requires a trusting relationship. You need to be personable, approachable, and patient. These people are making huge lifetime investments. They may be hesitant to put an offer down right away or want to see dozens of houses before they’re able to choose the right one.

On the flip side, if you’re working as a seller’s agent, you’ll need to be tedious and kind when staging their home and taking photos. It might be difficult for them to store away personalized items or have trouble decluttering the house. Your job, as an agent, is to be flexible with each individual client and their needs.

Summary

Becoming a real estate agent can be an incredible job for someone willing to put in the extra work. It’s important to be realistic with the expectations of the job. Know how to work with people, what it takes to market yourself, and what to anticipate when it comes to generating revenue.