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Whatcha Gonna Do With That Real Estate License?

Friday, August 30, 2019   /   by Barry Owen

Whatcha Gonna Do With That Real Estate License?

This is for anybody considering earning a Real Estate Sales License in Tennessee.

I’m writing this today because I am aware that there are MANY newly licensed agents out there who did not do this essential part of launching a successful real estate sales career.

Every Real Estate office is uniquely not for everyone.

For you to succeed in this exciting occupational pursuit, it’s vital that you enter with curiosity and eyes wide open.

Before you do this, please consider the following 20 things to think about.

  1. WHY do you want to do this?

  2. Will this be a new Career for you or a part time gig?

  3. Do you know what you have to do to get this license? (I’ve copied the Requirements of the TN Real Estate Commission at the bottom of this post)

  4. Once you have the license in-hand, do you have a plan for finding a firm that is a good fit for you?

  5. How will you learn how sell Real Estate? (The Prelicense courses don’t teach this)

  6. Are you fully aware that you will likely be an “Independent Contractor” (W9) and are launching your own business rather than being “hired” for a job?

  7. Are you aware that you will be financially responsible for your own Practice? (Marketing, Dues to Local, State, and National Associations of REALTORS, Licence fees, Office expenses)

  8. As an independent contractor, you will not have “Employee Benefits” (Health Insurance, 401K etc)

  9. When you “interview” with a Principal Broker, This interview is “mutual” . . . YOU are interviewing the Broker just as the Broker is interviewing you.

  10. This and following are important Questions: Does the company have a dialed in “On-Boarding process” to help you learn the technology in use in the office.

  11. Does the office provide new agent training and/or Mentoring.

  12. What is the Compensation model? Split – Variable – Cap?

  13. What are the Office Expenses? “Hotel/Desk Fees – Technology fees – Transaction fees

  14. Are there any incentives? (Referral fees for bringing in new agents, Profit Share, Bonus based on production.

  15. Does the office provide Leads from internet lead generation or “Floor Duty”? If so, are there any fees related to receiving these leads?

  16. Does the office provide website and CRM (Customer Relationship Manager) to agents?

  17. Are there scheduled Office Meetings and Continuing education meetings?

  18. Does the office provide Showing Scheduling for listings?

  19. How accessible are you (Principal Broker) to agents when they need advice while working with clients and dealing with complicated transactions.

  20. What is your Personality Profile? Take this free on-line assessment before meeting the Broker. Refer to the report and gauge personal accuracy and alignment with the “vibe” of the Broker.

BONUS QUESTION: When you become a REALTOR, your most important function is that of “Lead Generating” because, without leads, you will not have sales, and you and your family will go hungry.

The secret sauce to this business is becoming “famous” amongst your most valuable “smallest viable audience . . . an expert in a well defined niche.

For sure, there are many questions that can be asked.

REALTORS are more than “Salespeople” . . . We are Professionals guiding Home Buyers and Sellers through complicated and important transactions. The stakes are high financially and emotionally. If we sell anything, it’s lifestyle.

I say more about all of this in this morning’s BarrysDriveTime.com video

How to Get a License

Tennessee Real Estate Commission

Affiliate broker candidates must complete sixty (60) hours of real estate education in real estate principles/fundamentals before they take the examination. Proof that the education described above has been completed will be forwarded by the school where the education was completed to PSI. You may not register for the examination until the school has provided that information to  PSI [pdf]. The school will also provide you a certificate or letter of course completion that you must submit to TREC with your application for licensure. Affiliate brokers licensed after 12/31/04 must have completed the 30-hour “Course for New Affiliates” prior to their license being issued and a letter or certificate of completion of the “Course for New Affiliates” must also be submitted with the license application.

Documents required for an affiliate broker’s license:

  • Application with picture – this is obtained at the testing center upon successful completion of the examination

  • Proof of High School Graduation

  • Proof of completion of pre-license education (60 hr. & 30 hr.)

  • Proof of errors and omissions insurance policy

  • Payment of all fees due. ($110.00)

  • Eligibility Verification

  • Electronic Fingerprinting

For faster processing please apply online at  core.tn.gov

Affiliate broker or Broker candidates that wish to retest and reapply must complete the following:

  • Contact TREC to be set up with PSI to retake the real estate exam.

    • Please visit core.tn.gov and register for a new account if you do not have one. Once registered you can add your existing expired license to the account and request to Reapply. Please provide the following information:

      • Name:

      • Date of Birth:

      • Current Address:

      • Previous license number:

      • Email address 

  • Once set up to take the exam the licensee will need to contact PSI at 1-800-733-9267. TREC does not offer exam study material.
    Affiliate brokers licensed before 12/31/04 must complete the 30-hour “Course for New Affiliates” prior to their new license being issued and a letter or certificate of completion of the “Course for New Affiliates” must also be submitted with the license application.
    Documents required for an affiliate broker’s license:

    • Application with picture – this is obtained at the testing center upon successful completion of the examination

    • Proof of High School Graduation

    • Proof of completion of pre-license education

    • Proof of errors and omissions insurance policy

    • Eligibility Verification

    • Electronic Fingerprinting

    • Payment of all fees due. ($110.00)

Published by Barry Owen

Strategist-CEO of Pareto Realty Real estate sales Professional Inviter-Facilitator-Practicer of Open Space Technology Opening safe space for people & organizations to self-organize around issues & opportunities BarryOwen.US Invite-Listen-Love View more posts

 

PS - Pareto Realty is looking for some great new Vital Few REALTORS. If you're in Middle TN, connect with me to schedule a confidential appointment

 

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