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What steps should I take to enter the realty and creative realty workforce?
Me and my partner are thinking about starting a realty business after we finish school. I’ve done some researching and I have a lot of questions.
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Do we need the real estate broker license to lease and rent to residents?
Is it a good idea to get the Real estate broker license to lease and rent to residents as a form of income before getting into the other aspects of realty and the realty business?
Is college necessary to become a real estate broker? If not and we do decide to still gain higher education, what paths, majors, minors, and degrees would you recommend?
What do I need to become and official architect? Will it be easier to get that title if I am already considered a real estate broker and have interior architectural experience?
What counts as architectural experience? Do games and software that specialize in interior architecture and architecture count as experience?
What advice do yu have for someone who doesn’t have a clear path on how to start a realty business?
Can a real estate broker hire mortgage agents? If not, are we able to hire a mortgage broker who can hire the mortgage agents under our company mortgage department?
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3 answers
Julio Guzman
Train, manage, agents, and run day to day operati o ns of the brokerage
10
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Julio’s Answer
Wow! That is a myriad of questions; and each has its own answer.
To answer the first two questions; the key point is to distinguish whether you own or manage for another; most states require a license to perform real estate functions on behalf of others (for the owners), for compensation, that includes leasing, buying and selling.
As to college, there are colleges and universities that offer Business or Finance degrees with a minor in Real Estate, and also Master degrees in real estate, though not required for licensure in most states, some states waive the pre-license course and experience requirement for examination for Broker Licences with the those degrees; and the vast knowledge and training is leaps and bounds ahead of you get with just a pre-license class!
You do need to go to college to be an architect, and real estate license is totally different and the games as experience? doubtful, but check the curriculum for that degree (listed in most university sites). A college degree always adds to knowledge for any business endeavor.
As for Mortgage Broker, that is a total separate license not the same as a Real Estate Broker license; and each state has licensing requirements, as since the DODD FRANK ACT, there is much over-sight on license registrations and regulations to mortgage business and licensing. So NO a Real Estate Broker cannot hire mortgage agents, only a Mortgage Broker can (a separate license) ... So my advice, for a clear path to a Realty Business, is to first start with plan, is reverse planning, where do you want to be in the end, and plan backwards to where you start. And that based on the jist of your questions, I see you want to lease and rent property, and I will assume you want to own these? Start then with a good education in Business, Finance, and Real Estae; get your real estate license so you can start with other peoples property, (unless you already own property) and adjust your business plan accordingliy as situations change 9and they will change).
To answer the first two questions; the key point is to distinguish whether you own or manage for another; most states require a license to perform real estate functions on behalf of others (for the owners), for compensation, that includes leasing, buying and selling.
As to college, there are colleges and universities that offer Business or Finance degrees with a minor in Real Estate, and also Master degrees in real estate, though not required for licensure in most states, some states waive the pre-license course and experience requirement for examination for Broker Licences with the those degrees; and the vast knowledge and training is leaps and bounds ahead of you get with just a pre-license class!
You do need to go to college to be an architect, and real estate license is totally different and the games as experience? doubtful, but check the curriculum for that degree (listed in most university sites). A college degree always adds to knowledge for any business endeavor.
As for Mortgage Broker, that is a total separate license not the same as a Real Estate Broker license; and each state has licensing requirements, as since the DODD FRANK ACT, there is much over-sight on license registrations and regulations to mortgage business and licensing. So NO a Real Estate Broker cannot hire mortgage agents, only a Mortgage Broker can (a separate license) ... So my advice, for a clear path to a Realty Business, is to first start with plan, is reverse planning, where do you want to be in the end, and plan backwards to where you start. And that based on the jist of your questions, I see you want to lease and rent property, and I will assume you want to own these? Start then with a good education in Business, Finance, and Real Estae; get your real estate license so you can start with other peoples property, (unless you already own property) and adjust your business plan accordingliy as situations change 9and they will change).
Julio Guzman
Train, manage, agents, and run day to day operati o ns of the brokerage
10
Answers
Updated
Julio’s Answer
Wow! That is a myriad of questions; and each has its own answer.
To answer the first two questions; the key point is to distinguish whether you own or manage for another; most states require a license to perform real estate functions on behalf of others (for the owners), for compensation, that includes leasing, buying and selling.
As to college, there are colleges and universities that offer Business or Finance degrees with a minor in Real Estate, and also Master degrees in real estate, though not required for licensure in most states, some states waive the pre-license course and experience requirement for examination for Broker Licences with the those degrees; and the vast knowledge and training is leaps and bounds ahead of you get with just a pre-license class!
You do need to go to college to be an architect, and real estate license is totally different and the games as experience? doubtful, but check the curriculum for that degree (listed in most university sites). A college degree always adds to knowledge for any business endeavor.
As for Mortgage Broker, that is a total separate license not the same as a Real Estate Broker license; and each state has licensing requirements, as since the DODD FRANK ACT, there is much over-sight on license registrations and regulations to mortgage business and licensing. So NO a Real Estate Broker cannot hire mortgage agents, only a Mortgage Broker can (a separate license) ... So my advice, for a clear path to a Realty Business, is to first start with plan, is reverse planning, where do you want to be in the end, and plan backwards to where you start. And that based on the jist of your questions, I see you want to lease and rent property, and I will assume you want to own these? Start then with a good education in Business, Finance, and Real Estae; get your real estate license so you can start with other peoples property, (unless you already own property) and adjust your business plan accordingliy as situations change (and they will change).
To answer the first two questions; the key point is to distinguish whether you own or manage for another; most states require a license to perform real estate functions on behalf of others (for the owners), for compensation, that includes leasing, buying and selling.
As to college, there are colleges and universities that offer Business or Finance degrees with a minor in Real Estate, and also Master degrees in real estate, though not required for licensure in most states, some states waive the pre-license course and experience requirement for examination for Broker Licences with the those degrees; and the vast knowledge and training is leaps and bounds ahead of you get with just a pre-license class!
You do need to go to college to be an architect, and real estate license is totally different and the games as experience? doubtful, but check the curriculum for that degree (listed in most university sites). A college degree always adds to knowledge for any business endeavor.
As for Mortgage Broker, that is a total separate license not the same as a Real Estate Broker license; and each state has licensing requirements, as since the DODD FRANK ACT, there is much over-sight on license registrations and regulations to mortgage business and licensing. So NO a Real Estate Broker cannot hire mortgage agents, only a Mortgage Broker can (a separate license) ... So my advice, for a clear path to a Realty Business, is to first start with plan, is reverse planning, where do you want to be in the end, and plan backwards to where you start. And that based on the jist of your questions, I see you want to lease and rent property, and I will assume you want to own these? Start then with a good education in Business, Finance, and Real Estae; get your real estate license so you can start with other peoples property, (unless you already own property) and adjust your business plan accordingliy as situations change (and they will change).
Updated
Xiomara’s Answer
What advice do you have for someone who doesn’t have a clear path on how to start a realty business?
Select a need that you want to satisfy in the area where you would like to set up your business, knowing what your environment likes or needs will help you to choose and idea, also make sure you like it, since you will be the most important part of the business.
Select a need that you want to satisfy in the area where you would like to set up your business, knowing what your environment likes or needs will help you to choose and idea, also make sure you like it, since you will be the most important part of the business.
Thank you for the advice.
Jalia