Millions of people move every year either within the same city or from one state to another. And as you might guess, real estate agents are as busy as a bee in the states with most inbounds. The top 5 states that attracted new residents in 2018 are Idaho, Arizona, South Carolina, Tennessee, and North Carolina.
With a vibrant economy and non-stop entertainment, the Volunteer State seduces people with a cost of living below the national average and fairly low housing costs. Nashville - its capital - is a good place to live and for a long time has been growing by 100 people a day. Does Nashville sound like a good starting point for your real estate career? Do you want to know how to become a real estate agent in Nashville? The answer is below.
Real estate schools in Nashville
Given the booming real estate market in the Nashville metropolitan area, there is a huge demand for education in this subject matter. Real estate schools in Nashville are aplenty. If you’re looking for distance education, RECampus is a partner of the Greater Nashville REALTORS®. However, TREES® bills itself as “Tennessee's Oldest and Largest Real Estate, Appraisal, and Home Inspection School.” Also, feel free to assess the offers of Success Real Estate School and Continual Learning Institute.
As you prepare for the real estate license exam in Tennessee, you will have to assimilate a lot of new information and jargon that sometimes is too abstract to understand. But there is no pressure. You can study at home, at your own pace and work around your daily schedule to complete the course, gaining an improved understanding of real estate trends in Nashville as you go along. But distractions will slow you down. That’s why you should try to go to a class. The main benefit of studying in a classroom setting is the fact that you can ask questions and get answers on the spot. Some schools even offer classes in the evening or during the weekend. So, when you go to a physical classroom, you take the course seriously.
When studying for your real estate license exam, you’ll need to be disciplined, hardworking and persistent. Memorizing pages upon pages of legal boilerplate and real estate law won’t be easy, but with commitment and perseverance it can be done. Once you’ve taken your exams and received your license, you’ll be glad you stuck with it!
How long does it take to become a real estate agent in Tennessee?
Few careers can be started at the bat of an eyelid. And even fewer require such a small investment. One can become a real estate agent by studying less than a year and spending no more than $1,000. What is widely known as a real estate license, in Tennessee it is called an Affiliate Broker license. How long does it take to pass the exam? It really depends on each student, but it can be done in a few months. The test preparation is comprised of a 60-hour pre-license course to acquire the basics of real estate followed by the New Affiliate course spread over 30 hours. Now, compare this career with others that require years over years of college and thousands of dollars in student debt.
If this sounds too good to be true, there is at least one major downside: You will compete with nearly 1,600 real estate agents in Nashville TN. But don’t get discouraged! Even though you pass the real estate license exam on your first try, you still have a lot to learn, so don’t set too high expectations for the first few years. You will be working and learning at the same time, and you may not have too many closings as a rookie real estate agent in Nashville. However, it depends on how well you market yourself. We advise you to get listed on The Official Real Estate Agent Directory® as soon as you obtain your license and join a team of real estate agents at a real estate company in Nashville.
Later on, after two or three years of experience, you may want to go to the next level and get your real estate broker license in Tennessee. For that, you also have to attend at least 120 hours of continuous education.
Real estate license cost in Tennessee
The cost of the pre-licensing course and coursebook depend on the education provider of your choice. In comparison to college education, the cost is negligible, really. Part of the real estate license cost in Tennessee is the course that introduces you to the fundamentals of this industry and is around $500. The application fee for the real estate license exam is $110 at the moment, while the examination fee is $43. Add the cost of fingerprinting which is about $90, and you are still well under $1,000. Although this may seem a bit steep, it’s negligible compared to the earnings you can expect as a real estate agent working in Nashville TN.
The real estate license cost in Tennessee is quite affordable. Isn’t that great? Moreover, you can practice your profession right away. And the Music City has plenty of real estate brokers ready to hire full-time or part-time real estate agents. However, not many jobs in real estate offer you a monthly salary. Most agents are paid on a commission basis. Look at the bright side, though - there is no upper limit on your income. The sky's the limit!
As a realtor working in Nashville TN, you’ll be able to recoup your initial investment with ease. Real estate agents in Nashville TN are well paid, earning a percentage of the value of each home they sell. When you’re selling homes that are listed at prices in the high hundreds of thousands of dollars, this commission can add up to quite a tidy sum!
For those seeking a way to escape the fetters of income inequality and wage slavery, working as a real estate agent will allow you to do just that. There’s no limit to how much real estate you can sell in a month, and the only real cap on how much you can make in a given period of time is how hard you’re willing to work.
What is required to get a real estate license in Tennessee?
Those who graduated from high school have no barriers to enter the lucrative field of real estate. Proof of high school graduation or a GED certificate is one requirement for wannabe real estate agents in Nashville. Secondly, candidates must prove they have completed both the 60-hour course on the basics and the 30-hour course for New Affiliates. Then come the taxes and fees.
While it isn’t obligatory, additional training above and beyond the required education courses are also thoroughly helpful, allowing you to gain supplementary knowledge that will prove invaluable. It’s not required, but the extra know-how will be a tremendous advantage in an environment where knowledge is power.
But can you guess what else is required to get a real estate license in Tennessee? An Errors and Omissions Insurance or Professional Liability Insurance - a kind of malpractice insurance that costs about $100 per year and protects the real estate agent in the event of a lawsuit. Eligibility verification is also mandatory, and so is the electronic fingerprinting. Those who successfully pass the exam will receive the license application form.
Another optional but highly advisable prerequisite is having a position lined up at a real estate brokerage or real estate firm. You won’t be able to work independently just yet, so you’ll need the protective and financial umbrella provided by a real estate brokerage. They’ll give you office space, advice and anything else you need in your journey towards becoming a full fledged real estate agent, broker or realtor.
Real estate agent salary in Tennessee
If you want to become a real estate agent only for the money, you may be disappointed. While top real estate agents in Nashville do make a lot of money, they have started just like everybody else. As you will see, in your first year, you should be grateful if you manage to cover all your business expenses. Even if you end in red, you should follow your dreams. If you really believe in it, you will succeed!
But you must be eager to find the answer to the following question. How much money does a real estate agent make? According to salary[dot]com, a real estate agent’s salary in the US is almost $42,000 per year or $3,500 per month. According to Payscale, though, a real estate agent’s salary in TN is on average $48,000 per year. But keep in mind that most real estate agents are self-employed, so there isn’t a third party who withholds income taxes.
An agent’s income fluctuates a lot depending on the time of the year and market conditions. Besides, each home they sell has a different price so commission earnings vary. However, rentals may bring in some much-needed cash between two closings. But if you’re passionate about your job, it really doesn’t matter what is the average salary of a real estate agent in Nashville TN. The following paragraph explains how you can grow your income year after year.
Don’t expect to start making the big bucks overnight; real estate is a business in which persistence is crucial. You can’t expect success unless you keep at it and do your best every day, constantly putting in the work to make your future as bright as it can be. With time, you’ll gradually see an increase in your earned income, as you gain more clients and establish a name for yourself as a reputable, reliable real estate professional.
How to succeed in Nashville’s real estate market
Real estate agents in Nashville can grow their income by simply investing in online marketing such as getting listed on RealEstateAgent.com while also posting vlogs and articles on various platforms. Online marketing is the way of the future, and the sooner you get your name out there the sooner you’ll be accepting new clients. That’s just the way it works!
Making it easy for people to reach you - that’s how you get more leads as a real estate agent. So, put your name out there! If you only get one extra lead per week from a source, that means 52 leads in a year. And if five of them do business with you, for example, by selling $1 million worth of real estate, at 3% commission, you earn an extra $30,000. It’s really that simple to increase your real estate agent salary!
So, even though you won’t make money in the first months, think long term. This is a career in which the longer you stay, the more you can earn. Be patient while you gain experience. You will reap the rewards soon. The longer you work, the more knowledgeable you will become, until you’re able to draw on your years of experience in order to better understand the market that you work in. It won’t happen overnight, but in due time you'll be an expert!
It’s so easy to become a real estate agent in Nashville, but it’s so hard to stay motivated and focused on your ultimate goal. There will be days when you will want to quit and days that refuel your batteries and bring you back on track. On days like these, you’ll need to rely on your self care routine and stress management strategies, but you’ll quickly acclimate to the circumstances and find yourself able to function efficiently and effectively.
Conclusion
There are ups and downs just like in any career. But if you really want to be among the top real estate agents in Nashville, don’t lose hope. Invest in yourself, learn as much as you can, join professional associations, be active and involved, and people will start to notice that you really love what you do.
And even more than that - they will see in you an expert, a coach. Then, pride will be your biggest enemy. Remain humble and be grateful no matter how much money you have in your bank account.
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