You may be drawn to a career in real estate because you long for a flexible schedule and high income potential. At the same time, you may not have taken the steps to get licensed because you are concerned with how hard it is to become a real estate broker in North Carolina – and compete in such a competitive market.
In this article, we’ll dive into the specific requirements to become a real estate agent in North Carolina, the realities of passing the state exam, and tips to help you succeed in a competitive market.
Key Takeaways
- To become a real estate broker in North Carolina, you must complete 75 hours of pre-licensing education covering essential topics like property law, contracts, and finance. While it may seem challenging, dedicated study and an experienced instructor can make the material manageable.
- With only a 50% pass rate for first-time test takers, the NC real estate exam is challenging but achievable. Adequate preparation, including practice exams and study tools, can help you pass, and don’t worry—you can retake the exam if needed.
- Becoming a real estate broker in NC typically takes 2-4 months and costs between $690 and $1,190. The pre-licensing course, background checks, and exam fees are affordable compared to other career paths, and some schools offer financing options to help spread out costs.
- Aspiring agents face challenges like financial insecurity, market competition, and the need for self-motivation. Overcoming these hurdles requires careful financial planning, strong marketing efforts, and a proactive approach to lead generation.
- Success in real estate often comes from building a strong support network. Joining a brokerage, finding a mentor, and pursuing additional certifications in areas like luxury or commercial real estate can boost your career.
Understanding the Licensing Requirements in North Carolina
You don’t need a college degree to become a real estate agent in North Carolina, but you must complete the licensing requirements outlined by the North Carolina Real Estate Commission (NCREC).
Let’s break them down.
Step 1: Complete pre-licensing education
To get started, you’ll need to complete 75 hours of pre-licensing education from an approved real estate school. This mandatory coursework covers fundamental real estate principles, including property law, contracts, finance, and ethics. While these subjects sound intimidating, an experienced real estate instructor will present these topics in a straightforward manner that is easy to digest by someone committed to learning the material.
Step 2: Complete background check and application process
Halfway through the class, you’ll begin the background check/application process. The application and fingerprinting required for the background check will not take long to complete. However, some applicants worry about how difficult it is to pass the background check for a real estate license.
Related Article: Will a Felony Conviction Prevent Me from Getting a North Carolina Real Estate License?
Step 3: Pass the NC Real Estate Exam
One of the biggest concerns aspiring real estate agents face is the difficulty of the state licensing exam. It’s a legitimate concern, as the exam can be challenging for those who aren’t well-prepared.
FAQ: How Hard is the NC Real Estate Exam?
According to NCREC statistics, pass rates for the North Carolina real estate exam hover around 50% for first-time test-takers. Many people fail the exam due to insufficient preparation, misunderstandings of key concepts, or anxiety during the test. To avoid these pitfalls, it’s important to take your preparation seriously and use the right resources.
Also, remember – you can retake the test! When you’re a licensed broker in North Carolina, no one will know how many times it took for you to pass the exam.
How to Prepare for the Exam
Preparation is critical to passing the NC real estate exam. Consider enrolling in exam prep courses. Practice exams, flashcards, and a review of real estate math can also be helpful. On the exam day, try to manage your anxiety by practicing relaxation techniques such as deep breathing or mindfulness.
Thousands of brokers in North Carolina have completed the real estate licensing process, and so can you.
Related Article: How Much Do You Need to Study for the North Carolina Real Estate Exam?
The Financial and Time Commitment to Becoming a Real Estate Agent
Some people are concerned by the costs and time required to become a licensed real estate broker in North Carolina. Here are the details of the costs and time commitment.
Costs of becoming a real estate broker in North Carolina
Total cost: $690 to $1,190
Here’s a breakdown of the costs of becoming a North Carolina real estate agent:
Expect to pay between $500 and $1,000 for the 75-hour pre-licensing course. The cost varies depending on whether you take your classes at your own pace online, livestream, or in person. Make sure you read the details of the pre-licensing package before purchasing. Buying pre-licensing and post-licensing courses and exam prep ala carte might be more expensive in the long run.
You’ll also need to budget for exam fees ($60), background checks (around $30), and application fees ($100).
While we aren’t downplaying the monetary investment required to get your real estate license, it’s important to remember that it’s much more affordable than other career training programs and college degrees. Still – some real estate schools offer financing options for those who would like to spread out the costs of real estate classes.
Time required to complete the pre-licensing process
Total time: 2 to 4 months
On average, it takes about 2 to 4 months to complete the pre-licensing process. Most spend two to three months on their coursework and a week or two to study for the exam. You’ll also need to wait for the wheels of bureaucracy to turn after submitting your background check info and application.
The fastest way to complete the pre-licensing process is to take online courses at your own pace and complete the application and background check as soon as you are able. Of course, passing the test the first time you take it will also speed up the licensing process.
How hard is it to become a real estate agent in North Carolina? The question is difficult to answer as it depends on your mindset and focus. It’s important to remember that there are 57,000 REALTORS® (members of the National Association of REALTORS®) in North Carolina. Those people became licensed brokers in NC, and so can you!
Challenges You May Face as an Aspiring Real Estate Agent
Getting licensed is the first challenge you will face as a real estate broker in North Carolina. While the real estate career path has its rewards, it’s essential to be aware of the challenges that come with it, particularly early in your career.
Financial insecurity and slow start
New agents often struggle to earn a steady income right away. Since real estate is a commission-based business, it may take months before you close your first deal.
Julie Gurner, a real estate analyst with FitSmallBusiness, has a doctorate in psychology and a real estate license. She has renovated and flipped properties in multiple states across the country.
“The hardest part of being in real estate for new agents is financial and technical,” she says. “It is financially challenging because most people are used to salaried positions. They are accustomed to getting a paycheck every two weeks after putting in a certain amount of work. In real estate, you only eat what you kill.”
What to do about it:
Sharpen your budgeting skills so your finances are in order, whether feast or famine. It’s also helpful to have money in reserve before jumping into a new career so you have savings to draw from while building your business.
Competition and saturation in the NC market
As we mentioned, there are 57,000 REALTORS® in North Carolina. The market is competitive, particularly in metropolitan areas like Raleigh, Charlotte, and Asheville.
What to do about it:
Differentiate yourself from other agents with excellent service, strong marketing, and a robust network.
Personal discipline and motivation
Real estate agents often work independently, which means self-discipline and motivation are crucial. You’ll need to be proactive about generating leads, following up with clients, and keeping up with industry trends.
What to do about it:
Joining a supportive brokerage or finding a mentor can help keep you motivated during the more challenging phases of your career.
Feel like you need to work all the time
Is it hard to be in real estate? According to Lucas Machado, co-founder of House Heroes Realty LLC, there are two major obstacles he has faced and overcome in his own personal real estate journey: working during “off” hours and feeling like he has to work all the time.
“Real estate agents are responsible for growing their business. You are in complete control – but that means your career rises or falls on your own work. There is always more work that could be completed. This creates a compulsion to work as hard as possible and a feeling of ‘slacking off’ when trying to relax.”
What to do about it:
There are ways to address this feeling of constantly needing to work. Here’s what Machado did: “Hiring a virtual assistant is a great way to reduce administrative workloads. There are plenty of assistants who are happy to work from home for relatively low costs. They can review listings, make phone calls, and process data. I’ve been training my personal virtual assistant for a year now, and she is an indispensable part of my business.”
Another way to feel good about taking time off is proper prioritization. “Identify the work that is important to your business’s growth and success. Don’t be afraid to say no. Saying no to one thing means saying yes to another,” Machado said.
Tips to Succeed as a New Real Estate Agent in NC
It’s important to take the right steps early on to maximize your chances of success as a new real estate agent.
Mentorship and networking
Having a mentor or joining a brokerage with a strong support system can be invaluable as you navigate your new career. Look for experienced agents who can offer guidance on everything from marketing to negotiating contracts. Networking with other professionals, such as mortgage brokers and home inspectors, can also help you grow your business.
Building an Online Presence and Personal Brand
Establishing an online presence is crucial for real estate agents. Creating a professional website, maintaining active social media profiles, and engaging with your community online can significantly expand your reach. Showcase your expertise by sharing market updates, real estate tips, and client testimonials. Developing a personal brand that resonates with your target audience will help you stand out in the competitive North Carolina real estate market.
Continuing education and specializations
Once you’re licensed, consider taking additional courses to specialize in areas like luxury homes, first-time buyers, or commercial real estate. Continuing education not only helps you stay up-to-date on market trends but can also set you apart from other agents.
Ready to take the next step in your real estate career? The Superior School of Real Estate offers comprehensive pre-licensing courses, exam prep, and continuing education to help you succeed as a real estate broker in North Carolina. Enroll today to gain the knowledge and confidence you need to excel in this competitive field!
