Are you looking to earn some extra income in retirement? Or perhaps you’re looking for something to fill your days? If so, look no further than real estate!
This article outlines what makes real estate such an excellent side gig for retirees and how to get your North Carolina real estate license.
Key Takeaways
- Becoming a real estate broker offers retirees significant advantages, such as supplemental income, a flexible schedule, and increased community involvement. The average part-time income for North Carolina brokers is $71,718, providing financial benefits and allowing retirees to delay Social Security benefits or retirement account withdrawals.
- Real estate brokers can set their own schedules and often work from home, allowing for more personal time and the ability to pursue other interests or travel.
- The role involves working with community members to help them find homes, and it provides a sense of fulfillment and satisfaction from positively impacting others’ lives.
- Becoming a North Carolina real estate broker involves completing 75 hours of pre-licensing education, passing a licensing exam, finding a broker-in-charge, completing 90 hours of post-licensing education, and maintaining the license with ongoing continuing education.
Benefits of Real Estate as a Retiree
While many part-time jobs are available to retirees, none have the same benefits as working in real estate. Here are just a few perks to becoming a real estate broker in retirement.
Supplemental income
One of the most significant benefits of working as a real estate broker in retirement is the ability to earn a supplemental income. As of July 2024, the average income for part-time North Carolina real estate brokers is $71,718. Considering the average cost of living in North Carolina is $38,295, this supplemental income can significantly offset the cost of healthcare, housing, and other necessities. Moreover, working in real estate can be a great option if you want to delay your Social Security benefits or postpone withdrawing from your retirement accounts.
Flexible schedule
When it comes to real estate, you’re your own boss, so YOU set your own schedule. Whether you want to spend more time with family, cultivate your hobbies, or even travel the world, you can as a real estate broker.
Additionally, many real estate brokers choose to work from home instead of in an office, making real estate an even more attractive profession for those who do not want to commute daily.
Community involvement
Lastly, many retirees find that working part-time makes it easier to build relationships with others after they’ve left their full-time jobs. As a real estate broker, you work with people across your community by helping them find the home of their dreams. This sense of fulfillment and bettering people’s lives makes real estate one of the top careers for career satisfaction.
How to Become a North Carolina Real Estate Broker
The process of becoming a North Carolina real estate broker is very straightforward. Simply follow these steps.
Step 1: Take your pre-licensing course.
The first step to getting your North Carolina real estate license is to complete the required 75 hours of pre-licensing education. Three learning modalities are available to you: in-person classroom, virtual classroom (via livestream), and self-paced, online study. You’ll want to pick the type of course best suited to your schedule and learning preferences.
The cost of completing your pre-licensing education varies, but you can expect to pay between $400 and $800.
Step 2: Submit your real estate application to the North Carolina Real Estate Commission.
Once you’ve completed your pre-licensing education, you must send your real estate license application to the North Carolina Real Estate Commission, including your background check ($15) and application fee ($100).
Step 3: Pass your real estate exam.
Once your application is approved, you must take and pass the North Carolina real estate exam. Your pre-licensing education will prepare you for your exam, but some students elect to take an exam prep course to help them study. The exam fee is $60 and must be taken at a Pearson Vue test center. If you don’t pass your exam on the first attempt, you must wait ten days before retaking it.
Step 4: Find a broker-in-charge.
Once your application is approved and you pass your real estate exam, you will have a provisional license status and need to find a broker-in-charge to supervise you until you complete your post-licensing education.
Step 5: Complete your post-licensing education.
As a provisional broker, you’ll have 18 months to complete 90 hours of post-licensing education. The 90 hours are comprised of three 30-hour courses: Broker Relationships and Responsibilities, Contracts and Closing, and NC Law, Rules, and Legal Concepts. After completing your post-licensing education, your provisional status will be removed, and you’ll be a fully licensed North Carolina real estate broker. The cost to complete your post-licensing education varies, but you can expect to pay between $600-700.
Step 6: Keep up with continuing education.
Finally, you must complete 8 hours of continuing education each year to keep your real estate license active. These courses can be taken in person or online via livestream or in a self-paced course. Typically, each 4-hour course costs between $50-60. Plus, you’ll need to pay a $45 license renewal fee.
Partner with Superior School of Real Estate
It can be intimidating to start a new career, especially if you don’t have any prior industry experience. But you don’t have to go it alone. At Superior School of Real Estate, we’ve helped thousands of North Carolinians just like you launch successful real estate careers. Will you be one of them?
Source:
“What Is the Cost of Living in North Carolina?” Unbiased. Accessed July 23, 2024. https://www.unbiased.com/discover/banking/what-is-the-cost-of-living-in-north-carolina.
