How to become a Real Estate Agent in New Jersey
Complete a step-by-step guide on how to get your real estate license in the state of New Jersey. We also provide a couple of important tips to help you pick the perfect brokerage. This will increase your chances of success.
We will also cover all the costs associated with getting your license. You will know exactly how much to budget.
How to Become a Real Estate Agent in New Jersey: Basic Requirements
The basic requirements are that you’re required to be 18 years old or older, and you have to have a high school diploma or a GED. Once you have that in place it’s time to start with step number one
step number one is getting your pre-licensed education in place. In New Jersey, you’re required to complete 75 hours of state-approved pre-licensed education classes.
75 hours is a lot of time to sit in a classroom especially if you have a busy nine-to-five job or you just have a busy schedule in general
Because of this, we recommend a real estate school that offers classes online. They are state-approved and read the reviews. See what other students are saying when picking a school.
once you complete your 75 hours of state-approved pre-licensed education classes well it’s time to schedule your exam.
We recommend that before scheduling your exam to become a real estate agent in New Jersey, you take a little bit of time to study. This exam has a high failure rate. We have a few basic tips that we used to pass the exam.
Time Block: Time block at least 1 hour every single day for a maximum of 2 weeks. This time should be used to look through your books and study online practice tests. Learn the material a lot more and retain as much as you possibly can. This is not an open-book exam and the more you study, the more information you will retain.
Real Estate Study Guide: We would recommend acquiring a real estate study guide. Whether it is from Amazon, Barnes and Noble, or a Live Person, these are essential to helping you pass the test on the first go. This is an opportunity to get someone to hold you accountable. Flashcard quizzes and a study buddy will make it more interactive and fun. You will retain more information.
Once you have the confidence to pass and have taken the time to study, it is time to schedule your exam. The exams are held at PSI Testing Centers. You will need to give the PSI Center some notice. Give them more than 24 hours’ notice.
See what times are available in their calendar and what time and date works best for you.
Test Day: On test day, you need two things. The first is two forms of identification, and the other is a non-scientific calculator for the math section of the exam.
Sitting for the Exam to Become a Real Estate Agent in New Jersey
Once you are calm and sit down, you will quickly realize the questions are multiple-choice. There is no reason to rush through the exam. Most people will get nervous and fail the exam because of rushing. Make sure you read the questions multiple times.
Many people will finish the exam early. Even if you read the questions a few times, you will probably finish early. Take your time.
When you complete and submit your exam, you will know immediately if you passed or failed.
When you walk to check out of the testing center, they will go over your scores. If you fail, it is not the end of the world.
Just study more and retake the test. The only downside is you will need to repay the test exam fee. A lot of agents, who are GREAT agents, have failed the test the first time they take it.
Never take a fail as an indication of what your real estate career may equate to.
If you did pass the exam, it is okay to celebrate. This is a huge step, and you are another step into becoming a real estate agent in New Jersey. This is truly one of the hardest parts of the process.
How To Become a Real Estate Agent in New Jersey: Fingerprinting and a background check
In New Jersey, to become a real estate agent, you will need to get a Background Check and Fingerprinting. The commission will want to see if you have done anything wrong, that would prevent you from getting your real estate license. Felonies may potentially be a problem if they are money crimes. Money crimes such as Fraud, Theft, Etc.
If you have this on your record, check with the state and the Real Estate Commission ahead of time before putting in the work studying for the test.
Finding a Sponsoring Broker: How to Become a Real Estate Agent in New Jersey
After your fingerprinting, you will start your search for a sponsoring broker. In New Jersey, you are required to work under a sponsoring broker. Finding the right sponsoring brokers is not that challenging.
Most brokerages will take you on as a new agent. But with an average failure rate of over 87%, you have to be sure your sponsoring broker and company are the right fit. Picking the wrong brokerage will increase the chances that you may fail.
Tips to Picking the Right Sponsor: Become a Real Estate Agent in New Jersey
Do you offer a mentorship program? The ability to have a mentor walk you through the first few deals is a game-changer. They will be extremely stressful and challenging. You simply do not understand the entire proof yet. Having someone to help you through and be able to speak with when questions arise is worth it. This is a game-changer for getting your career as a real estate agent in New Jersey off the ground. Real-world experience in every situation is irreplaceable.
Do you offer a training program with specific systems, steps, or modules that will help with my growth? The biggest challenge to new agents is once they get licensed, they walk into their new brokerage and have no idea what to do. So often do we hear how many agents are stranded by their brokerage. New agents do not know how to get new business. What they should be doing and what they should not be focusing on is crucial. Having a step-by-step training or system that you can follow can guide you down the road and can be a complete game changer.
Mentors are not a training system. Having a mentor with real-life experience is there to help you (24-7). But they will not be holding your hand because, most likely, they are still selling real estate themselves. Training can be video, weekly classes online or at the office, or a peer-to-peer mastermind.
Now don’t confuse this with a mentor because having a mentor is there for the problems and times you need to talk but that Mentor can’t be there 24 7 because they’re probably still selling real estate this training module can be video modules or it can be weekly classes at The Brokerage you know you want to
How am I going to get business? One of the most challenging parts of becoming a real estate agent in New Jersey is generating business. You ultimately want to know how to generate business the way you want to generate business. Most brokerages are just going to teach you about Sphere of Influence (SOI) marketing. This is something almost every real estate agent started out doing. They will teach you how to contact family, friends, etc.
There is nothing wrong with this, but everyone is doing it. Many agents, depending on their network, have built 6-figure careers on SOI. Finding a brokerage that will demonstrate how to prospect sellers, buyers, and investors the right way will be your game-changer. You will want this answered upfront because you have to align yourself with a brokerage that is going to help you build your prospects
We are constantly seeking new real estate agents as partners in New Jersey. Get in Contact With Us Here
The next step is submitting your license application. Once that goes in, you are going to wait until it comes back. Then you get the green light. Congratulations, you are officially a licensed real estate agent in New Jersey. Then take your license, and hang it with your sponsoring broker.
It is time to start building your real estate career.
Important: What you should budget if you are not starting part-time Become a Real Estate Agent in New Jersey
The first cost to budget for is the 75-hour pre-licensing course. I would budget from $400-$650. For this, you will have your exam fee. Budge another $60.00 to get this exam completed. If you pass the exam the first time, then you will have $160 for the license application fee. After this, it is $68 for background checks and fingerprinting.
The amount of money you should expect to budget when joining your first real estate brokerage will depend on. $250 should be sufficient, depending on Errors and omissions Insurance, websites, technology fee, etc.
If you have specific questions in regards to how to become a real estate agent in New Jersey, Contact Us Today!