Getting Your License

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Getting Your License B E C O M I N G A M C E N E A R N E Y A S S O C I AT E


There is an important difference at McEnearneyAssociates: it’s not about us, it’s about you. And we are here for you every step of the way.


JE A N BE ATT Y, JOINED 2013


SECTION 1 LICENSING GUIDE

Pre-Licensing This is the phase where you are planning, prepping, and studying to become a Realtor®. The pace that you move through these steps is up to you and your timeline, and many future agents continue to work at their current job while completing their coursework. During this time you should also be thinking about the type of brokerage you want to join and McEnearney Associates welcomes the opportunity to discuss our real estate mission as you continue your studies. The important thing to keep in mind at this stage is that while preparing for the licensing exam is an exciting challenge, the REAL work begins after you receive your license and start building your real estate business. This is the time to start the best possible foundation for a successful career!

CESA R R I V ER A , JOINED 2018


COLLEEN COOPERSMITH, JOINED 2007

BR A DSH AW CH A MBER LIN, JOINED 2013


STEP ONE

Formulate a Business Plan Before you start your journey in Real Estate, it is important to know your destination! That starts with developing a written business plan that outlines who you are as a Realtor®. Your business plan should include: the mission of your business, what services you will provide, a list of your “sphere of influence” (SOI) and their contact information, an analysis of your competition and how you will differentiate your business from others, description of current market forces, P&L projections, marketing directives, and an assessment of current household expenses and assets. This last part is especially important if you are coming from a salaried job where you had a consistent monthly income. Real Estate is a commission-based business and it’s critical to have a household budget in place to account for periods of time when earning sufficient income to cover your monthly bills could be delayed for a number of reasons. You can find samples of Real Estate Business Plans here.


STEP TWO

Take a Licensing Course Sign up for an approved 60-hour licensing course either in-person or online. Approved education vendors can be found at: DC | Virginia | Maryland McEnearney Associates has a discounted rate with The CEShop, an approved education provider, and classes are available at: General Information | DC | Virginia | Maryland

STEP THREE

STEP FOUR

Take the State and National Exams

Passing the Exams

Taking the state and national real estate exam is a multi-step process. Once you complete your coursework, your education provider will administer a test that you must pass before taking the formal licensing exam. Passing this exam gets you to the last hurdle: sitting for your state and national licensing exam which is administered by PSI. To review the licensing application process or to see available testing locations and times, visit here and follow the links for “Government/ State Licensing Agencies.”

Exams are administered Pass/Fail and you will not be given a score as to how you did, but if you receive a passing grade you will be notified immediately and be given instructions for getting your fingerprints done for filing at your state agency. If you do not pass your exam you must reschedule another exam through PSI and pay an additional exam fee. Your education provider may also offer guidance for a follow-up exam.


McEnearney Associates has built its reputation on exceptional service and outstanding performance, and we are routinely recognized by local, regional, and national organizations as one of the leading real estate companies in the country. PAT R I C K E W I N G , J R . M C E N E A R N E Y A S S O C I AT E J O I N E D 2 019



SECTION 2 LICENSING GUIDE

Licensing Congratulations, you have earned your license for practicing real estate! Now you must find a brokerage with which to affiliate and it’s important to refer back to your business plan about what you want to accomplish so that you can find the company that will best help you meet and exceed your goals.

A NN DUFF, JOINED 1992


SUS A N CR A F T, JOI N E D 2003

J U LI A N T. BU R K E II, JOI N ED 1992


STEP ONE

Understanding the Brokerage Models The world of real eastate hosts a wide variety of brokerage models from which to choose and the responsibilities and support of the Broker, and the expectations of their agents are very different. Some brokerages, like McEnearney Associates, are full-service, providing comprehensive training, marketing, and administrative support for agents in return for a split of the commission fee. To see more brokerage types and what is provided by way of support or collected in fees, visit www.nar.realtor/infographics/common-brokerage-models. Some brokerages will only accept new agents into a team environment and will match you with a busy agent who needs assistance. This may be an option if you want to continue to receive a regular salary, but your work schedule and daily tasks will be set by your team leader. If autonomy and developing a business under your own brand is something that’s important to you, a team may not be the right fit. These are just some of the things that should be covered in your discussions and you should get specific about what is most important to you. This will be your Real Estate Home for years to come and you want to know as much as possible to make the right choice.


TRAINING

What is your training program for new agents? Does it cover postlicensing education (PLE)? Who teaches the classes? How often are they held? Are they recorded for future reference? Do you have a mentoring program and who pays the mentor’s fee? FEES

What fees are charged to agents? What is your transaction fee? How are agents billed for incurred charges? MARKETING

What is provided to agents for print, online, social media, and email marketing? Is it in-house or outsourced? What is paid for by the brokerage and what is the agent responsible for? What multi-channel platforms are used to reach the broadest/targeted audiences? How much marketing can be customized? Do you help agents define their brand? TECHNOLOGY DINOR A CH ACON, JOINED 2020

STEP TWO

Interviewing a Brokerage Once you’ve determined what type of brokerage model you want to affiliate with—and the type of agent you want to be—you will have an interview with the Broker of the office and members of the broker’s team to learn more about their company’s training, support, and culture. Be prepared to ask a lot of questions!! Some things you’ll want to discover:

What technology resources are provided to agents? How often are they updated? What is your mobile strategy? How are tech questions answered? Do you have a Help Desk and how is it staffed? SUPPORT

How engaged are the brokers in day-to-day operations? What is your staff-to-agent ratio? How can agents get help after-hours? CULTURE

Tell me about your office and company culture. How many agents do you have and what is your agent turnover? How often are business meetings held and what is discussed? What social events are held for agents? Is your brokerage involved in philanthropy? What does collaboration look like in your offices? Can I speak with agents about their experience?


Our Associates are passionate about their communities and know them better than anyone else in our market.

J A M E S T. K I M M C E N E A R N E Y A S S O C I AT E J O I N E D 2 016



SECTION 3 LICENSING GUIDE

Post-Licensing Once you’ve chosen your new brokerage, you are ready to start building your real estate business! Here’s what to expect next.

MICH A EL M A K R IS, JOINED 2012


EMILY GOR DON, JOINED 2017

A DR I A N N A VA L L A R IO , J OI N E D 2 01 9


STEP ONE

Finalizing Your Licensing Paperwork Your brokerage will have you complete internal forms, including an Independent Contractor Agreement. Read this document and all of its terms very carefully, as it is a framework for how the company and its agents work together. Your new company will also submit all necessary paperwork to your state licensing agency, which can take 2-4 weeks to process. During that time, you will be onboarding into your brokerage and learning about their processes, policies, and systems. At McEnearney, that includes a comprehensive 80-point process that ensures all setup steps are completed swiftly and correctly and prepares you to start working with clients as soon as your license is processed, with appropriate guidance and support, every step of the way!


STEP TWO

STEP THREE

Post-Licensing Education

Joining Local and National Associations

New agents must complete a 30-hour post-license education (PLE) curriculum within one year of receiving their license. Agents who do not complete this PLE will have their licenses placed on inactive status and will have to pay additional fees to reactivate. Courses are often provided by the brokerage but may also be outsourced to online instruction.

You may not know that being a Licensed Agent and a Realtor® are not the same thing. Your brokerage will help connect you with your local and state Realtor® associations, which will in turn guide you through membership to the National Association of Realtors®. While it is not required that a licensed agent becomes a Realtor®, it is an important designation that shows customers and clients that an agent adheres to local and NAR Code of Ethics. Membership in associations also offers a multitude of benefits for training, professional development, advocacy, and volunteerism.

McEnearney Associates offers a robust “Foundations of Real Estate” course for all of its new agents that satisfies not only all PLE requirements but also supplements coursework with the bestpractices for building a successful real estate business. Classes are small so that in-depth discussion is possible and are taught by brokers, senior staff, and agents who have excelled in a particular area of instruction.

D I S C O V E R M O R E A B O U T L O C A L R E A L E S TAT E B OA R D S

Virginia

Washington, DC & Maryland

• Northern Virginia Association of Realtors: nvar.com

• Greater Capital Area Association of Realtors: gcaar.com

• Dulles Area Association of Realtors: dullesarea.com

• DC Association of Realtors: dcrealtors.org

• Prince William Association of Realtors: pwar.com

• Maryland Association of Realtors: mdrealtor.org

• Virginia Association of Realtors: virginiarealtors.org

• Prince Georges County Association of Realtors: pgcar.com


Real Estate is one of the most exciting and rewarding careers available. Finding the right home—in any form or location—is one of the most important decisions and investments anyone will make in their lifetime. Providing exceptional service and guidance to your clients, as their Realtor® during this time, is your most important role. We want to help you realize YOUR real estate goals and bring your special skills to clients who are waiting to call you their Trusted Advisor. Find out more at joinmcenearney.com.


L AU R EN BISHOP, JOI N ED 2010


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