How to become a Realtor in 2023
You want to bamba, you want to play with the big boys... 🎵 If you missed that song reference I'm already uncertain you have what it takes to succeed in the competitive Bahamas Real Estate Market.
All jokes aside though, while competitive, I think every ambitious person should pursue a real estate license. As one of the top income generating professions in the world and The Bahamas with a "relatively" low barrier to entry it is a "no brainer" for the "salesperson at heart".
Let's get to the meat though, how does one become a realtor, well let me start by clarifying that "realtor" is a special designation offered by the Naitional Association of Realtors (NAR) (U.S Real Estate Body) and many people just use the term loosely to mean a real estate licensee.
But I digress, the meat...
Costs Before we get to the real meat and potatoes, you have to count the cost, which can be a bit hefty if you're starting out broke. The Entry Licensing Course registration alone is $2,200.00, you may also elect to get some materials to start learning before hand which could run another $150.00 (Fundamentals of Real Estate Book) and if, no when, you pass you'll need to cough up another $800.00 plus for your membership ($300) and multiple listing services (MLS) fees ($500 prorated). So you are looking at $3,000.00 minimum, well before you can share your real estate business card, and sell your first property.
Apprenticeship The Bahamas Real Estate Association (BREA) current requirements are that any prospective agent seeking to sit an entry licensing course must be employed at a real estate agency in good standing for a period no less than three months prior to the upcoming course. This step can be a difficult one as few agencies have any interest in hiring apprentice they have to teach everything. 1 OAK Bahamas is always looking for great talent and would be glad to consider your application as an apprentice at our agency. Start by filling this form when completed download and email to email@example.com for review and consideration.
Training While BREA restricts apprentice to mostly administrative duties those in training can shadow the licensed agent learning, strategies, skills, and tactics useful for succeeding in real estate. Our agency offers weekly virtual training guides to help you prepare for upcoming real estate exam.
Entry Licensing Course The real estate course is six day production where you'll be trained Monday to Friday and sit the 100 question exam on Saturday. It is a nerve-wrecking experience as it requires a 80% passing mark. Those that fall short of this will have to sit a subsequent course where they will have the opportunity to try again. It is worth noting that this course is now held 3 times per year usually first, second and fourth quarter of the year and those who fail will get some preferential treatment to sit the next upcoming course.
Application If you obtain a successful pass you will likely know within the following week at which time you will start to prepare a series of documents for consideration of BREA's membership committee review and processing. If approved you will then be required to pay your annual membership dues to make it official.
Licensed Agent Hooray, you're now an agent now the hard part starts, selling. If you have the right team and agency you can hit the ground running using your existing sphere of influence as prospective clients.
Having been in real estate for over 15 years now I I have absolutely no regrets and mark this as one of the best decisions I have ever made. The ability to set my calendar and my income has always been my life goal. It has contributed to me be a present father, sometimes broke father, but present, a better person and communicator, and look forward to helping you start this chapter of your life. If you have any questions feel free to send me a whatsapp, but if this has been clear and your ready to start this journey follow the instructions in point 2 and 🎵"let's play with the big boys". 🎵 If you still don't get it don't text me, lol....