Common Question Asked

Is a Career in Real Estate Right For You?

"Thinkin' 'bout changin' careers or startin' a side hustle to bring in some extra cash? Real estate might be worth considerin'. After all, "how to become a real estate agent" was the most job-related search term from Jan. 2020 to Jan. 2021, accordin' to the New York Times. And if you do decide to go for it, you'll be joinin' the nation's estimated 3 million active real estate licensees.

Compared to other careers with similar earnings potential, it's relatively easy to become a real estate agent or broker. And there's a lot of perks too, like bein' your own boss, meetin' new people, and helpin' people through one of life's biggest milestones. But keep in mind, buildin' a successful real estate career is more work than many people imagine. So, take a closer look at the job to help you decide if a career as a real estate agent or broker is right for you."

How long does it take to become a real estate agent in Michigan?:

Well, not long at all! It's possible to earn your Michigan real estate license in under three months. All you need to do is complete 40 hours of prelicensing courses, which can be done within a week if you're motivated to get started."

How Long Does It Take to Start Making Money as a Real Estate?

"So, you wanna know how long it takes to start making bank as a real estate agent? Yeah, it ain't gonna happen overnight. It's generally around six months before many agents make their first sale. But, if you wanna make consistent money, you should plan for about a year. And if you wanna see a profit,

Now, how do real estate agents make money? By selling their services, like marketing, legal stuff, negotiation, and all that jazz. They get paid a commission, which is a percentage of the final sales price of the property. Commissions are pretty much the only source of revenue for real estate agents, so when they start making money depends on when they start making sales.

But, don't get discouraged, it ain't like you need a fancy degree to be a real estate agent. The tough part is getting established in the industry. New agents usually don't have many leads and they're not seasoned marketers. They also probably haven't achieved high page rank yet.

All these challenges can make it hard for agents to develop leads and close sales right away. And once a sale is likely, it can take a few weeks to a month to close it, which delays revenue even more.

But don't worry, there are things you can do to speed up the adjustment period. Here are four tips to help you start making money sooner as a new real estate agent."

Licensing Requirements - Michigan REALTORS®

"Yo, you wanna be a real estate pro in Michigan, eh? Cool, cool. But first, you gotta get your Michigan Real Estate Salesperson License.

To get started, you gotta complete a 40-hour pre-licensure course that covers the basics of real estate, taught by an approved instructor. You can find a list of in-person and online pre-licensure education providers approved by the Michigan Department of Licensing and Regulatory Affairs.

Michigan Realtors® has partnered with The CE Shop to provide an on-demand Michigan Fundamentals of Real Estate Pre-licensure class for those looking to get started in the real estate profession.

https://homesearchmi.theceshop.com/michigan/pre-licensing/mi-salesperson-pre-licensing-cost

Steps to getting your license:

• Complete an approved 40-hour pre-licensure course

• Apply for your license from the State of Michigan

• Schedule your exam through PSI Services, LLC at an authorized testing site

• Get sponsorship from an employing broker

• Check out the Michigan Licensing and Regulatory Affairs (LARA) website for more information on obtaining your Michigan Real Estate Salesperson License."

What's the Best Way to Pass the Michigan Real Estate Exam?

"Yo, if you're lookin' to get licensed as a real estate pro in Michigan, be prepared to jump through some hoops. The state ain't playin' around - they want you to complete 40 hours of pre-licensin' education and pass an exam. But don't sweat it, we got some tips to help you pass that Michigan real estate exam.

The exam is closed-book, three hours long and costs $79 each time you take it. It's the most difficult part of the whole process. But don't worry, we got tips:

• Pick the right education provider that focuses on helping you pass the exam

• -Time your education right, schedule your exam as close as possible to finishing your 40 hours

• Read the PSI bulletin, so you know what to expect and what kind of questions you'll be asked

• Take practice tests

After you pass the exam, take your picture and LARA will issue your Michigan real estate salesperson license. Find a broker to oversee you and you're ready to start sellin'."

Welcome to Lake Michigan Realty Management ! As the broker-owner of the company I could not be more thrilled that you see the value in what we’re bringing to the market. We are constantly striving to provide the best environment, tools, training to help you thrive in your business. We hope that you truly come to life and see your business grow in every way you dream of it growing.