Having a degree or certification is great, but what really sets you apart from other real estate agents is how much you sell a product. As such, this article will talk about the costs of educating yourself in real estate.
There are two major components to consider when looking at the cost of education for real estate agents- tuition and fees, and opportunity costs.
Tuition and fees refer to your daily expenses while studying. These include things like student services, registration, course materials, and transportation. Opportunity costs refer to what you would have done with your time if you were paying attention to something else. For example, if you read an interesting book, it would have been invested in by you if you studied. Therefore, we deduct that from your budget to determine how much money you had left to spend on educational opportunities.
In this article, I will be talking mostly about undergraduate programs. Graduate level studies may vary slightly, but most likely have higher tuition than undergrad. However, they also tend to have larger scholarships and financial aid options.
Who should go to real estate school?
Going into real estate as a professional career requires at least one year of formal education beyond your bachelor’s degree. There are plenty of great reasons to pursue this educational path, but unfortunately not everyone can afford it. Luckily for you, there are other options that do not require going back in time to pay for tuition.
There are many ways to become familiar with the fundamentals of real estate while working outside of an educational setting. This is a good way to start if you want to be successful in the field!
Some of these alternatives include taking free courses online, buying or renting a property, and/or joining an established real estate organization like The Realtors Association. By being part of such groups, you get all of the benefits associated with being a member of the community, along with training and mentorship opportunities.
What classes would I take?
The first course you will need to take in order to become licensed as an real estate agent is called Introduction to Real Estate. This 3-5 day class covers all of the basics of becoming a real estate agent, such as what is real estate, how to negotiate, and more.
After completing this initial training, aspiring agents can choose to continue their education by taking either of two courses: Business Administration or Marketing. Both of these second courses are only required if you want to be considered fully professional.
But even if you never advance beyond being a beginner agent, there are many things you can do with your real estate license. You could work part time as an assistant broker, for example, helping other brokers get business done. Or you could work independently, finding tenants and sellers for properties and negotiating prices and agreements on their behalf.
There are also several certification programs that focus exclusively on serving one particular population of people: homeowners. Becoming certified as a residential real estate agent is a way to emphasize your knowledge of houses and property while promoting yourself as someone who cares about the same thing others do!
Some of the most popular certifications are those from the National Association of Realtors (NAR). These include Certified Residential Specialist (CRS) status and Professional Sales Agent Status (PAI). There are different levels of both of these designations depending on what areas of the profession you already have experience in.
How many months would it take?
Most students find that there is an adequate amount of time to spend in school. Some people say you can’t get enough real estate education in just three months, but I beg to differ.
Real estate schools have lots of courses and materials that can be spent more than once to increase your knowledge base. This is important as no one really “graduates” when they complete their degree!
Many companies offer certification programs after you graduate which add even more value. There are also plenty of great books and resources available from both authors and self-published individuals or groups who want to help others learn.
Can I get a job when I’m finished?
Even though taking courses at a private institution like Kaplan is expensive, you are getting an education that can land you a career — not just “an entry level position,” as one of our administrators said. You will be giving yourself a leg up in the workplace by acquiring this degree.
In fact, according to a recent study conducted by Georgetown University, over two-thirds of employers look for proof of academic achievement before offering employment. More than half ask about degrees, and almost one third require a diploma or certificate.
Diplomas and certificates don’t cost much more than a college degree, so investing in your future through education is very affordable. What about the rest of it? That depends on what you want to do!
Most people start working at a firm several years after they graduate, so there’s no need to rush into things unless you make students feel uncomfortable or if you think you deserve a higher salary than they do. It’s always smart to add value to the organization, but only if you have something to offer them first.
Are there any test I can take?
There are two main types of real estate courses- certificate programs and degree programs. A lot of companies that call themselves “real estate schools” offer only the second type, which is usually a bachelor’s degree in business with a real estate major or certification as a professional realtor.
But this isn’t necessarily the best way to advance your career. In fact, according to The Millionaire Teacher, most wealthy people didn’t graduate from college!
So how do these millionaires and billionaires manage to lead successful lives? By going beyond education focused on earning a paycheck. They invest in self-development activities like reading books, attending workshops, and taking online lessons.
By investing in their own growth, they’re creating an opportunity for future success. And you can too!
That’s why it makes sense to consider additional training options. For example, you may be able to get certifications or advanced degrees through reputable universities or educational institutions. Or, you could start practicing by becoming a licensed real estate agent first and then seeking further training later.
How much do they cost?
The price of most courses is around $1,000 to $3,000. There are some that can be way more expensive, but these are very limited in number! Most schools offer a free trial period so you can see how their teaching style fits you before investing in the full course.
There are many ways to get education without going through an expensive school. You can attend community colleges for business classes or personal development. Or you can take online courses from reputable universities like Udemy or Coursera.
Online resources are becoming increasingly common as students prefer to study at their own pace with no distractions. Many people have even released eBooks and YouTube videos about educating yourself via non-traditional sources.
Education beyond your specific field of studies requires an understanding of other subjects such as psychology, sociology, anthropology, art, literature, and politics. These are referred to as general fields or areas of knowledge.
Many educational institutions require this basic general literacy certificate before granting academic degrees. By having this, you’re proving that you can read, write, and speak well which sets a good foundation for future success.
Is it worth it?
A lot of people wonder if real estate school is worth the cost. The truth is, whether you are a beginner or a professional, real estate investing is always more expensive than learning about the industry through social media, blogs, and YouTube videos.
Real estate education is constantly evolving as the market changes. In fact, there are over 1 million different courses and certificates available from educational institutions across the world! This is due to students seeking additional knowledge and materials to improve their business.
Businesses spend money to get this training because they want to keep up-to-date with what others have mastered. It also helps them stand out in their field and gives them an edge over competitors.
With that being said, how much is real estate school really worth it? We had the same question so we did some research and created an easy to use tool that will give you an exact price breakdown for your top choice schools.
Our unique software compares prices at both tuition and student loan level which makes it very accurate. You don’t need to worry about confusion like most other comparison sites can be.
What are the benefits?
One of the biggest reasons to consider investing in real estate is the potential for significant returns. While it’s true that buying and selling a house can be expensive, giving yourself extra time before you buy will help mitigate this cost.
By waiting several years before actually purchasing a home, you will have more time to save up enough money to make a down payment. And since most people agree that owning a house is a good idea, I bet there are many ways you could earn additional money by renting a property to those less risk-averse than you!
Real estate is also a great way to create wealth through capital gains. When you sell a house, you may get a nice profit back depending on how much you paid for it and what market conditions are at the time of sale.
On top of all of these, real estate has been shown to be a stable investment form — one that retains its value over time. This means your portfolio won’t lose too much strength during bad times, helping you ride out any downturns.