In this article, we will cover the steps required to become a real estate agent in Arkansas and get a real estate license in Arkansas. Although you will have to put the time in, the end result can be quite rewarding. In real estate, there is no income cap and with a booming market like Arkansas, you can reap the benefits.
While many markets in the United States are already known for their real estate, others are up and coming. These markets are generally in non-coastal areas or parts of the country previously ignored. Now, though, places like Arkansas are fast becoming real estate hot spots.
With the advent of such a bright housing future, now is a great time to get in on the ground floor. With more people moving from big cities to smaller areas in other parts of the country, there are many opportunities. Now is a great time to get your real estate license in Arkansas.
Unlike some other career opportunities, the barrier to entry with real estate is relatively low. Even though you do have to go through training, it is a manageable amount. Many people get their real estate license while working full time jobs.
Even though home prices in Arkansas are low right now, it is a good time to be selling. With new growth comes new construction. Getting licensed is a good opportunity to be able to sell those new homes.
Why Become a Real Estate Agent in Arkansas?
There are many reasons to become a real estate agent anywhere, but Arkansas is a great start. With many people leaving the cities, home values are rising. When home values rise, so do commissions for real estate agents.
The median home value in Arkansas is $126,000 this year. This is up nearly 6% from the median value the year before. With that kind of growth, now is a great time to get licensed and start selling right away.
If you plan to sell real estate in the major metropolitan areas, you stand to make even more. The median home values in Little Rock are just over $140,000. Experts expect them to rise by as much as 10% in the next three years.
Learning how to get a real estate license in Arkansas could be a great financial step. Seeing as there is that much growth going on, it is important to get licensed as soon as possible. With homes still being affordable, a lot of people are going to want to start buying.
Another reason people are flocking to Arkansas to buy homes is the desirability. Fayetteville, Arkansas just made U.S. News and World Report’s best places to live in America. As long as it’s getting that kind of good press, the demand for housing will be high.
When figuring out if you should get a real estate license in Arkansas, you should think about your goals. Depending on things like how much you want to make and how much time you have, they could change. By knowing what you want to do beforehand, you can be prepared.
If you think you want to become a real estate agent in Arkansas, you should first think about a budget. Your initial budget for your education will immediately determine what courses you will take. This will be an important factor in your licensing journey.
Even though all of the courses accredited in Arkansas cover the same curriculum, they are not all created equal. Some of them come with extra classes and materials that can help you get started. Some of these career booster toolkits can be incredibly helpful.
Real estate is primarily a business for self starters. If you are someone who thrives on competition, it could be right for you. In this sense, the classes you take matter much less than the drive you possess.
No matter what your goals are, you should be able to find a real estate school that works for you. There are many paths to become a real estate agent in Arkansas. As long as you have the motivation and attitude, you have what it takes to make it happen.
Step One To Get A Real Estate License In Arkansas: Take the Courses
If you are 18 or up, you can take the classes to become a real estate agent in Arkansas. These classes will consist of 60 hours of classroom real estate education. In these classes, you will learn the basics of real estate like law, math skills and more.
The classes can be taken either in person or online. Depending on what school you go to, instructors will have a wide variety of backgrounds. Most real estate instructors are brokers or agents themselves and can be valuable sources of information.
In the classes you will cover real estate principles. These will include things like time management, listing, valuation and more. These principles will continue to apply to your career as you move forward in it.
You will also cover the basics of real estate practice. When learning how to become a real estate agent in Arkansas, you will want some guidance. Having this covered in the courses lets you learn things like pricing and finding buyers.
One of the most important things you will cover in these courses is real estate law. In this part of the curriculum, you will learn how to avoid legal troubles and other entanglements. Having this knowledge is incredibly important down the line as a realtor.
Here is a list of the best online real estate schools in Arkansas you can use to get your education.
Step Two To Get A Real Estate License In Arkansas: Take the License Exam
The Arkansas real estate license exam is a comprehensive test that covers the material in the courses. Almost all of the real estate courses available are targeted for passing this exam specifically. This will help you feel prepared when test day comes.
The Arkansas real estate exam must be completed in under 4 hours. It is computerized and always taken digitally. You need two forms of ID to be able to take the exam.
Many people have trouble with test anxiety and don’t do well on timed exams. For these people, there are exam prep courses that are solely dedicated to the material on the test. They include things like practice tests to help you get used to the feel of it.
The exam covers things like property valuation, brokerage operations and ethical business practices. You must receive a 70% or higher in order to pass. Luckily, you do not have to wait long to find out if you passed as you get your score right away.
Arkansas real estate exams are administered through Pearson VUE. Pearson VUE is a national test proctor that will help you through the process. There is an exam fee of $75 and all fees are subject to change.
Step Three: Apply for Your License
If you want to get a real estate license in Arkansas, you must apply for it. Even after you have passed the exam, you are not quite done with the process. After passing, you must fill out the AREC’s application.
You must apply for your real estate license no longer than 90 days after passing the exam. This is very important to remember because if you don’t do it, you’re no longer eligible. This means you would have to go back and repeat your courses and no one wants to do that.
You must fill out all the forms and pay all of the fees associated with applying for your license. These will include the background check fees which we discuss below. Once these are all paid up, the final process begins.
If the AREC receives your forms and something isn’t right, you will be sent to the end of the line. Because of this, it is important that you have everything in order the first time. This will save you time and ensure everything gets in by the deadlines.
You will receive all your proof of completion for things like education and the exam from the institutions. You will then provide it to the AREC to go over and make sure you are eligible for your license. A stringent application process is important in a competitive industry like real estate.
Step Four: Get A Background Check
One of the things that sets Arkansas apart from other states in real estate is its background check. Not all states require it but it is one of the real estate license requirements in Arkansas. This means it will cost you a little extra and take a little more time to be issued your license.
One of the benefits of the background check is that it offers you and the buyer protection. You can back up your reputation with your background check and the buyer can feel comfortable. These are crucial elements in a big sale like a home.
You must submit your fingerprints to the Arkansas background check. You will provide fingerprints on a card from the Arkansas Real Estate Commission. You will then mail them to the AREC to be processed.
While your prints are being processed, your background check will also be submitted to the FBI. This is what makes the Arkansas background check so stringent. Your background will be thoroughly investigated, so it is good to know this beforehand.
You must pay the $50 application fee, a $22 background check fee and a $14.25 FBI check fee. These fees will take care of your fingerprint card and any other processing that your check might need. This applies to residents and non-residents.
Step Five: Find A Broker
In order to get a real estate license in Arkansas, you must sign on with a broker. A broker is a real estate agent who manages other agents. By signing on with one, you will be able to learn the business and work under their umbrella.
One of the major advantages of working for a broker is that you are immediately a known entity. When starting out as an agent, you may have a hard time connecting with clients. By working for a brokerage, you will have a network at your disposal.
The other benefit of having to work for a broker is the low start up cost. Many times, you will have to buy your own business cards and signs, but this is a negligible cost. The broker’s name is worth much more than a few dollars at the printer.
When starting to work for a broker, you will then register again with the AREC. You will let them know where you are hanging your license and pay the license activation fee. The fee to activate your license is $75 and subject to change.
By working for a broker, you are instantly increasing your earning potential. Many brokers offer products and services that you wouldn’t be able to as an independent agent. Having the ability to sell things like homeowner’s insurance can be very lucrative.
Step Six: Complete Your Post-Licensure Education
Within 6 months of receiving your license, you must complete another 18 hours of education. These classroom hours will review everything you learned in your courses and make sure you retained it. It is not only one of the real estate requirements in Arkansas, it is very helpful.
The post-licensure education will cover things like agency & disclosure, contracts and closing. When doing your first round of education, it is important to make sure you are retaining everything. It will make post-licensure education much easier.
If you are nervous about completing these 18 education hours, this is where working for the broker is handy. With all the experience amassed in 6 months, you are sure to have a good grasp on the material. Be sure to ask for guidance from your co-agents at the brokerage.
Should you decide to form a brokerage, you can do so by taking an extra 30 hours of post-licensure classes. There, you will learn the ins and outs of managing many agents. You will also learn things like lead generation and increasing your sphere of clients.
If you have been consistently working in the field, these courses will be good refreshers. If you have not been working as much as you want, they are a good time to ask why. Having instructors at your disposal is one of the major benefits of the post-licensure courses.
There are so many reasons to get a real estate license in Arkansas. The booming housing economy mixed with the low cost makes it a good choice for anyone. Not to mention that the market’s stability is one of its best features.
It is important to remember that it is not easy to become a real estate agent in Arkansas. It takes commitment and it is not going to be for everyone. The competitive nature of the business alone makes it tough to get your foot in the door.
However, if you are driven and able to motivate yourself, you can stand to make a lot of money. There is no end to the possibilities and no cap to your salary as a real estate agent. Housing is a big market and you can rustle yourself up some high-ticket commissions.
The nice thing about getting your license in the state of Arkansas is the broker requirement. This makes sure that you get a head start on your career. Without any guidance, it can be difficult to gather up a client base.
Any business owner will tell you that lead generation is the biggest challenge in any sale. By having to work for a broker, these leads are built-in.
There has never been a better time to figure out how to get a real estate license in Arkansas. With online education available and tons of resources at your disposal, your chances of success are high. By knowing your goals and following through with them, you can increase your chances even more.