Indiana is in the heart of the Midwest with booming cities and residents moving to larger towns all of the time. With a real estate market that is constantly on the move, they are in need of qualified and ethical people to become a real estate agent in Indiana. This can be a career that has lasting benefits such as finally getting your work and your life in balance. If you choose to get a real estate license in Indiana you can finally say goodbye to the nine to five scramble.
In order to be able to have the career and the freedom you have always wanted you will need to follow the steps and satisfy the real estate license requirements in Indiana. This process is streamlined but is slightly different in Indiana.
Real Estate Salary in Indiana
Becoming a real estate agent in Indiana offers the opportunity to have the freedom to arrange your own schedule and work hours. But that is not all it offers.
Real estate work can also offer a financial freedom to go with the freedom from working a nine to five job. While how much a real estate agent can make varies from state to state, Indiana real estate agents fair well.
How much agents make also depends on experience and the number of hours they work. Because this is a mostly commission based job, new agents may need to work more to lay a solid foundation for the future of their business.
The average salary for real estate agents in Indiana as of the end of October 2020 is $41,711. But there is a range that agents enjoy.
The low side of the salary is $40, 748 with the high side of the salary of a real estate agent as $53,055. These aren’t the only numbers and there are many factors at play. Agents with more experience and certifications will tend to make more money.
However the city or area in which you work also plays a major role. Many agents start slow and keep their steady job while they are launching their real estate career while others jump right in. This will affect earnings as well.
Pre-Requirements To Get A Real Estate License In Indiana
How to become a real estate agent in Indiana begins with the pre-requirements that the state of Indiana has decided on.
As it is with all of the other states in the US, Indiana does have some pre-requirements that need to be met before being issued a license. It is possible to take the course before meeting the pre-requirements but that is as far as you will be able to go.
Due to the nature of this career, it is required that everyone who is licensed will need to be 18 years of age or older. When handling the personal information of buyers and sellers as well as going to their homes, it is imperative to be a legal adult.
There is another pre-requirement to get a real estate license in Indiana and that is a high school diploma or an equivalent. Because of the education and math skills required to become a real estate agent, high school education is mandatory.
Pass State Approved 90-Hour Pre-Licensing Broker Course
One of the main ways Indiana is different from some of the other states is how agents are licensed. In many states, the real estate agents are just that, real estate agents, however, in Indiana they are licensed as brokers.
In states such as Oregon, that means the new agents can work for themselves immediately. They don’t need a sponsoring broker. That isn’t what it means in Indiana.
We will talk about the managing broker in another section but it is important to know that real estate agents in Indiana are already brokers when they get their license.
To meet the course real estate license requirements in Indiana, prospective agents need to take the 90-hour pre-licensing broker course. This must be done through an accredited real estate school to become a real estate agent in Indiana. (see the best real estate schools in Indiana)
It doesn’t matter if you take an online real estate course or in-person. There isn’t a limit placed by the licensing authorities when it comes to how many hours can be taken online. All 90 hours or only some of them, it is up to you.
The course is split up into three 30 hour sections. There is an exam at the end of each one of these sections. The test consists of 100 questions that directly relate to the section.
There does not appear to be a cumulative final but each of the 100 exam questions is required to be proctored.
During the 90 hours of this course, you will cover topics that are imperative to the practice of real estate. These include things such as contract law, listing agreements, real estate finance, and Indiana laws just to name a few.
Pass Indiana State Licensing Exam
Completing the 90-hour pre-licensing course is the bulk of what needs to be done when it comes to how to get a real estate license in Indiana. But there are other steps that are equally important.
One of the steps to get a real estate license in Indiana is to sit for and pass the Indiana State Licensing Exam. This exam is an in depth exam that covers everything that is essential to your new real estate career.
Passing the exam is crucial when talking about how to become a real estate agent in Indiana. Without passing this exam there is no license.
Each state licensing board is allowed to set their own minimum passing score for this exam. In the state of Indiana you will need a passing score of at least a 75% to become a real estate agent in Indiana.
The goal is to pass the licensing exam the first time to get a real estate license in Indiana. However, it is not uncommon for hopeful agents to need a second chance on the test.
If you happen to fail the exam on the first try you will have the opportunity to try again. You will have to pay the exam fee again though. If you take your courses from a school that has a pass the first time guarantee then you may get the second fee paid for.
Once the exam is passed then you are free to move on to the next step. Finding a managing broker sponsorship.
If testing isn’t your strong suit then signing up for an exam prep course as well as your pre-licensing courses might benefit you. Oftentimes the exam prep courses will come with some kind of guarantee or extra instructor help for students.
Find a Managing Broker Sponsorship
In many states when a real estate agent is also a broker they can work for themselves without needing a managing broker. That is not how it works in Indiana.
Even though every real estate agent that is licensed in the state of Indiana is a broker, they still require a managing broker to become a real estate agent in Indiana.
How to get a real estate license in Indiana hinges on being able to find a sponsoring managing broker. This will have to be secured before you apply for your broker’s license in Indiana. Often new agents already have someone lined up before they start the pre-licensure course.
However, in the event that it takes a little bit of time to find a managing broker that is willing to sponsor you then your licensing process will take longer than anticipated. But having a managing broker is positive for the new agent.
The managing broker is responsible for the new agent. This includes all of the deals that are done. They also have all of the overhead as far as an office goes. To become a real estate agent in Indiana, this can not be overlooked.
Having a managing broker is a great way to learn the market you have chosen to work with. Keep in mind that the managing broker does have to be an active real estate agent in the state of Indiana in order for them to be able to work with a new agent.
Do your research to find an active managing broker to align yourself with to make sure you launch your career in the right direction.
Apply for Broker License
The final step for a prospective real estate agent to get a real estate license in Indiana is submit the application that is required to get you obtain the physical license. Along with the costs of the pre-licensure courses there is also an application fee.
To get a real estate license in Indiana does require an application and a fee of $60 to obtain the license. There are fees that are associated with not only getting a license but also to keep your license active.
But the actual application that you submit is one of the most crucial parts of this process. If you complete all of the other requirements but fail to submit the application within twelve months of testing then you will have to start the process over again.
That is why, to become a real estate agent in Indiana, it is imperative to make sure you are timely with your application.
While a lot of the focus is on how to get a real estate license in Indiana, it is also important to know how to keep your real estate license active. There actually post requirements that must be met at certain times.
This will make sure that you are current on all of your Indiana real estate information as well a current on your license. It is a good idea to know all of the post licensing requirements when you start the licensing process.
There are online courses that will bundle the pre and post licensing requirements for a more streamlined process. It will also be a little bit of money as you are starting out in your business.
Start/Complete 30-hour Post-Course
How to get a real estate license in Indiana and how to keep it require coursework. The bulk of the course work is done before the license is issued but there is significant work that is due after as well.
There is a 30-hour post-course that is required by all new agents. This course can be completed within two years of getting your initial license. It will count for continuing education for the first two years of practice.
You can take it as soon or as late as you want as long as it is within the two years. The course must be taken from an accredited school that is either online or in-person.
With an online on demand course it will be much easier to complete the course while building your new career. It is important to be able to balance classes with the busy schedule of a real estate agent.
License Renewal Period/CE
Once the first two years of renewal and post licensing real estate agents must still complete continuing education to continue on as a real estate agent in Indiana. After the initial renewal period agents must renew every three years.
This is fairly standard for most states. The continuing education that is involved in this is significantly less than what is required for the first two years.
Real estate agents in Indiana must take 12 hours of continuing education every year in order to keep their license in good standing. It is likely that the school you took the pre and post-licensing courses from will also offer continuing education courses and programs.
In the state of Indiana it is not necessary for real estate agents to turn in course completion certificates to the state licensing board. However, it is a good idea to keep all of the certificates together in a file.
There are instances in which Indiana real estate agents will be audited by the licensing entity. If you don’t have proof of the continuing education you have had then it can cause problems for your license.
Option for Managing Broker Course
After the initial two year period and starting the first renewal period agents have an opportunity available. Since one of the best things about real estate work is working for yourself, becoming a managing broker is the logical next step.
Not everyone will want to be a managing broker and open their own office but for those that want to, it is available.
There is another course that has to be taken along with more licensing exams to become a managing broker in Indiana. Like the initial license, this course needs to be taken at an approved school.
This course is much shorter than the pre-licensing broker course. It is only 24 hours in length. There is still an end of course exam that must be completed before you sit for the state exam and apply for your license.
Now that you have been equipped with the knowledge of how to become a real estate agent in Indiana, all that is left to do is to start the process. Working through these steps one at a time will lead you to the desired result.
Working as a real estate agent in Indiana is the goal. With many cities and areas to choose from you will be able to make a solid living as a real estate agent. The freedom that comes with these career choices along with financial freedom is within your reach.
It would be wise to choose a larger city to launch your career in due to the abundance of property that is available to work with.