Note to readers: While we’ve tried to avoid industry jargon or acronyms, or if used, include an explanation, please refer to these glossaries if you’re unfamiliar with a term: National Association of REALTORS® Glossary, REALTOR® Magazine Real Estate Glossary, and REALTOR.com First-Time Home Buyer’s Glossary.
Before you do anything, make sure you understand what it’s really like to be a real estate agent. It’s an exciting and rewarding profession, although often misunderstood.
Yes, you will show houses to prospective buyers, create marketing materials on behalf of sellers, and maybe go to a few networking events. But real estate agents who have created successful businesses will tell you that those activities are just a small portion of what they do each day.
Most real estate agents spend their time prospecting for new business, writing contracts and reviewing closing paperwork, negotiating on behalf of their clients, organizing inspections or home repairs, working through title or financing issues, answering their buyers and/or sellers questions, and much (much) more.
No two transactions are ever the same, every property listed or sold is completely unique (new and existing), and the situations of your clients will range from good to bad — new job, newly married, divorce, death, etc.
To be the most effective agent for your clients, you must be able cut through the massive amounts of information online, TV, sometimes even the advice they get from friends and relatives, and provide resources to help your clients make the best financial decisions for their unique situation, all while keeping their best interests in mind.
In addition to helping your clients and managing their transactions, you will also be responsible for managing your business. As an independent contractor, you are in charge of every aspect of it… marketing, sales, accounting, analytics, legal issues, administration, taxes, and so on. Different brokerages may provide various levels of support, but at the end of the day, your success depends solely on your efforts.
You may also decide to reach out to a real estate agent and ask them about their day-to-day activities to truly find out if this is a profession that suits you. Ask them what to expect if you started full-time right away, or, their recommendations if you’re only able to do it part-time at first.
Most importantly, ask about how to plan financially to build a career that provides the income you’re seeking, especially if you’re new to working as an independent contractor in a commission-based industry. You must have start-up funds and reserves to operate before or in between closings, and you will need to learn how to manage a budget and pay taxes when you have irregular income.
According to the National Association of REALTORS® 2019 Member Profile, REALTORS® with 2 years or less of experience had a median gross income of $8,900, compared to those with 16 years or more of experience earning a median gross income of $86,500. (Source)
If after doing your research and speaking with other real estate agents, you find that the opportunities and challenges that come with this career in real estate are right for you, jump to Step 2 to learn how to obtain your Idaho real estate license.
If, however, this isn’t quite what you were expecting, but you’re still interested in working in the real estate industry, know that there are plenty of other roles at real estate brokerages or in related industries that may be a better fit for your skills and financial goals. Visit BRR’s Career Center to explore current openings in real estate related industries.
To become a licensed real estate salesperson (agent) in Idaho, you must complete the mandatory pre-licensing courses, pass a state and national real estate exam, pass a background check, submit a salesperson license application to the Idaho Real Estate Commission (also known as “IREC”), plus some additional steps. Review all the steps and requirements, and earn your Idaho real estate license from anywhere through instructor-led, livestream pre-licensing courses through BRR and Real Estate Express.
Before you sit for the exam, you may find it helpful to complete a prep course. These provide practice questions, so you can identify areas that your knowledge is strong, or areas you may want to go back and study before taking the exam. Try Exam Prep Edge (national portion only), PrepAgent, or search online for other options.
Unlike some states, Idaho does not have any reciprocal or other license agreements with any jurisdiction. See the “Already licensed in another jurisdiction” section under the link above for additional information. To keep your license active, you’ll have to complete specific continuing education courses. You can learn more about license requirements here.
Once you obtain your real estate salesperson license, but before doing any work in real estate, you must join a real estate brokerage and that brokerage must activate your license with the Idaho Real Estate Commission (IREC).
You may see the words “agent” and “broker” used interchangeably, but they have very different meanings. “A real estate salesperson (agent) is licensed to act on behalf of a broker and may not act as a real estate agent independently.” (Source) A real estate broker may work independently and have their own brokerage. Brokers may allow agents to “hang their license” with them, but in doing so, the broker is responsible for supervising each agent.
So “in order to become a real estate agent and legally practice real estate, you must work under a supervising broker. Brokers are licensed by the state to oversee real estate transactions and ensure that real estate salespeople are adhering to the required legal and ethical standards. Think of it as a similar safeguard to how stockbrokers must work at a licensed firm to trade stocks, rather than just winging it on their own.” (Source) NOTE: If you’re considering joining a real estate team, ask the team leader if they are also the broker, or if not, who is. While the team leader may provide you with some support and resources, the legal supervision is the responsibility of the real estate broker.
You may have already interviewed brokerages or found one you’d like to join. But if not, that is your next task. Research the various resources, support, and compensation models to find a brokerage that best suits your needs. Here are some of the areas that you’ll want to ask prospective brokers about:
We noted compensation models last, although we know it’s often the first question agents ask of a prospective broker. While it’s important to know how you’ll get paid, it’s maybe more important to align yourself with a brokerage that provides a culture and service philosophy that aligns with your goals, as it will be the foundation of your real estate career. Some real estate agents are looking for camaraderie and one-on-one support, as they’re getting started, while others may only reach out for help as needed, especially if they have previous experience in sales.
The topics listed above are certainly not comprehensive. Below are links to some additional questions to help you build your interview guide, and to prepare yourself for the questions they may ask you!
Disclaimer: The links on this page are provided for informational purposes only. The inclusion of such links does not indicate an endorsement or recommendation of any company by BRR, nor does BRR guarantee of the accuracy of the information provided.
To find brokerages who are currently accepting new agents, visit BRR’s Career Center, reach out to real estate agents you know for their recommendations, or, if there are offices you’re interested in, reach out to the manager directly for information.
As your career progresses, you may think that another brokerage is better suited to serve your needs, or, that you would like to open your own brokerage.
We would caution you to not switch brokerages too quickly or too often at the start of your career. It’s one thing if you realize that the culture is just not the right fit, but we often hear new agents move brokerages because they “aren’t selling enough.” If you are not meeting your financial goals, talk with your broker about the areas you’re struggling in to identify possible training. Maybe you’re not consistently prospecting, and by re-evaluating your time management an activities you will achieve better results. Just getting more leads or a better split won’t help if you’re not able to generate leads or help clients get to the closing table.
If you’re considering opening your own brokerage in the future, we would encourage you to go back to Step 1, but instead, ask if being a broker is the right career choice for you. You’ll want to interview brokers (maybe the one you join) to really understand the responsibilities that come with owning your own firm, whether you are interested in working independently or having agents, and much more. Then review all the steps and requirements at https://irec.idaho.gov/education/ilr/ so you can add this into your long-term career goals.
As noted previously, we often hear the words “agent” and “broker” used interchangeably even though they have very different meanings. Similarly, the words “real estate agent” and “REALTOR®” are often used to refer to someone who sells real estate, but they have very different meanings.
A real estate agent could also be referred to a real estate salesperson or real estate licensee. On the other hand, a REALTOR® is a real estate salesperson or broker who is also a member of a REALTOR® association and has agreed to abide by a national Code of Ethics.
The correct pronunciation is “REAL-ter” (or “REALT-tor”) not “real-Uh-der.” REALTOR® has two syllables with the emphasis placed on “REAL.” For comparison, you wouldn’t refer to your physician as a “dock-Uh-der,” you would say “DOCK-ter.”
Now that you know how to say the word, here’s a bit more about the role of the REALTOR® association in your business.
As with any industry, there is a trade association that seeks to further that profession, by supporting the individuals engaged in it and those they serve. The REALTOR® association is designed as a unique three-way agreement, giving members access to resources at a national, state, and local level, after joining through their local association.
The local association you join depends on where your broker belongs. In the state of Idaho, there are 16 local associations, but more than half of all REALTORS® statewide belong to Boise Regional REALTORS® (BRR). You can read more about the membership benefits provided by BRR – centered around key areas of networking, professionalism and education, and advocacy – at boirealtors.com/membership and boirealtors.com/membership/member-benefits. If your broker does not belong to BRR but you’re interested in joining, just have your broker reach out to us for assistance.
Depending on the type of services offered by your brokerage, some of the tools offered by the REALTOR® associations may be supplementary to what you already have access to or may be an alternative option for you to consider.
However, there are some unique services the association offers members that individual brokers and agents cannot do on their own, such as; is collectively represent all REALTORS® and those they serve on key legislative issues, provide industry-wide best practices and data standards, offer dispute resolution and arbitration services, in addition to providing access to contracts, free legal and tech helplines, reduced fees on MLS access, and the ability to use the REALTOR® brand as part of your marketing.
If you have additional questions about how a REALTOR® association membership can benefit your business, please reach out to BRR for additional information — 208-376-0363 or info@boirealtors.com — or visit our website at boirealtors.com. The number of resources available through the local, state, and national associations are literally too many to list. Instead, let us know what you need and we’ll point you in the right direction to help you get the most out of your membership as you’re getting started and throughout your real estate career.
After your REALTOR® membership has been activated at Boise Regional REALTORS®, you can contact Intermountain Multiple Listing Service (IMLS) at 208-376-4657 or imlsmembers.com/home to setup your MLS access. IMLS also provides lockboxes for listings. (If you join another local association, please confirm with your broker which MLS you have access to.)
NOTE: A REALTOR® membership is required to ensure a reduction in MLS fees and to access to the online forms provided by Idaho REALTORS®. Non-REALTORS® may be able to subscribe to an MLS but should contact that MLS directly for information. A breakdown of the what REALTORS® and non-REALTORS® have access to from IMLS and BRR is available here: Membership Benefits Comparison
The steps outlined above are just the tip of the iceberg. There are plenty of resources for business planning, prospecting, marketing, and more, but it’s important to understand the full scope of the tasks required to get your real estate business up and running. Check out NAR’s Rookie Toolkit to learn what to do when.
Congratulations on your decision to become a real estate agent and REALTOR®! It’s an exciting, rewarding profession, and we hope the information shared here gives you a better sense of the steps required to get started.
In summary, here are links to the organizations you’ll likely work with if in the Boise metro area, Gem County, and Elmore County: