Becoming a real estate agent in Wisconsin can be a very rewarding career choice; it allows for flexibility and good income potential while furthering people with probably one of the biggest financial decisions in their lives. Whether you are interested in residential properties, commercial real estate, or both, this guide will walk you through the steps to become a licensed real estate agent in Wisconsin.
In this article, we will cover everything you need to know, from meeting the eligibility requirement to acquiring your real estate license and finding a brokerage with which to work. Let’s get started!
Step 1: Meet the Basic Eligibility Requirements
Before starting the process of becoming a real estate agent in Wisconsin, one must meet some basic eligibility criteria. These requirements ensure that a person has the right background and qualifications for handling responsibilities as a real estate agent.
For you to obtain your license as a real estate agent in Wisconsin, you must:
1. Be at least 18 years of age – Real estate licenses are granted to individuals over the age of 18 only.
2. Be a U.S. citizen or lawful resident – A license can be obtained only by someone who is legally authorized to work in the United States.
3. Have your high school diploma or equivalent – The minimum requirement for sitting for the licensing examination is a high school level of education.
4. Criminal background check: You should not have felony or serious criminal convictions that would preclude you from licensure. Some misdemeanor offenses may be accepted, subject to review on a case-by-case basis.
Step 2: Complete the Required Pre-Licensing Education
Licensing in Wisconsin will entail completing a certain number of pre-license education hours. Pre_license education serves as foundational education in base concepts related to real estate law, ethics, and practicality in application.
In the state of Wisconsin, you will have to complete a requirement of 72 hours of pre-license education with a state-approved education provider. This encompasses a wide array of topics, including but not limited to the following:
Real Estate Law: Learn the legal aspects of buying, selling, and transferring real property. Real Estate Practice: Listing, showing, and closing deals on properties practically. Contracts and Transactions: How to prepare and understand contracts and other legal documents involved. Real Estate Finance: Knowledge of the mortgage industry, what financing options are available, and who does what-that is, what lenders do.
– Ethics and Professional Standards – Learn about professional ethics, fair housing laws, and the role of the real estate agent.
These courses are available through various institutions and physical locations, and can often also be completed online. If you decide to take an online course, make sure it is accredited by the Wisconsin Department of Safety and Professional Services (DSPS).
Step 3: Pass the Real Estate Exam
After you have completed your pre-licensing education, you will have the opportunity to take the Wisconsin Real Estate Salesperson Exam. This exam is administered through Pearson VUE, with registration available online through their website.
This exam has two portions: one pertaining to the nation in general, and the other specific to the state of Wisconsin. The national portion discusses general real estate principles and practices; the state portion covers Wisconsin’s real estate laws and regulations.
Here is a breakdown of the exam structure:
National Portion: 80 questions on topics such as property ownership, contracts, finance, and real estate math.
State Portion: 40 questions, purely on Wisconsin-specific laws and regulations about real estate.
You must achieve at least 75% in both portions of the exam. The overall time for the entire exam is 4 hours.
Step 4: Apply for Your Real Estate License
Once you have passed your real estate exam, you will be in a position to file an application with the Wisconsin Department of Safety and Professional Services (DSPS) for a real estate license.
In this regard, the application will ask of you the following:
Evidence of your pre-licensing education and examination scores;
A criminal history background check-you will have to get fingerprinted to accomplish this.
Your payment for the license application fee, which usually is about $75.
It is recommended to apply immediately after passing the test and avoid delays in getting the license.
Step 5: Locate a Real Estate Broker To Work Under
In Wisconsin, all real estate agents have to work under a licensed real estate broker. Once you have obtained your license, the next step is to decide for which brokerage to work.
Real estate brokerages in Wisconsin can take many shapes and sizes. Large national firms, independent agencies, among other boutique firms, should therefore consider choosing the right brokerage that goes along with career plans and offers just such kinds of support and training one may want.
Some of the factors to consider when choosing a brokerage include:
– Training and Mentorship: Does the brokerage provide formal training programs or mentorship opportunities for new agents?
– Commission Plan — How much of your commission would the brokerage take? Some have commission-split models, others offer 100 percent commission plans with desk fees.
– Culture of the Company — Is there a positive work environment in this brokerage? It is pretty important to be able to work in an environment that feels like home.
– Support and Resources – Does the brokerage provide such tools as marketing materials, listing platforms, or CRM systems to better manage clients and transactions?
Once you have selected a brokerage, you will want to fill out a Broker Supervision Agreement. The Broker Supervision Agreement simply indicates that you will work under that broker’s guidance, and it delineates what the expectations are between the two of you.
Step 6: Pursue a Career as a Real Estate Agent
Finally, you can now begin your career as an agent since you are licensed and engaging work with a broker. Your job is, among other things, to help clients buy, sell, and rent property, negotiate deals, and handle contracts and paperwork.
Here are a couple of tips to get you started:
1. Network and Build Relationships: Real estate is a people business. Network through various networking events, involvement in local business groups, and establish a strong presence in your community to attract clients.
2. Utilize Technology: Leverage social media, real estate Websites, and CRM to track leads and market properties, or even communicate with buyers and sellers.
3. Keep Learning: Real estate laws and practices are constantly updated. It is important to stay up to date with changes in the market, regulations, and technology. Continuing education courses are available for licensed agents so they can maintain their knowledge and remain in good standing.
4. Work Hard and Be Patient – Real estate success normally happens overtime, and most especially when one is starting out. Be patient, motivated, and work to continually improve your skills.
Step 7: Renew Your License Periodically
In Wisconsin, real estate licenses are valid for two years. To maintain your license, you’ll need to complete 18 hours of continuing education during each license cycle. This education must include:
– 3 hours of ethics training
– 3 hours of fair housing law
– 12 hours of other real estate-related courses
You will also be required to file a renewal application and pay a renewal fee. Failure to complete your continuing education and to renew your license in a timely manner may result in penalties or the suspension of your license.
Conclusion
It may be what takes one to be a real estate agent in Wisconsin, with certain areas of education, testing, and practical experience combined. But prepare well, put your mind to it, and you will enjoy a fulfilling career in helping people buy and sell everything from homes to commercial properties.
By following the steps outlined in this guide — meeting eligibility requirements, completing pre-licensing education, passing the exam, finding a brokerage to work with, and continuing your education — you’ll be well on your way to achieving success as a real estate agent in Wisconsin.
Good luck, and welcome to the world of real estate!
