Q. How much training is required to get a license and start my career in real estate?

A. The State of Arkansas requires you to take 60 clock hours of required education courses prior to your being allowed to take the state license test. Coldwell Banker Faucette Real Estate offers outstanding training and education utilizing both computer and classroom training. You will find during your career that advanced training will always be required for you to stay informed about the business including 6 hours of state of Arkansas required continuing education to be taken every year to maintain your real estate license.

Faucette School of Real Estate

The Faucette School of Real Estate is the premier real estate licensing school in Northwest Arkansas. The Director of the School, Paul Bynum, is a former top agent for Coldwell Banker Faucette in Northwest Arkansas; and he brings a unique perspective to his students in the class. He not only teaches them the basic information in preparation for passing the qualifying exam but also gives them valuable insights as what it takes to be a success in the real estate business.

Click here to get complete details on the school and its class schedule.

Q. How much will it cost to get started?

A. Pre-license 60 hours of course training will cost from $300.00 to $375.00, depending on the school you choose. The cost of taking the Arkansas State license exam is $125, including the application fee. You will register for the exam when you have completed the 60 hours of classroom work. The results of the exam will be given to you upon completion of the exam. There is an annual State of Arkansas Continuation (license renewal) fee of $50 plus an additional $25 for new licensees. Most real estate Companies, including Coldwell Banker Faucette Real Estate, belong to the local, state, and National Association of Realtors. The annual dues are approximately $250 per year which are prorated at the time you join, plus a one time application fee of approximately $125 if you are a new applicant. The next step is to join the Multiple Listing Service (MLS), which has an initial fee of approximately $50. Both the Board and the MLS fees will vary slightly, depending on the affiliated Board and MLS of the real estate office.

Additionally, it is essential that real estate agents in today’s market have their own up-to-date computer, preferably a laptop, and the necessary software to access and administer the real estate business. Consequently, an new agent should plan to invest another $1,500 to $2,500 in the first few months for these and other assets necessary for success.

Q. What personality profile and educational background provide the best chance for success?

A. While sales and people skills give you a jump on the competition, we still find that people from most vocational and educational backgrounds have been very successful in real estate.

Q. When will I know if this is the right career choice for me?

A. There is no hard and fast rule to determine success. Most people will know in 3 to 6 months if they have chosen the correct career path.

Q. How much time will it require duing the first year to be a success?

A. Successful agents find the profession requires strong work habits and put in long work hours to succeed. Newly licensed agents typically spend 50-60 hours a week in the first year of real estate. The flip site is that you are your own boss and can set a schedule that suits you and take time off and vacations when YOU choose.

Q. Can I begin to list and sell real estate immediately after receiving my license?

A. Yes, under the close supervision of your branch manager.

Q. What is my job description

A. There are literally dozens of activities that, as an agent, you can take part in during your business week, such as the following:

• Prospecting for new customers and clients
• Following up with prospects
• Following up with customers/clients
• Previewing properties listed by other agencies
• Setting showing appointments
• Completing paperwork on transactions
• Showing properties to buyers
• Previewing your office's new listings on office tour
• Attending office meetings
• Attending educational sessions
• Doing listing presentations
• Learning about title, escrow, closing procedures
• Organizing materials/your desk
• Answering calls at office on schedule assigned by office (commonly called floor time)
• Holding open houses for the public
• Holding open house for the cooperating agents (brokers' opens)
• Preparing brochures for properties
• Promoting yourself (prepraring brochures, cards, etc to mail to identified markets/other promotions to increase name recoginition)
• Following up on transaction to the end of the transaction (closing)
• Studying finance options
• Planning for your future - daily, weekly, monthly, and yearly goals.

Q. Where will I get most of my customers?

A. The following is where our successful associates get their customers:

• Sphere of influence (people you already know)
• Open Houses
• Prospecting your "inner circle" (relatives, etc)
• For Sale by Owners
• Expired Listings
• Demographic Prospecting (Attorneys, CPA's, Insurance Agents, Financial Advisors, etc)
• Corporate calling
• Geographical Prospecting
• Sign/Ad calls
• Floor Time
• Realtor Referrals
• Community Involvement
• Buyer/Seller Seminars
• On-line leads
• Relocation Referrals

Q. How long before I get paid?

A. Generally, you should expect to have an accepted contract in the first 30 to 60 days. Commissions are paid at the closing of the transaction, which usually is 30 to 45 days after the contract acceptance.