As of September 2021, home sales were up by almost 10% compared to 2020.
With so much work, it’s a great time to be a real estate agent. And even with home sales somewhat cooling off now, it’s still an excellent time to earn your Indiana real estate license.
If you’re sold on the flexibility, freedom, and financial possibilities that becoming a real estate agent can provide you, then it’s time to take the next steps. But what are those steps?
In this post, we’ll go over the exact steps you need to take on your way to earning an Indiana real estate license.
Keep reading to learn more.
Step One: Pass an Approved Real Estate Pre-Licensing Course
If you are at least 18 years old and have your high school diploma or equivalent, then you are eligible to become an Indiana real estate agent.
The first step to doing this is finding, completing, and passing a 90-hour real estate pre-licensing course. This can’t be just any course though, it needs to be one that is approved by the state.
This course will cover topics like Contracts, Fair Housing, Investments and Taxes, and Property Law, to name a few. You will then need to pass the final exam with a minimum score of 75% in order to move forward and take the state exam.
Choosing the Right Course
Your success in becoming a real estate agent can be impacted by the course you choose to take. If you choose the wrong course that doesn’t offer the kind of learning format or support that you need, it can make it much more difficult for you to learn the material and stay motivated.
When comparing courses, be sure to check reviews about the schools that are offering them. Pay particular attention to any reviews that mention how engaging or helpful the teacher is, as the quality of a teacher can make all the difference when taking a class.
You should also check if the school offers help with job placement after you successfully finish the course. This help can be critical when you begin looking for a sponsoring broker to work with.
However, the format of the course is probably the most important thing to look for when comparing. It’s ideal if you can find a school like the Indiana Real Estate Institute, that offers engaging, informative courses in both formats.
Online classes are great for people who are looking for more flexibility with their class schedule and who want to go at their own pace. Online formatting allows you to watch the classes whenever you have time and wherever you have access to the internet and materials. It’s also great if you want to re-watch the classes to ensure you don’t miss any important information.
Be cautious with some online classes, though, because they don’t all offer the same amount of access to the teachers to ask questions.
If you have more flexibility in your schedule, you may prefer an in-person format. Obviously the more traditional option, it puts you right in the room with the teacher, which makes it easy to get any questions answered as soon as you have them.
In-person classes are also great for networking, which can play a big part in the success of your future real estate career.
Step Two: Pass the Indiana Real Estate Examination
After you pass your course exam, you’ll need to sign up for the Indiana Real Estate Licensing Exam, which is administered by PSI.
This exam consists of 125 questions that meet both the national and state requirements for the exam. You will also have to score at least 75% on this exam to pass.
If your pre-licensing course didn’t include test prep for this exam, then you may want to look into a separate test prep course. These can be helpful for preparing you for the specific type of questions and formatting you will find on the actual exam.
Step Three: Find a Broker to Sponsor You
After you pass the exam, but before you can get your license, you have to find a current, active sponsoring broker to be associated with. It’s important to find a sponsoring broker that is a good fit for you because they will serve as a mentor and can make or break your career.
When choosing one, consider things like their reputation, what kind of technology and support they offer their agents, if they offer their agents leads and marketing assistance, and if there will be the opportunity to grow with the brokerage.
Step Four: Send In Your Application
After you’ve found a managing broker to sponsor you, it’s time to complete and send in your Indiana Real Estate Broker License application. For more information on this process, check out Indiana’s state website.
Step Five: Continuing Education
Within 2 years of your license being issued to you, you’ll need to complete a 30-hour post-licensing course. This serves as a refresher on some of the pre-licensing material as well as introducing new state-required material.
After completing that, you’ll be required to complete 12 hours of continuing education (CE) classes yearly. You will need to keep up with these education requirements to renew your license every 3 years, but you don’t need to provide proof to the Indiana Real Estate Commission every year. Just be sure to keep any CE certificates that you earn in case they ever audit you.
If you choose to move forward and become a managing broker yourself, you’ll need to complete another 24-hour state-approved course.
Start Working Towards Your Indiana Real Estate License Today
Getting your Indiana real estate license is a great way to begin an exciting new career. Follow these steps and you’ll be on your way to meeting the necessary requirements.
If you have any further questions about how to get a real estate license in Indiana, we can help. Contact us today to take the first step towards your new career!