What Do You Have to Do to Get Your Indiana Real Estate License?
Did you know that a career in real estate is actually one of the highest-paying professions you can decide on? What’s even better is that you can become licensed and learn the trick of the trade in just months, or even weeks, if you’re a fast learner. If we’re talking on average, some of the most experienced real estate brokers can take home six figures. Getting your Indiana real estate license is your ticket to a new career or an advancement based on what you might already do.
What’s even better, although you would think housing markets across the country are reflecting the negative impact of COVID-19, Indiana’s housing market is going through a complete and novel boom that was unexpected given the state of the general country-wide economy.
With the right training and useful resources, you’ll be starting your new career in no time, but what exactly is the process? Keep reading as we go through everything you need to know about getting your Indiana real estate license.
What Are the Requirements and the Steps to Getting Your Indiana Real Estate License?
Starting your real estate career doesn’t have to be difficult. Understanding the requirements is the first step so let’s list them so that you can know if you are eligible to pursue professional licensing at this point.
- You must be 18 years of age
- You must possess either a high school diploma or a GED
- A background check
- 90 hours of real estate education must be completed successfully
These four requirements are the basic boxes that should be checked before taking your real estate exam. Once you have successfully completed your education requirements, you can proceed by;
- Taking and passing the Indiana Broker Real Estate Exam
- Apply with a brokerage in Indiana
- Take the broker licensing exam
Keep in mind that while these are 7 requirements, it won’t take long to complete all the prerequisite tasks before you can take the exam. You will have one year to complete and pass the real estate licensing exam after completing your Real Estate License education requirements.
How to Prepare for the Exam
Throughout your mandatory 90 hours of real estate education, you will learn the basics of the industry. Keep in mind that different states have different educational requirements for qualification. Some things will remain the same across different states. Some of those topics will be;
- Navigating contracts
- Listing Agreement
- Ethics of practice as a broker or an agent
- What you need to know about fair housing laws
These are just a few of the topics that will be covered throughout your course. In general, for your Indiana real estate license exam in Indiana, you could expect between 100 and 150 questions. A 75% or higher will be required to pass the exam.
We want you to keep in mind that more than 50% of people that take this exam fail their first time taking it. One way to combat this is to go through practice questions and to have the right resources the first time. Not studying properly is one of the reasons for first-time failures.
Procrastinating, ignoring the need for study plans, and having bad prep materials will cause you to fail. Start off on the right track by taking preparation seriously.
What Will You Need to Bring on Test Day?
On test day, you’ll need a few things;
- Proof of your age
- Proof of successful completion of pre-licensing education
- A copy of your high school diploma or GED
- Your testing fee
Along with this, you should also prepare by getting enough rest and following general test-taking preparatory tactics such as having breakfast, coming prepared, and getting ready for the exam on time.
Indiana’s Real Estate Market: Your Chance to Make a Presence
Compared to last year, the price of homes in Indiana since August 2022 has gone up by 4%. Homes are selling at median prices of 163,000 and what’s better is that speaking on average, Indiana homes are selling after only 37 days on the market. That is a bit longer in comparison to homes selling in only 28 days last year, but real estate agents can easily change this for themselves.
The market right now is the perfect place for new agents to come in with confidence. What’s even better is that at least 82% of home buyers throughout Indiana want to stay or move within the metropolitan area of the state. This increases the opportunity for real estate agents to expand their portfolios.
Regardless of different migration trends throughout the state, the market is showing to be sustainable enough for sellers to turn a great profit leaving room for growth for agents.
It might also be beneficial to know that Indiana has remained a seller’s market since August of 2021. This means that the area has sustained this trend since last year, and the market is currently hot. This just means that the demand that buyers are presenting is exceeding the supply of homes in the area that are for sale.
Price trends are also a bit higher in some neighborhoods. This just leaves room for agents to step in and assist sellers in getting top dollar for their properties.
Preparation at Its Finest
If you’re ready to tap into a field that can support the lifestyle you want for yourself, the Indiana Real Estate Institute is where you get started. Here is where you will learn and then start your journey for the profession, continue to grow your skills, and build a foundation for something meaningful and lucrative.
If you’re ready to get your Indiana real estate license, get in touch with us today so we can start planning your new future.