How to Become a Real Estate Agent in Louisiana
Planning to start a career as a real estate agent? To get your real estate license, you will need to take classes at a real estate school, and satisfy all the requirements set forth by the Louisiana Real Estate Commission.
Here's what you need to know to become a real estate agent in Louisiana:
1) Licensing Requirements
2) Duties of a Real Estate Agent
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools
How to Become a Real Estate Agent in Louisiana
1) Real Estate Agent Licensing Requirements
In Louisiana, real estate agents MUST be licensed by the Louisiana Real Estate Commission. To obtain your real estate license, you must:
- Satisfy the minimum requirements to apply for the real estate exam:
- Age: Must be at least 18 yrs of age.
- Character: Must be of good moral character.
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Experience: None. High School diploma or equivalent.
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Education: 90 hours approved pre-licensing course.
- Apply to take the State exam.
- Pass the exam.
- Pay the appropriate fees.
- Get Errors and Omissions Insurance.
- Apply for Real Estate License.
Newly licensed agents must work under the supervision of an employing real estate broker. Most new agents start out by working for one of the large brokerages like Coldwell-Banker, Century-21, Remax, etc. If you would like to have your own business and work for yourself, you must upgrade to a broker's license.
2) Duties of Real Estate Agents
A real estate agent's main job is to assist their clients in the process of buying and selling real estate.
Their list of duties include:
- Submit buyers' offer to purchase to seller for consideration
- Work with escrow officers, lenders, home inspectors, and pest control operators to ensure that terms and conditions of purchase agreements are met before closing dates.
- Interview potential buyers to determine what kinds of properties they are seeking.
- Prepare documents such as listing agreements, purchase agreements, etc.
- Coordinate property closings, overseeing signing of documents and disbursement of funds.
- Act as an intermediary in negotiations between buyers and sellers, generally representing one or the other.
- Determine a property's competitive market price by comparing the property with similar properties that have recently sold.
- Schedule appointments to show homes to potential buyers.
- Generate lists of properties that are compatible with buyers' needs and financial resources.
3) What is a REALTOR®?
A real estate agent becomes a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribes to its Code of Ethics.
The agent generally joins through the local board or association.
For example, in Baton Rouge, once you have obtained your real estate license, you may pay a fee to join the Greater Baton Rouge Association of REALTORS®. This also makes you a member of the Louisiana REALTORS® and the National Association of REALTORS®.
All REALTORS® are real estate agents but not all real estate agents are REALTORS®.
4) Income Potential
Real estate agents are generally paid based on a percentage of the sales price. The seller will generally pay 4-6% of the sales price as the fee and that will be split 50/50 between the seller and buyer's broker.
For example, if the fee for a $100,000 house is 6%, the buyer's broker will be paid 3% or $3000 and the seller's broker will be paid 3% or $3000 as well. The agent is paid by his or her broker, according to their previously agreed-upon commission split. This is often 50/50 for beginning agents, so in that case the agent in our example would receive $1500.
According to the National Association of REALTORS®, the Median Sales price for an existing single-family home in the Baton Rouge area was $127,700 for the fourth quarter of 2004.
5) Real Estate Schools
Here are some approved real estate schools offering the pre-licensing courses for the state of Louisiana:
ADAMS REAL ESTATE INSTITUTE
Quadrangle Office Center
2001 E. 70th Street, Suite 205
Shreveport, LA 71105
Phone: (318) 524-2107
BAKER’S PROFESSIONAL REAL ESTATE COLLEGE
1612 Fairfield Avenue
Shreveport, LA 71101
Phone: (318) 222-7459
Branch Locations: Alexandria, Monroe, Natchitoches, Ruston
BATON ROUGE COMMUNITY COLLEGE
5310 Florida Boulevard
Baton Rouge, LA 70806
Phone: (225) 216-8154
BOB BROOKS SCHOOL OF REAL ESTATE AND INSURANCE, INC.
6721 Pecue Lane
Baton Rouge, LA 70817
Phone: (225) 752-2920 or 1-800-448-5693
Branch Locations: Monroe
BURK BAKER SCHOOL OF REAL ESTATE AND APPRAISING, L.L.C.
P. O. Box 87236 ( Zip: 70879)
2834 South Sherwood Forest Blvd., Suite B9
Baton Rouge, LA 70816
Phone: (225) 293-6000 or 1-800-222-3295
Branch Locations: Kenner, Lafayette, Lake Charles,
DONALDSON REAL ESTATE SCHOOL, INC.
P. O. Box 8767 (70011)
22601 North Hullen Street
Metairie, LA 70002
Phone: (504) 456-1785 or 1-800-257-2741
Branch Locations: For Live Classes - Baton Rouge, Covington, Mandeville,
Slidell, New Orleans (Uptown and Westbank)
EXECUTAUGHT
4640 South Carrollton Avenue, Suite 2B-204
New Orleans, LA 70119
Phone: (504) 259-8992
FIRST NATIONAL SCHOOL OF REAL ESTATE
3201 Lorraine Park
Houma, LA 70363
Phone: (985) 872-5018
FIRST PROFESSIONAL REAL ESTATE SCHOOL
4200 South I-10 Service Rd. West, Suite 134
Metairie, LA 70001
Phone: (504) 454-9866 or 1-800-966-9866
Branch Locations: Mandeville, Slidell, Hammond, New Orleans (Westbank)
GULF SOUTH REAL ESTATE INSTITUTE
5479 Moulin Rouge Drive
Lake Charles, LA 70605
Phone: (337) 310-1664
PROEDUCATE
4200 South I-10 Service Rd. West, Suite 134
Metairie, LA 70001
Phone: (504) 454-9866 or 1-800-966-9866
REAL ESTATE SCHOOL AND MORE
P. O. Box 12983 (71315)
4200-A Jackson Street Extension
Alexandria, LA 71303
Phone: (318) 442-5900
Branch Locations: Leesville, Jena, Many, Natchitoches, Oakdale, Marksville
UPTOWN PROFESSIONAL REAL ESTATE SCHOOL
4640 South Carrollton Avenue, Suite 2B-204
Metairie, LA 70119
Phone: (504) 482-0109
WINGATE SCHOOL OF REAL ESTATE
1603-A North Pine Street Highway 171
DeRidder, LA 70634
Phone: (337) 462-1501
Also check out information on how to become a real estate appraiser in Louisiana