Excellent choice! Becoming a Realtor is an incredible opportunity for entrepreneurs, with nearly limitless growth possibilities. While the thought of going through the licensing process may feel a little overwhelming at first, we’re going to walk you through the entire process, step by step.
The Wisconsin Department of Safety and Professional Services (WDSPS) requires that you be In order to become a licensed real estate agent in the state of Wisconsin, you must be at least 18 years old and complete the following steps:
Once you decide to become a real estate agent in Wisconsin, you’re probably excited and want to get started immediately. Before you leave your current position, it’s important to understand how long the process can take. Here is what an average timeline looks like:
While this timeline may seem a little daunting, there are a few ways to expedite things. First, taking an online course is the way to go. Instead of attending scheduled in-person classes, two to four times weekly, you can learn at your own pace online. We would also recommend interviewing brokerages while you are finishing up your real estate course, so you are ready to hang your license with a broker as soon you pass the state exam. All in all, it’s definitely possible to become a real estate agent in Wisconsin in less than six (6) weeks!
There are several fees involved when working to become a real estate agent in Wisconsin…
Getting a license is just the beginning! What many aspiring agents don’t always realize is that there are several other expenses to consider when becoming a real estate agent in Wisconsin. Whether you’re building a new business and opening a gift shop, restaurant, or your real estate empire, keep in mind there are always start-up costs involved.
Here are some of the most common costs:
If you add up the costs to get your license and the costs to officially become an agent, you will likely need to spend between $1700 and $2800 to launch your new career.
Learn more about costs to become a real estate agent in Wisconsin:
To get your real estate license, you’ll have to attend a school that’s approved by the Wisconsin Real Estate Commission. There are at least a dozen approved real estate schools throughout the state. Some are online, others in person, and a few do a combination of the two.
Here are a few of the most popular:
When shopping for the best online real estate schools, you’ll want to compare pricing, but there are a few other things you will need to consider:
In Wisconsin, you must affiliate with a real estate brokerage in order actively help home buyers and sellers. This is often referred to as the “sponsoring broker” or “managing broker.” Picking the right brokerage to work with can be key to your success as a newly licensed agent.
When researching and meeting with different brokerages, keep in mind that many are independently owned franchises. So one Century 21 or Keller Williams office could be completely different from another that’s just 10 minutes away. The culture, training, support team, and sometimes even the fees and commission splits can vary from franchise to franchise.
While many newly licensed agents are looking for the best commission splits when shopping for brokers, we would highly recommend that you make that #2 or #3 on your list. The most important thing you should look for in a brokerage is how they support brand new real estate agents. Do they have a formal training program? Will you have at least 3 people you can reach out to if you have questions? Are they available outside traditional business hours? Do they have mentors – and what exactly will the mentors do to assist you?
Most agents will describe the real estate licensing exam as “not easy.” There are 140 multiple choice questions and you must answer at least 75% of them correctly. You’ll have four (4) hours to complete the state exam.
It’s not uncommon for people not to pass the exam on the first try. They make it fairly simple for you to retake the exam, you just need to reschedule with PearsonVUE and pay the exam fee of $65 again.
In order to become a real estate broker in Wisconsin, you must have a least two years of real estate experience within the last four years. In addition, you’ll need to complete the broker real estate courses and pass the state broker exam. Learn more.
Wisconsin Real Estate Department requires that real estate agents complete 18 hours of Continuing Education (CE) annually. Get more information about the required classes and approved schools.
Honestly, it depends on what your goals are. If you just want to sell a few homes each year to friends and family, you’ll have to crunch the numbers to see if the cost of getting and maintaining your real estate license is worth it.
If you plan to jump in and make a career in selling homes in Wisconsin, then absolutely! The real estate market is booming. It can be a challenge moving from a salaried position to a commission-based business, so it’s important to have at least six months of savings in the bank. If you don’t have that yet, then you may want to keep your current job for a short period of time until you lay the foundation for your new real estate business.