Recent studies showed that the number of new homes purchased in Michigan grew by over 10% in 2023. Furthermore, experts predict the numbers will rise in 2024 due to favorable mortgage rates and tax policies that make Michigan a preferred residential destination for new homeowners.
Chopping through the numbers and statistics, 2024 looks like a promising year for realtors in most cities across Michigan. Whether you’re passionate about helping people find their dream homes or facilitating property transactions, working as a realtor in MI can be a rewarding and fulfilling career.
This guide will lead you step by step through all of the crucial processes required to embark on your quest to become a realtor in the Great Lakes State.
What Are the Requirements?
It’s best to familiarize yourself with the state’s prerequisites before enrolling in the pre-licensing program. You can visit the LARA website, which is responsible for setting the prerequisites, for the latest updates on eligibility requirements.
The first thing is you must be of age –18 years and older if you want to work as a realtor in MI. Most states have an age limit to ensure that prospective real estate salespeople have the maturity necessary to run real estate transactions professionally and ethically.
Similar to other states like New York and Arizona, you don’t need a diploma or GED certificate to enroll in a pre-licensing course. However, some schools and brokerage firms require applicants to have a certificate to prove that they have at least a high school education.
Besides age and education, you must also be a person of good morals to work as a realtor in the Great Lakes State. Don’t hide any misdemeanor or felony charges in your record. The state will run a background check on you during your license application. Hiding such information will put your integrity, honesty, and ethical conduct into question.
The Pre-Licensing Program Awaits
Michigan’s pre-licensing program is 40 hours long. The course will introduce you to diverse topics related to running a real estate business. You will learn about laws and regulations specific to MI.
Later, you will delve into property ownership and transfer policies. You will also learn about financing options and mortgage basics. The program also includes topics related to ethical considerations and professional conduct.
We also need to discuss what to consider when selecting a real estate school in the Great Lakes State.
In-Person Classes vs. Online Programs
There is no one-size-fits-all when it comes to choosing a school. Many options exist, including online, hybrid, and physical campuses. Ensure that the school is accredited by the state regardless of your preference for online or in-person classes.
Each option has its pros and cons. But to make the best decision, consider your learning style and daily routine. Online schools like RealEstateU are perfect for students who want flexibility and prefer self-paced study plans.
Physical campuses aren’t as flexible because you must attend the lessons every day. But what they lack in flexibility, they compensate it with interactivity. The lessons are perfect for students who learn best with guidance from instructors.
Preparing For the Exam
Nobody likes exams. Adequate preparation will help calm your nerves, boosting your chances of passing on your first attempt. Some schools also provide exam prep materials free of charge. The materials come with quizzes and mock tests to help you reinforce your understanding of key concepts.
The exam is offered online at designated test centers, and registration will set you back $79. You have three hours to answer all of the 115 multiple-choice questions. The pass mark is 70%, meaning that you must get at least 80 questions correct to pass the test.
Results are instant, and you will know whether you have passed or failed before leaving the test center. You can pay the registration fee and retry the exams later if you were unsuccessful on your previous attempt.
Passing the exam is a relief, and you are only a few steps away from becoming a state-recognized realtor in the wonderful Great Lakes State.
Almost There, Getting Your License
The process is 100% online via the MiPLUS website. Register or log into your account and follow the steps until completion. Ensure that you have digital copies of your certificates to support your application.
Cross-check all of your details before submitting the form. You can pay the $88 application fee using your credit or debit card. Everything is set, and all you need now is patience as your application is reviewed.
Join a Real Estate Brokerage
After getting your license, it is time to put that knowledge into practice. Your path to success will depend on the brokerage firm you join. A brokerage provides essential support, resources, and guidance to help new agents establish themselves in the competitive real estate market.
Brokers are more experienced than salespeople. They offer training services, prioritizing compliance with legal and ethical regulations and standards. Don’t join any brokerage company without adequate research.
Look for brokerages with a solid reputation and a history of success in the local real estate market. You can ask for recommendations from family or connections within your professional network.
Building Your Career as a Realtor in MI
Learning doesn’t end after you start working as a real estate salesperson. You must complete the continuing education program as required by LARA. The purpose of this course is to keep you updated with the changes in laws, regulations, and market trends.
You must complete the classes within the three years before your license expires. It’s essential to familiarize yourself with the renewal deadlines and requirements well in advance to ensure timely completion of continuing education courses and license renewal.
Final Takeaway
Three to four months is enough to make you a professional realtor in the Great Lakes State. Your success lies in how best you can leverage professional networks with other industry experts. Join professional bodies and attend industry events, including live webinars to connect with other realtors from Michigan and out of state.
Whether you are fresh out of high school or an established professional looking to switch careers, working as a realtor in MI is worth it in the long run.
