For physicians balancing demanding careers, real estate could be an appealing option as a second income stream or even a way to assist fellow professionals in their community.
It’s a flexible job that offers the potential for high earnings, and the skills one acquires as a physician—problem-solving, attention to detail, and empathy—are directly transferable to it.
Whether you’re looking to become a full-time real estate agent or build a profitable side hustle, we’ll outline the steps, requirements, and licensing process for your next great opportunity.
Key Takeaways
- Physicians’ skills like empathy and problem-solving translate well into real estate careers.
- Real estate offers flexibility, high earning potential, and niche specialization opportunities.
- Becoming an agent requires licensing, pre-licensing education, and passing state exams.
- Building networks, choosing the right brokerage, and strategic marketing drive success.
Table of Contents
What Is a Real Estate Agent?
Real estate agents help clients achieve their property goals.
There are two types: listing and selling agents. Listing agents assist sellers in getting the best value for their properties, whereas selling agents help buyers find their dream homes or renters secure suitable housing for their needs.
Agents can also represent both the buyer and seller in the same transaction. That’s referred to as “dual agency;” however, it’s illegal or highly restricted in some states.
Some of the responsibilities agents have are:
- Guiding their client through the entirety of the transaction process, from searching for and preparing the property to closing the deal;
- Negotiating in the seller’s or buyer’s stead to ensure favorable terms;
- Marketing properties utilizing photography, virtual tours, and online platforms to attract buyers;
- Remaining up-to-date with market trends and regulations to provide informed advice to their clients.
What Skills Do Real Estate Agents Need?
As an agent, you’ll spend your day talking to clients, understanding their needs, guiding them through monumental financial decisions, and negotiating in their stead. Thus, you need the following skills:
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Communication, including empathy, listening, and professionalism.
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Negotiation, especially in terms of confidence, assertiveness, and strategic thinking.
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Market analysis skills. You’ll need to assess the value of properties based on location, condition, and comparables.
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Information-gathering. You must remain informed about local and national real estate markets to advise clients on the best times to buy or sell and solve complex problems.
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Organization and time management. The real estate process has many moving parts—property management, inspections, appraisals, negotiations, and closings—and is bound by tight schedules
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Adaptability, which is indispensable for handling changing circumstances.
Fortunately, as a physician, you have the advantage of practicing most of these skills during your day-to-day operations.
What Are the Benefits of Becoming a Real Estate Agent?
The biggest advantages to becoming a real estate agent are flexibility and a high earning potential. You have the liberty to decide when you work, where you work, and who you work with.
The catch is that the effort you put in directly translates to your income; it’s a success-driven industry with no cap on earnings. You can specialize in niche markets tailored to your interests, be it investment properties, luxury homes, rentals, or commercial spaces.
Agents are paid by commission. That total commission (~5%–6%) is split between the listing and selling agents, but the exact percentage varies from one state to another.
As a rule, the more valuable the property, the higher your pay. If you sell a $150,000 property with a 2.5% commission, you’ll earn $3,750. With a property worth $1,000,000, your earnings jump to $25,000.
What Are the Requirements for Becoming a Real Estate Agent?
You must hold a real estate license in the state or territory where your sales/leases take place. These licenses are granted by state governments only. Here’s a list of licensing authorities in the U.S.
If you’re a member of the National Association of Realtors (NAR), you can access licensing requirements, categories, and reciprocity for each of the 50 U.S. states here. If not, refer to the real estate license requirements by state chart.
The requirements common to most states are as follows:
1. Basic Requirements
- Be at least 18 or 19 years old, depending on your state’s requirements.
- Be a legal U.S. citizen and a resident of the state where you’re applying for a license.
- Have a clean criminal history.
2. Pre-Licensing Education
You must complete a state-approved pre-licensing education to qualify for the licensing exam. The required hours differ from one state to another; they range from 40 hours (Alaska) to 180 hours (Texas). They can be in-person or online.
The content is similar, with slight variations from one state to another. During your pre-licensing education, you’ll study:
- Real estate principles, including property types, terminology, and basic laws.
- Real estate practices, including marketing and customer service.
- Law of agency, which is about the relationship between you and your clients.
- Real estate law, which covers state-specific estate laws and regulations.
- Contracts, to be able to handle real estate contracts.
- Real estate finance, to learn more about financing, mortgages, and lending practices.
3. Real Estate Licensing Exam
Find and contact your licensing authority to submit an application. They’ll ask for your proof of education and the application fee, and you’ll undergo a background check.
If you’re cleared, you can schedule your real estate exam at one of your state’s designated testing centers. It’s divided into two sections and is usually in a multiple-choice format. The sections are:
- A national section which covers general real estate practices and laws;
- A state section that focuses on rules and regulations specific to your state.
If you pass, you’ll need to meet any additional state requirements—such as submitting final paperwork and paying licensing fees—to receive your official real estate license and become a real estate professional. You’ll also need to acquire continuing education (CE) to avoid having it suspended or revoked.
For a more in-depth look into real estate agent requirements, read this post.
Other Certifications
Certified Luxury Home Marketing Specialist (CLHMS) is a highly sought-after certification for agents in luxury marketing. Other notable certifications include Accredited Buyer’s Representative (ABR) and Certified Residential Specialist (CRS).
How to Launch Your Career as a Real Estate Agent
1. Find the Right Brokerage
In many states, even as a licensed real estate agent, you can only perform transactions once you’re sponsored and work under a licensed broker. They provide the necessary resources, mentorship, and support for new agents. When choosing one, ask questions about:
- The commission split,
- The training and mentorship they offer,
- Whether there’s a focus on niche markets, and
- What values and work styles they adopt.
You can find a real estate broker online, through recommendations, by attending open houses and talking to the agents present, or directly on brokerage websites.
2. Build Your Network
Use your existing connections as a physician to begin. Your colleagues and professional circle can be a goldmine for referrals. Since you share many of the concerns busy individuals have, you might become a go-to reference for homes or investments.
Excellent platforms to market yourself on are LinkedIn and Instagram. Make sure you highlight any certifications or specializations you have.
3. Create a Business Plan
Define your strategies and goals from the get-go to set yourself up for success. You should:
- Set realistic income goals based on your market and experience level, increasing them as you gain more clients.
- Track your progress using CRM tools. Focus on leads, follow-ups, and client data, and evaluate your performance as you go.
- Invest in your marketing skills and tools, be it by taking more real estate courses, buying professional photography equipment, or hiring a campaign manager for social media.
- Attend workshops, webinars, and networking events to stay updated on market trends.
- Join associations such as the NAR to access exclusive resources.
Take the First Step with PhysiciansThrive!
The biggest challenge new agents face is building a client base and weathering tough market conditions.
It’s difficult to close deals when property values keep fluctuating in a competitive market, more so when, as an amateur, you’re not perceived as trustworthy or credible.
If you need help in starting your real estate career, PhysiciansThrive is here to support you!
Our experts are ready to provide you with comprehensive career guidance, financial expertise, and consulting services. Contact us today to succeed every step of the way!