Your beginners guide to starting a career in Florida real estate
Did you know that Florida has welcomed around 3 million new residents since 2010 and has become the third most populated state in the country?
Since population growth is one of the key drivers of real estate demand, the states with the highest and net positive population migration rate have the strongest real estate markets.
Beyond the rapid growth in population, Floria’s real estate boom can also be attributed to the state’s booming tourism scene, low income tax, and a dynamic culture that invites and excites people from across the country.
Additionally, Florida’s job market has also been growing significantly in the last few years and has ranked amongst the top 5 states in the country for skilled, tech workers.
With strong economic growth, a stable job market, and a flourishing population, Florida is poised to offer rewarding and lucrative opportunities for real estate professionals.
If you are interested in embarking on a rewarding and fulfilling career journey with opportunities for professional growth, working in Florida real estate might just be the right fit.
Florida’s vibrant and diverse real estate landscape is a fertile ground for aspiring and experienced real estate agents, brokers, and realtors.
With rising median home prices and a steady demand for housing, the future also looks promising and now is a good time to reap the benefits as a real estate professional.
Whether you are considering a career in real estate on a part-time or a full-time basis, you must meet the state-specific licensing requirements and earn your license first.
If you are curious to learn more about the licensing process and what it takes to obtain a real estate license in Florida, then this article will answer all your questions.
We will cover all the steps involved in the licensing journey and give you the details on what it takes to complete the Florida licensing requirements to start a new career in real estate.
Key Factors Boosting Florida’s Real Estate Market
Before we dive deeper into the details and specifics of getting a license, let us take a step back and look at the future prospects of working in Florida real estate.
Industry-leading real estate platform Zillow reported that Florida has surpassed California to become one of the leading hubs for skilled workers and tech migrants.
That’s not all, Florida’s real estate market is continuing to attract the interest of first-time homebuyers, retirees, and real estate investors due to some key factors such as:
- Tax benefits:
One of the most beneficial factors, Florida residents do not have to pay any income tax which can lead to significant savings over a period of time.
This means savings on capital gains and no need to pay additional taxes. The tax benefits alone boost Florida’s appeal immensely and put it amongst the top most affordable states to live in the country.
- Attractive Lifestyle:
Florida’s real estate market is steadily growing due to the promise of a dynamic and enriching lifestyle that it offers to homebuyers and investors.
Vast beautiful beaches, picturesque natural views, world-class entertainment centers, and diverse national and theme parks are some of the amazing lifestyle benefits which make Florida an excellent investment option for anyone looking for a rich lifestyle.
- Favorable Weather:
Florida has become a popular hub for migrants and retirees from across the country who are flocking to this state due to its favorable weather and pleasant climate.
While central Florida feels temperate during winters, southern Florida offers a summery climatic feel around the year, making the weather choices diverse and comfortable across seasons.
Popular real estate markets in Florida for agents
Florida’s charm lies in its attractive lifestyle choices, beautiful expansive beaches, pleasant weather, and a strong job market with a stable economic outlook.
The Peach State has historically been one of the most popular tourist destinations in the country and in the last few years, it is also emerging as a desirable residential state.
When it comes to the most popular real estate markets in Florida, there are many cities and regions that could offer a great entry point for aspiring real estate agents and brokers.
Here’s a brief overview of some popular real estate hotspots in FL and what they offer:
- Miami: Most preferred for short- and long-term real estate investment opportunities due to the strong influx of travelers and rental demand from tourists.
- Tampa: Most recommended region for first-time homebuyers and investors as Tampa has seen high growth rates in residential real estate over the last decade.
- Orlando: Most suitable for long-term real estate investors who are betting on Florida’s world-class entertainment centers, theme parks, and strong employment rates.
- Jacksonville: Most suitable for budget homeowners and price-conscious property buyers who want to live in FL without spending too much.
Industry predictions and market trends are poised towards sustained growth in housing and commercial real estate which could lead to exciting opportunities for real estate.
It is projected that the state’s population will reach a staggering $25 million by 2025, making it a lucrative field for real estate agents and brokers due to the rising demand for housing.
Why do you need a real estate license in Florida
Many aspiring professionals often wonder why a license is necessary to work in real estate and whether one can do just fine without a license.
The need for a real estate license is most critical if you are serious about building a successful career, whether as a part-time or as a full-time real estate professional.
Having a license offers many benefits and the most important one is the ability to work legally anywhere in Florida without any limitations or restrictions.
As per the FREC guidelines, having a license is a must for all individuals, whether new or experienced.
Only licensed professionals are allowed to take part in a real estate deal and assist clients in buying or selling properties.
Moreover, clients also prefer to work with licensed agents and brokers to ensure they are meeting the state and federal laws for real estate transactions.
This means that if you do not have a valid, state-approved salesperson or broker’s license, your growth and career prospects will be limited.
Plus, if you engage in a real estate deal without a license, you will always stand the risk of being on the wrong side of state and federal law.
Florida real estate license requirements
In Florida, you can apply for two licenses to work in the real estate industry - the salesperson license and the broker’s license.
If you are just starting your career and entering the real estate world, you will need to apply for the salesperson license first.
Once you spend a few years in the industry and gain real-world job experience, you will be eligible to apply for a broker’s license.
To obtain a salesperson license in Florida, you will have to fulfill the various eligibility and qualifying requirements established by the Florida Real Estate Commission (FREC).
As per the FREC, every applicant first meets the minimum fitness and eligibility requirements to prove their eligibility for a career in real estate. These requirements are as follows:
- You must be at least 18 years of age or older
- You must have a valid residence proof as a U.S. citizen or a lawfully admitted alien
- You must have a high school diploma in education or its GED equivalent
If you qualify the above criteria fully, the next step is to complete the FREC pre-licensing education requirements for a salesperson license.
Like most states, Florida requires every aspiring real estate agent to complete mandatory training and education to become familiar with the state and federal laws, real estate guidelines, and core job fundamentals.
To meet the qualifying education requirements, you can complete a Florida real estate license course by joining an in-person classroom or by enrolling in an online course.
Florida has numerous real estate schools, colleges, and online course providers and you are completely free to choose the one you feel works best for your budget and learning needs.
As a general trend, most students prefer joining an online Florida real estate course to complete 63 hours of mandatory pre-licensing education.
You will learn about fundamental topics of the real estate market such as - real estate laws, principles of real estate, contracts, agencies, and guidelines for professionals.
Pre-licensing education’s purpose is to equip you with the knowledge of the real estate industry, its processes, and your job responsibilities as a future agent.
One key factor to keep in mind before deciding on a college or course is that you must ensure your education provider of choice is approved by the FREC and is authorized to provide real estate training and coaching.
Cost of Pre-Licensing Education in Florida
As discussed above, completing mandatory pre-licensing education is a must to apply for a salesperson license.
After completing 63 hours of pre-licensing qualifying education, you will be eligible to take the Florida salesperson licensing exam.
Many students often wonder about the cost of completing a Florida real estate course so they can plan their budget and learning expenses better.
The cost of pre-licensing education in Florida depends on the school, college, or education provider and there are multiple courses and packages available for students to choose from.
In general, the cost of education varies based on the type of course package you choose, and your preferred medium of learning i.e. whether you join an in-person classroom or learn via self-paced online classes.
To give you a cost estimate, most pre-licensing education courses in Florida vary between $100 to $700 depending on the factors discussed above.
Additional costs required to get a salesperson license in Florida
Completing your licensing journey will involve multiple steps and most of these steps will require you to shell out a specific amount of money.
Becoming a real estate agent can be a significant investment but it is certainly worth it because you will gain far greater returns with a Florida salesperson license.
Let’s start with the salesperson licensing application fee which will cost you around $85 to process your application and it can be paid online at the official website of the FREC.
Then comes the Florida salesperson licensing exam which you must pass to obtain your real estate license. It will cost you around $58 fee for an attempt at the exam.
Note that the above fee also includes the fee to submit an electronic copy of your fingerprint scan to meet the FREC background verification and criminal history check requirements.