Guam is a paradise island with some of the most breathtaking beaches and landscapes in the world-perfect for any real estate agent. However, before you can become a real estate agent in Guam, you must first get licensed. All applicants must meet certain qualifications and be able to pass a background check. With this complete, you'll be ready to start on your journey into the world of real estate!
What You Need to Know Before Starting Your Journey Into the World of Real Estate
Before jumping into the real estate business, you should educate yourself on the types of licenses and qualifications from your state. In Guam, realtors are licensed by the Guam Real Estate Commission.
In order to get a license in Guam, applicants must be at least 18 years old and have no felony convictions or less than two misdemeanor convictions. Applicants must complete a 30-hour pre-licensing course, at mynice.org, or Guam Real Estate Agent Training (GREAT) once you pass the course you may take the two part test. The first part is 100 questions uniform and the second part is 30 questions regarding state.
Applicants must have a background check and provide proof of English fluency before taking the license exam and any practice sales examination. If you do not meet these requirements, you can still get your real estate license through licensure by reciprocity or endorsement. Check out the Guam Real Estate Commission website for more information.
Steps to Becoming a Licensed Real Estate Agent in Guam
As a U.S territory, there are specific requirements when it comes to licensing with the Real Estate Commission (REC) in Guam. While similar, these guidelines can vary slightly from state-to-state and island-to-island.
Once you've completed all of your required forms and drug tests, you're ready to apply for your license! Head over to the official website for the Guam Real Estate Commission and grab a copy of their license application. You'll need to fill out the form with your personal information, then mail it along with payment (check or money order should be made payable to 'PRC'), and all of your supporting documentation.
Your background screening will also need to be officially submitted--this is a separate process from your application, but must still be completed before you can get your license!
To become a licenced real estate agent in Guam, you need to meet the following requirements:
- Education: All applicants need to meet the pre-licensing education requirements.
- Examination: All applicants have to take and successfully pass the salesperson's licence exam.
- Application: All applicants must complete and submit the appropriate application form.
- Clearances: All applicants need to obtain the required tax clearances from Revenue & Taxation.
- Fees: All applicants have to pay the standard licensing fees.
What if you're looking to become a licensed real estate broker? This is a slightly different process than the application to become a real estate salesperson. In addition to the general requirements listed above, broker applicants also need to meet the following requirements:
- Examination: All applicants need to take and successfully pass the broker's license exam.
- Trust Account: All applicants should provide evidence of a client or customer trust account.
Once you're finished with all the necessary paperwork, you just need to wait. It takes roughly four to six weeks for an application to be processed and approved by the commission. Once you've been successfully granted a real estate license, congratulations! You're one step closer toward a bright future in real estate.
Common Mistakes New Real Estate Agents Make When Starting Out on Their Own
One of the first mistakes many new agents make is not having a business plan. Before you jump into buying real estate and becoming a real estate agent, take some time to write out your business plan. This should be done before you purchase your license as well as before you start working as an agent so that you can avoid making these common mistakes and taking on too much risk and debt before you even get started.
Another mistake new agents make is going at it alone. While you may be a great agent, you'll need help from secretaries, photographers, and other support staff if you want to succeed in real estate.
Another common mistake for new agents is not having their finances planned out. Make sure that your personal budgets are done before you become a real estate agent and that you start saving as much as possible before you even get started. Meet with your financial advisor and talk to other agents about how they manage their budgets so that you can avoid going over-budget or not being able to save enough for retirement.
One last common mistake that new agents make is not getting more experience under their belts before jumping into the real estate business. More often than not, these agents find themselves working alone without the support they need to succeed in this line of work. Be sure to get as much experience as you can through internships or other means before you start your own business so that you'll have the support you need to become successful.
Tips for Success as a New Real Estate Agent in Guam
While many of the qualities that make a real estate agent successful are innate, new agents can still improve their chances of success by taking some time to study what it takes. Learning the industry, knowing your market, and being prepared are all key factors in becoming a successful real estate agent.
Read up on all aspects of real estate so that you can be prepared to answer questions for both sellers and buyers. Real estate is a dynamic industry, with many changes each year--you have to stay on top of these changes so that you know how they affect your listings, prospects, and the market as a whole.
Be aware of your competition in the local market. Real estate agents are required to run an ad in the newspaper before listing a property. This means that you will directly compete with other agents for each listing--therefore, it is important that you know how your potential clients are searching for properties so that you can be more competitive than the other agents vying for their business.
To expand on that, it's a good idea to become familiar with each neighborhood in the area that you're hoping to work in. Know the budgets, the average cost of houses, and the type of demographic that's drawn to each neighborhood. This way, you'll be better prepared to help your client find the perfect house that fits their needs and budget.
Another tip for being a successful real estate agent in Guam is to prove yourself as a reliable source of information. Becoming an agent doesn't mean that clients will automatically come running to you with listings--you need to earn their trust first. Try to learn more about the area than any other agent and focus on providing a high level of service to your clients. Take them out for lunch or dinner when they buy, send them referrals for services such as lawyers, house cleaners, and painters, and make it clear that you want to keep them happy long-term.
Get involved with your local community. If you want future prospects as a real estate agent (and not just clients), get involved with the community. Join clubs, attend events, and more to establish yourself as a leader within your area.
With its gorgeous beaches and friendly people, Guam is a great place to start a real estate career. However, in order to do so you must first become a licensed real estate agent in the state of Guam. You can do this through completing the necessary paperwork and passing a background check. After this, you'll be ready to start on your journey as a real estate agent!
Good luck on your new career!