So, you do have plans to start a career in the real estate industry? If you are, then for sure, you are quite confused on as to whether you should just take the NMLS SAFE MLO national mortgage loan originator exam and become a mortgage broker or become a real estate agent instead. So, to help you out, we are comparing the skills, personality, knowledge and experience that you need to find success in this career.
Knowledge and experience
To be a real estate agent, you need to have a background experience, either in marketing or in sales. You also need to have at least a high school diploma. If you plan to work for real estate companies, then they may also require you to receive education in real estate law and financing. Of course, you need to have a license that you can only get upon passing the exam.
A sales and marketing background is also required from an MLO or mortgage broker and apart from that, they should also know the terms and the rates of several lending institutions. They should also be familiar with the criteria for credit worthiness and reporting. Good oral and written skills is also very essential.
Personality
Real estate agents needs to have an outgoing personality. After all, your job is to sell properties. With that, you also need to have great communication skills so that you can clearly explain and highlight the features of the house, ultimately leading to closing a deal. You also need to look trustworthy and responsible as well.
Aside from passing the mortgage test, a mortgage broker needs to have a strong desire to help people. They should also be able to explain to their clients how a mortgage works, how they can become eligible for better rates and how they can improve their credit rating. Hence, knowledge in financial concepts would be extremely helpful. Also, as you would be helping a borrower find a lender, you need to be patient enough and become someone who can accept frequent rejection.
Duties
The duty of a real estate agent is to help prospect buyers find properties and present properties to them as well. They should also have up-to-date knowledge about the real estate market. At times, they might need to act as a liaison between the seller and the buyer.
Your role as a mortgage broker is to help your clients find the best mortgage terms and interest rate for a property, regardless of whether it is a commercial or private property. You also need to develop a good relationship with lending institutions so that you can ask for a favorable deal from them.
Total Pay
You can earn $41,000 to $106,000 as a real estate agent while you can earn $41,000 to $102,000 as a mortgage broker. That includes your commission, salary, bonus and profit sharing.
So, considering the things mentioned, do you want to be a real estate agent or a mortgage broker? The choice is yours.
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, SAFE MLO Exam offers 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the NMLS SAFE MLO practice tests can be taken in timed or untimed mode on SAFEMLOExam.com’s proprietary test dashboard.