Did you know the average experienced real estate agent in New Mexico makes $69,234 per year? If you have been considering a new career as a Real Estate Agent in New Mexico now might be the time to take action. Maybe you are tired of your 9-5 job, or maybe you just want the unlimited earning potential that comes with entrepreneurship. In this post we are going to cover how to become a real estate agent in New Mexico.
Working as a real estate agent comes with many advantages. Many agents who decide to start their journey of becoming a real estate agent in New Mexico start on the quest to build a business that offers more of a flexible schedule.
Others want to simply break the glass ceiling and enter a career that rewards them for all the hard work and effort they invest. If you are tired or feel stuck in an unrewarding job now might be the perfect time to chase your goals and become a real estate agent.
Do you have what it takes to work as a New Mexico Real Estate Agent? If yes let’s dive into the basic steps of getting your real estate license in New Mexico.
How To Become A Real Estate Agent In New Mexico
- Must be at least 18 Years old
- Must have a high school degree or GED.
- Complete all 90 Hours of your real estate pre licensing Classes
- Complete and Pass National criminal background check
- Pass the final exams in real estate courses with a score of 75% or higher.
- Schedule your exam with PSI exams
- Pass the New Mexico Real Estate Exam
- Find A Brokerage To Hire You
- Apply for your license.
- Enroll in 36 hour post licensing education within 3 years.
Choose Your School And Sign Up For Classes
Before you can start listing million dollar homes the very first step is toward getting your New Mexico License is choosing your classes and completing the mandatory educational requirements set by the state to become a real estate agent.
Complete Your New Mexico Real Estate Classes
Get ready for some classroom time! To become a licensed real estate agent in New Mexico you must first complete your state’s mandatory education requirements. In total you will be required to complete 90 hours of state approved courses for pre-licensing. Click here for a list of state approved schools. The good news is that the state of New Mexico allows you to take a portion of your real estate classes online. This is great because it will allow you to complete the course at your own pace and even possibly speed up the process if you put in the hard work.
In the state of New Mexico you must also be at least 18 years of age and have a GED or High School diploma to become a licensed real estate agent.
New Mexico Pre-licensing Education Requirements
The approved 90 classroom hours courses required for real estate license applicants are:
- New Mexico 30-Hour Real Estate Principles and Practices Course
- New Mexico 30-Hour Real Estate Law Course
- New Mexico 30-Hour Real Estate Broker Basics
Keep in mind you must score a 75% or higher on each final exam. So, it is important to pay close attention in class.
What Will I Learn In My Pre-License Classes?
I remember sitting in my real estate pre-licensing class. For many, real estate is like learning a entirely new language. In class you will learn many new things. One of the most important being state laws as they relate to you as a real estate agent. This will help keep you out of legal trouble once you get out in the field and start practicing real estate. Here are some subjects you will learn about in real estate school.
- Real estate math
- Land use laws and regulations
- Fair Housing laws
- Real Estate Financing
- Contracts
- Transfer of title
- Brokerage relationships
- Disclosures
- Property analysis
- Rules of the Oregon Real Estate Commission
- License law
- Ethics
- Agency Laws
To become a licensed real estate agent in New Mexico you must first complete your state’s mandatory education requirements. In total you will be required to attend 90 hours of state approved courses for pre-licensing.
Schedule Your New Mexico Real Estate Salesperson License Exam
In Oregon your real estate exam will be taken with PSI Exams . It is recommended you call and schedule with a customer service representative. Here are a couple important things to know.
- This test can be taken by computer at the testing center.
- This is not an open book test.
- Test must be scheduled at least one day in advance.
New Mexico Real Estate License Background Check
Any person applying for a New Mexico real estate license must be fingerprinted and pass a background check. The current cost is $44 for the service.
What Is The Best Way To Study For The New Mexico Real Estate Exam?
Many people fail the New Mexico real estate exam the first time around. This is ok. Many of the great real estate agents having huge success today failed their exam the first time around. The bad news is that it costs money to retake your exam. At the time of writing it is $95 to take the New Mexico Real Estate exam.
To increase the chances of passing your exam the first time we recommend checking out Prep Agent. This study tool gave me and many other agents a huge boost in confidence when taking the real estate exam.
In fact, Prep agent is so confident in their study tool that they offer a 100% refund if you use the tool and fail your real estate exam.
What Do You Need To Bring When Taking The Exam At A Testing Center?
Don’t show up on test day only to be turned down. You will need to bring two forms of identification that have not expired and have a matching name and signature. One form of identification must have a photo to qualify. Here are some examples of accepted identification.
- Drivers license
- US social security card
- Passport
- Debit Card with Signature
- Credit Card with Signature
- Green Card
You are allowed to bring a basic non scientific calculator that can be used for the math portion of the exam.
How Long Will I Have To Complete The New Mexico Real Estate Exam?
The New Mexico Real Estate exam is split up into two real estate exams. One state and one national. You will have a total of 180 minutes to complete both. ( 3 Hours )
You will have 60 minutes to complete the New Mexico State portion of the exam. You will have 120 minutes to complete the national portion of the exam. Some people even complete their exam early. Do not stress you have 3 hours to focus and get this done.
Pass Or Fail- How Long Does It Take To Get Results?
Taking the real estate exam can be nerve racking. Once complete we all become anxious and want to know if we passed or failed the big test. The good news is that you will know the results immediately after you complete your exam.
Can I Retake The Real Estate Exam If I Fail?
If you fail to pass both portions of the examination within 90 calendar days you will be required to re-take and pass both portions of the examination before being eligible to apply for a associate broker’s license.
But stay positive, many agents have failed the real estate exam multiple times and have gone on to have very successful careers.
How Long Does It Take To Become A Licensed Real Estate Agent In New Mexico?
I am sure you are excited and want to get licensed ASAP. You should expect the process to take about 4 to 5 months to become a New Mexico Real Estate Agent. The two most time intensive parts of the process is completing your 90 hours of real estate pre-license classes and completing your background check which can take a month or two to complete.
Aside from just completing your real estate classes and studying you will need to spend your time doing other important things like interviewing brokerages and deciding which one is the right fit for you and your new business.
This is just an average timeframe. Keep in mind everyone works at a different pace. If you are taking courses online you may be able to work through the courses a little faster or maybe it takes you a little more time to get through the course work.
Either way try not to overwhelm yourself and focus on getting a little further along in the process each day. Many people set out on the journey to become a New Mexico agent and quit before they even start because they simply overload themselves with work. Keep the focus on working toward your goal little by little each day.
How Much Does It Cost To Get An New Mexico Real Estate License?
It will cost around $1,300-$1,600 to get your New Mexico Real Estate License. Some of these cost are fixed such as the FBI background check and exam fee.
- $44 fingerprint fee
- $95 for New Mexico Sales Associate exam fee
- $270 for sales associate license application fee
- $300-$600 Realtor Board Dues
- $389-$450 for pre- license courses
- $100 Any additional study aids or courses.
Total New Mexico Real estate license cost estimate $1,509
Note- These are just averages and subject to change at anytime.
Does New Mexico have reciprocity with any other states regarding a real estate license?
How To Choose The Right Brokerage?
Selecting your broker is a business choice that we all have to make at some point in our career. As a new agent you likely do not know what to look for or what questions to ask. As an experienced agent who has worked at multiple offices here are some things to consider.
Training- This is important. One of the biggest complaints I hear from new real estate agents is how lost they often feel. Many times they feel the brokerage they choose to partner with has poor mentorship or even worse no mentorship at all. When interviewing brokers it is important that you ask if they have a mentorship program in place for new agents. If the answer is yes make sure you dig deeper and ask how the program works. What are the expectations for the new agent and what are the expectations for the mentor. You need to find out how much support and training they actually provide.
Splits- Every brokerage offers a different compensation model and as a new agent this is important to consider. However, do not make this your main focus. I see many new agents make commission splits the main reason they choose a brokerage. This can be a huge mistake. Focus on what kind of value and training is being offered for that split. The harsh truth is that 100% of nothing is still nothing.
On going monthly fees- Some brokerages charge monthly fees to stay apart of the company. This is something to consider if you have a small savings account. As a new agent you might be looking to stretch your dollar until you get a couple closings under your belt. Joining a company with high ongoing monthly fees can put a dent in your savings account.
Commission Cap- This is in the same boat as commission splits in my opinion. As a new agent this should not be your main focus. You should be focused on support and training. However, as a business person it is a question you should be asking. Some brokerages will cut off your commission fees once you “cap”. Every brokerage and market is different but on average we have seen the brokerage cap between 14k-21k. Once you pay that amount into the brokerage your commission will shift to 100% in some cases with a small broker transaction fee.
Conclusion
Becoming a real estate agent in New Mexico is something worth working towards. To make this all happen it is going to require work and consistency but if you love the idea of selling homes in Dallas, Houston or any other city in Austin it is worth all the effort and hard work to make your dream become a reality. Study hard and do not quit even if you fail your exam the first time around. Many of the greatest agents I know today in my local market did not pass the exam the first time around.