How to become a real estate agent in Nevada?
Nevada is one of the hottest multi-family real estate markets in the country and is considered by experts to be stable and sustainable. If you become a real estate agent in Nevada then you will be able to benefit from the growing number of residential and commercial properties. There is also a lot of variety to promote right from Single Family homes to Townhomes, high-rises, and luxury homes and condos among others. There are already a few real estate companies in Nevada that are taking advantage of this market and it’s time for you to grow and diversify in this market!
Introduction to becoming a real estate agent in Nevada
Nevada is one of the top tourist destinations in the US and is home to Las Vegas also known as the “Entertainment Capital of the World”. The real estate market conditions in Nevada and especially Northern Nevada like the Greater Reno-Tahoe area has witnessed growth not only in the residential and commercial real estate but also a high demand for industrial space. This is the right time to become a real estate agent in Nevada but how do you plan it through? This article is like a self-help guide that will answer important queries like registering as a real estate broker in Nevada, taking a Real Estate Salesperson Licensing Exam, setting up business legally, and also information on the best places to invest.
Real Estate Industry in Nevada
Nevada is undergoing an economic expansion, which makes it beneficial for real estate developers, capital partners, investors, and lenders to be optimistic about the industry. This also means that this is a good time to become a real estate agent in Nevada. The industry growth is being sparked by many factors like Amazon developing an 800,000sqft warehouse in North Las Vegas and ‘Bed Bath and Beyond’ investing in a 500,000 sq ft of industrial space. There has also been significant development of properties that real estate companies in Nevada had invested in.
Why is Nevada an ideal place for the real estate industry?
Whether it is the Reno housing market or the Las Vegas commercial property market; Nevada real estate market has transformed dramatically and is considered as the market to invest in. The Reno-Sparks home sales have posted some really big gains and the median sales price in Southern Nevada has seen a spike up while companies like Tesla, Intuit, Switch and Panasonic are getting into the industrial space, which is driven towards creating opportunities and enabling growth. Are these the only reasons why you should become a real estate agent in Nevada? Nevada is considered as an ideal place for the real estate industry and the reasons are:
- Strategic Location: Nevada is one of the best places for new businesses and it is more so because of the strategic location it can boast of. There are several real estate companies in Nevada because it has access to some of the major markets and hence real estate here is considered as prime property. Nevada is situated right at the center of the western region comprising 11 states.
- Growing Home Sales: Many first time entrepreneurs and business owners are planning to become real estate agents in Nevada because the home sales have shown promising growth. For example: Washoe County and North Las Vegas saw a strong growth in existing single-family home prices as they increased by almost 15 percent with Boulder City trailing with a year over year increase of 12 percent. Similarly, the median sold home price in the Reno-Sparks real estate market climbed to $407,000 in June 2020, which is an almost 1.8 percent increase from May’s median sales price of $399,900.
- No Corporate or Personal Income Tax: Nevada is one of the few states in the nation where there are no corporate income tax for new businesses and thus makes it easier to become a real estate agent in Nevada. The state also doesn’t have any personal state income tax for the residents, which is an important driver towards the low cost of living the state enjoys
What are the best places to invest in Nevada?
If you are planning to become a real estate agent in Nevada the first aspect you need to consider is the areas or regions of the state that are best for making a real estate investment. There are several cities in the state that will provide you with a promising growth but the top 3 places are:
- Las Vegas: The city considered as the ‘entertainment capital’ is also the most populous market for real estate investors. As a real estate broker in Nevada, Vegas has so much to offer because the median home value in this city has witnessed an increase of more than 10 percent and is predicted to grow further. The median home value in 2020 is $290,535 with a 1-year appreciation rate of +1.8%.
- Reno: This mountain side city has an expanding real estate market and just the right place if you are planning to become a real estate agent in Nevada. The median closed sales price for the Reno-Sparks real estate market was $400,000 in November 2019, which is a 6.0 percent annual increase as compared to November 2018. According to CoreLogic, a top financial services company, Reno home prices may be higher than the national average. The current median home price in the Reno housing market is $268,700, which is more than the national average of $203,867.
- Carson City: This is another great place to start a business or become a real estate broker in Nevada although you will have to first fulfill real estate agent license requirements Nevada. This is a thriving market with the median price recorded in 2019 being $327,250 which is a jump of 10 percent from the 2018 median price of $295,000.
Steps to get a real estate license in Nevada
The real estate market in Nevada is considered to be evolving in such a way that it will provide plenty of opportunities for both new and existing investors. Becoming a real estate broker in Nevada means you will be able to benefit from the positive trends and opportunities in the residential as well as commercial real estate. The combined value of the U.S. Housing Market is estimated at $33.6 Trillion with Las Vegas, NV contributing a total market value of $209 billion. The big question is how do you fulfill real estate agent license requirements in Nevada and what steps should you take towards real estate business registration in Nevada? Let us look at some of the important aspects to consider.
Choose area of real estate (Commercial/Residential)
If you are planning to become a real estate agent in Nevada then one of the first aspects to consider in choosing is the area of real estate you want to specialize in. The commercial and residential real estate in Nevada have their pros and cons but both the markets have growing opportunities for a real estate broker in Nevada. It is also important to consider the advantages each area may provide. For example, a commercial property may garner a higher rate of return as compared to a residential property although commercial properties require customers to make a huge up-front investment vis-à-vis residential properties. Hence, it is important to make an informed choice.
Register for the 90 hours of required education
One of the primary real estate agent license requirements in Nevada is to provide proof of pre-licensing education in the form of certificates or certified transcripts. This means that you will have to register for and complete 90 hours of required education. According to the Nevada real estate division, you may require 64 semester college credits as follows:
- 45 hours or 3 college credits in Real Estate Principles
- 45 hours or 3 college credits on Real Estate Law and this must include at least 18 hours in Nevada law studied at a Nevada school
- 45 hours or 3 college credits in a Real Estate Appraisal course
- 45 hours or 3 college credits in a Broker Management course if you want to continue as a real estate broker in Nevada
- 15 college credits in any other real estate related courses like economics, business, accounting, management, marketing, and finance
One of the initial real estate agent license requirements Nevada is “Fingerprint Cards”. You will be required to submit one fingerprint card along with a money order or a cashier’s check made payable to the “Department of Public Safety”. Alternatively, you can also use the verification form issued by any Nevada approved Fingerprint Vendor.
Take the Nevada Real Estate Salesperson Licensing Exam
In order to become a licensed real estate broker in Nevada or a real estate salesperson in the state you need to take the Nevada Real Estate Salesperson Licensing Exam. You have to pass the exam as it will confirm that you have achieved the required minimum level of real estate knowledge required to become a real estate agent in Nevada. The knowledge relates to practices, principles, regulations, and statutes pertaining to Nevada real estate. The exam is conducted by PSI Services LLC on behalf of Nevada Real Estate Division, Department of Business and Industry. You can download the Candidate Information Bulletin to get an insight into the examination registration, fees, and scheduling procedures.
Choose a real estate broker
Before you can actually become a real estate agent in Nevada, you will need to work under a real estate broker for a specific period of time. This experience will help you in getting your license as their signature may be required on the licensing application. There are several real estate companies in Nevada to choose from and you can make a checklist of brokers based on the type of real estate market you want to specialize in.
Apply for Your Nevada Real Estate Salesperson License
Once you have cleared the real estate broker in Nevada or salesperson exam, you can apply for a real estate salesperson license. The form 549 is used for applying for this license and contains all necessary information pertaining to real estate agent license requirements in Nevada. Once the form has been duly filled, you will be required to submit it with the Real Estate Division, Department of Business and Industry, at 3300 W. Sahara Ave., Suite 350, Las Vegas, Nevada 89102.
Gather all your forms
It is important to understand that if you are starting your own business then you will not only have to submit an application as mentioned under real estate agent license requirements Nevada but you also have to submit one for starting a new business like the Nevada state business license application. It is important that you have all the necessary applications in place so that the submission process is streamlined and simplified.
Set up your business legally
There are different forms of businesses you can establish in the state of Nevada. You can form a sole proprietorship firm or even a business corporation or limited liability company. The type of business you want to form will depend on your requirements and IncParadise as one of the top registered agents can help you with the process of real estate business registration in Nevada. We are expert incorporation specialists and have helped more than 10,000 new businesses with incorporation or registration in the country. We are well versed with the Nevada state laws, real estate business laws, and real estate agent license requirements in Nevada. Our new business registration process is quick, easy, and will save you time!
Register your real estate business in Nevada today!
Get Nevada state business license
It is mandatory for all Title 7 business entities to file for the Nevada state business license with the Secretary of State pursuant to Chapter 76 – State Business Licenses, 2015 Nevada Revised Statutes. If you are planning to become a real estate agent in Nevada and if your business type includes domestic or foreign corporation, limited partnership, limited liability companies (LLC), limited liability partnership (LLP), limited liability limited partnership (LLLP) and business trusts then your business will be considered as a Title 7 entity. The Nevada Secretary of State (SOS) provides detailed information on real estate business registration in Nevada as well as business licensing through their FAQs and other related sections. The application for Nevada state business license is a mandatory requirement and is offered as a part of our incorporation process. Since a state business license has to be renewed each year by all businesses, we can help you to be compliant with this Nevada requirement.
How can IncParadise help you?
The real estate agent license requirements in Nevada may look overwhelming but that is exactly the reason we have created this guide – to help you understand how the process works! Being one of the reputable registered agents in the state of Nevada, we can provide meaningful assistance towards setting up your business just like we have helped several real estate companies in Nevada with the process of business registration.
We understand that each new business or established real estate companies in Nevada may have different requirements and that is why we provide a wide variety of additional services. Some of our popular services include filing of annual reports and ensuring your business is in good standing like getting a Certificate of Good Standing.