Going by the reports, the tiny country, with Tel Aviv as the Capital city, has the largest number of real estate listed companies, aside from North America and China, and also has more than 7,000 active newbies, which is a record high.
Tourism is also big in Israel. For being such a small country, Israel has been declared the best country in the world for having a diversity of the best of features, ranging from landscape, economy, architecture, agriculture, and technology.
So, as different types of tourists flock to the country, the economy surges and real estate owners make a killing by turning their investments into vacation homes, such as studios, one bedroom apartments, and so on.
As a lucrative job opportunity, and investment, many want to know how to become a realtor in Israel.
How Do I Become a Real Estate Agent in Israel?
While you bear a burning desire to pursue a real estate career in Israel, you must also be burning with curiosity wondering what the requirements are and if you will be able to meet them.
Here are the things you need to know:
- In order to be listed as a real estate proxy, every agent has had to take a local licensing examination that is prepared by the Ministry of Justice and administered every few months.
- Israel only recognizes a license given from within its borders. Even if you have been a certified agent from any other country of the world outside of Israel, your license is considered null and void, as per Israeli laws. To attain the license, you need to pass the Israeli real estate license exam.
- A person must not have been declared bankrupt. Money begets money, they say, and the same goes for an agent as a career.
- One must be of age. At Least 18 years, or older.
Obtaining an Israeli Real Estate License
To obtain a license, three important factors top all others. Here are the determining factors standing between you and your quest of becoming an agent:
- Be a Citizen or Resident of Israel
- Successfully Pass Examination (Israeli Real Estate License Exam)
Be a Citizen or Resident of Israel
As part of the requirements, Israel demands that you have to be a citizen or resident for you to be a part of the real estate fraternity. If you are a foreigner, then you must bear with your official documents permitting you to work within the borders.
Successfully Pass Examination
This now is the real deal. The deal is, you have to take an exam. To get all of the information you need, you have to visit the Ministry of Justice to get a booklet containing the exam.
Once you register, a letter will be sent to you with the following details: approval to partake in the exam, as well as the place, time, and seat number.
If you manage to get at least 60 points, you will be in line to get the certificate. If you are wondering how long it takes, within 30 days you will be notified of the outcome.
With the country being predominantly a Hebrew-speaking nation, the exam is administered in Hebrew. As its premier official language, it’s upon you to learn, practice, and speak the language. Language helps organize your thoughts to communicate.
However, you shouldn’t struggle with the Hebrew words and context if you can get help, right?
When you have successfully passed or attained the above three, then you can comfortably look at the rest:
- Have not been Declared Bankrupt
Have not been Declared Bankrupt
To evade debtors and take rest from money issues, relating to huge amounts, one can lawfully declare himself bankrupt.
The downside of this is that it will harm your future business dealings, because no one will want to deal with someone who cannot be financially liable, especially if a transaction should go wrong.
Before an individual is licensed with something, the government, most of the time, will request to run their name, together with fingerprints, through the crime database.
No one wants to employ or transact with someone that has a questionable reputation.
A case of felony and/or having served a term in prison is bad. With that said, if you have been successfully rehabilitated, you have shown a desire to reform and have stayed clean for at least three years, then you might be considered eligible.
The recommended age for the workforce is 18 years and older in most countries. This is the same in the Hebrew-speaking nation.
How Do You Study for the Exam?
Studying on your own isn’t a bad idea, but it is often advised to join a group or study program to help you study for the exam. The ideal time frame for studying for the exam is about two months before the exam date.
The Ministry of Justice offers the booklet for sale through their offices, or you can obtain their study program through the government portal.
The booklet containing the “collection of laws” can also be found and purchased from specific locations available through the study platforms online, like the SuCasaTLV Academy.
The real estate license exam covers the various Israeli Land and Property laws. You must master and be able to articulate them well in the exam for you to pass.
If you are finding studying for the Israeli real estate license exam difficult, get help from online resources that will make your quest a little easier. The Israeli real estate license exam can be tricky at times, so you need all the help around you.
It is ideal to note that exams take place once every three months and with the study material written in formal Hebrew, many Olim Chadashim struggle to study for the test and find it all very confusing.
Lastly, you should be quick to run to service providers who offer the first lesson for free, no muss, no fuss, and no strings attached.
Israel Land and Property Law
The industry is governed by a set of laws.
That is what the real estate license exam is all about. As such, for you to be a certified agent, you have to study and pass the exam involving the property law that governs the various forms of property ownership in the country.
One can not be a successful agent when they are not fully aware of the world around them. There is also the risk of getting themselves, and others, in contradiction of the law.
Some the laws include;
- Real estate law
- Property ownership
- Real estate rights
- System registration
- Liabilities of both sellers and buyers
- Finance, together with banking
- Public property law, among others
Real Estate Industry
The industry is a wide field that is always mutating, while also evolving. This keeps hope alive. It is the driving force behind desires and dreams, which are harbored by new job seekers and those building careers based on it:
Here are different careers surrounding the industry
Real Estate Agent
Securing a job as an agent is a very rewarding and fulfilling position. Real estate agents are the people who facilitate business transactions between buyers and sellers of property.
Because property as bare land or buildings is diverse, it is divided into two categories;
Residential Real Estate
Residential agents help make transactions between a seller and a buyer possible.
Sometimes a seller could require a buyer, while other times a buyer could need a seller. The job of the agent is to link the two, and if they are successful, they get a commission out of it.
Commercial Real Estate
Commercial agents work the same way as residential agents, but they only deal with property that house businesses.
Commercial agents, however, have more to consider than just the location and value of the commercial property. They consider things like internal rates of return, rates of capitalization, and gross rent multipliers.
Life as an Agent
1. You Are Your Boss
Being your own boss is much different than working for others. Many realtors work individually, and not for a company. The amount of time, as well as effort, you put into your work determines if you will find your niche in the industry.2. Planning and Accountability
Many young agents fail because they do not prioritize making and executing a plan.
Having a plan will help you use your time more efficiently and manage your resources well. Being accountable for your actions is a big step to achieving your goals.
3. Day-to-Day Expenses
Agents here earn through commissions. As such, real estate, as a job, needs you to have a stash of money somewhere that will keep you going, before you make your first withdrawal.
Required Skills for Real Estate Agents
Every industry requires skills for an individual to thrive, as well as be successful. As an agent you must have the following to win clients:
- People Skills
- Be Organized
- Be Energetic
- Entrepreneurial Skills
1. People Skills
This is where managing clients comes in. For you to be successful, your number one trait should be friendliness, in a business/professional way. Charm your client and make them trust you in their dealings.
2. Be Organized
Organize your time well. Take the time and set up plans. Many people like timekeepers who know exactly what they are doing. You’ll be handling clients from different cities, let’s say Tel Aviv, amongst others. What you need is proper planning.3. Be Energetic
Being industrious, as well as vibrant, is a quality many admire. It boosts and injects positivity in others, and also inspires a driving force in carrying out the job in order to achieve goals.
4. Entrepreneurial Skills
An agent is a businessman, of sorts. In order to run solo and create a real estate company, one needs to view the job in a wider scope.
A real estate career pays well. It is an industry full of potential, and one in which an agent can thrive and grow big.
As discussed earlier, a real estate license exam is mandatory for anyone looking to become an agent in Israel.
Needless to say, real estate has always been one of the best investments in Israel. With a realtor’s certificate, you can rest assured you’re ready to join the industry with a bang!