Realtors Attend School of Hard Knocks

NEW YORK (TheStreet) -- Six months ago, brokers like Miguel Arias of Exit Realty Faith in Newark, N.J., had a hard time keeping his sales team interested in working. Now, as the November deadline for the $8,000 tax credit for first-time homebuyers looms, many branches are abuzz.

Although Freddie Mac(FRE Quote) says home prices are rising, there are still areas where prices are as low as they were in the 1930s, says Arias, a salesperson since 1995 and a broker since 2007. He is working diligently to attract new agents through cold calls.

New agents must be willing to work and learn at the same time, Arias says. They need to learn new regulations and changes in lending practices, which make it harder to find qualified buyers. He says proficiency in short sales and foreclosures is a must in this new environment.

At Exit Realty Faith, there are no desk fees; there's a 70/30 commission split, and you get 10% of the house's cut for recruiting new agents. That makes this franchise unique.

It's relatively easy to become an agent: After 72 hours of class time, you need to pass a school test and a state test within one year. It's a challenge, however, to stay an agent, as the fees and related costs can be a burden, especially in a down market.

Expect that pressure to prompt you to become a dual-career agent or leave the field entirely: Your family may want you to get a "real job," since the pay is rarely stable in the beginning.