If you’re a real estate agent, there’s a good chance you remember the moment you passed your real estate agent’s exam and received your real estate license. The satisfaction, the joy and the fulfillment you felt is something that few things in your life will ever rival. However, if you’re seeking to advance your career, we know of a good way to replicate that experience: getting your real estate broker’s license!
Obtaining a real estate broker’s license will allow you to take your real estate game to the next level, and vastly expand your career options in the fast paced world of business. It’s the logical next step for any real estate agent looking to up their salary and benefits, as well as opening up the possibility of bringing other real estate agents into your employ.
Now, you might have some questions regarding this transition. How exactly does one go about getting a broker’s license? How does the job of a real estate broker differ from that of a real estate agent? What benefits does a real estate broker enjoy that a real estate agent does not? Don’t worry, because in this article we’ll answer all of these questions and more. Let’s get into it!
What is a real estate broker?
If you’re new to the world of real estate or simply a bit behind on the terminology, you may be wondering what the distinction between a real estate agent and a real estate broker really means in practical terms. While the two may initially seem very similar in their functions, there are a few important differences that you need to know.
First of all, let’s talk about what a real estate agent is. A real estate agent acts as a sort of certified real estate contractor, albeit one that must be employed by a real estate agency. While there is a certain degree of autonomy inherent in the role of a real estate agent, they are not at liberty to broker sales of their own accord.
A real estate broker, on the other hand, has a great deal of more freedom than a real estate agent. A broker can work independently at a real estate agency, but they can also start their own agencies and employ a team of real estate agents. While this entails a much greater degree of responsibility than the position of a real estate agent, it also removes many of the limitations placed on those with only a real estate agent’s license.
Should you become a broker?
While the freedom of operating as a real estate broker can be very attractive, this job is not for everyone. For some, the position of a real estate agent is much more suitable and entails far fewer responsibilities and risks. If you’re thinking of becoming a real estate broker, you should give a due amount of consideration to the factors we’ll present below.
It’s important to note that operating as an independent broker or the broker of a real estate agency doesn’t just remove the restrictions imposed upon real estate agents; it also forces you to shoulder a lot of risk and responsibility. As a broker, you lose the umbrella of protection afforded to those working for an agency.
As a real estate broker, you are responsible for making sure you and everyone who works for you is properly insured and provided for. You’re responsible for hiring new real estate agents and you’re responsible for the actions of those real estate agents once they’re in your employ. If you aren’t ready for this, you might want to wait a little while before pursuing this goal.
How to become a real estate broker
If you’ve given your decision its due consideration and weighed the pros and cons of becoming a real estate broker, you may have arrived at the conclusion that this is indeed how you would like to up your game as a real estate professional. If so, you’ll want to know how to become a real estate broker. This being the case, let’s take a look at the process and what it entails!
Your first step on the path towards becoming a real estate broker is to enroll in one of the real estate brokers courses recommended by your state’s real estate certification program. This will provide you with a more thorough and detailed understanding of the world of real estate, as well as the complexities of operating as a real estate broker.
This course will also freshen up the things you learned in the real estate agent’s course you took before passing your real estate agent’s exam. If you’ve been working as a real estate agent for a while, this knowledge may have grown a bit rusty with time. For this reason, it’s also a good idea to do some supplementary studying on your own prior to taking the broker’s exam.
Take the exam
Once you’ve taken the course prescribed by your state’s real estate certification system and done some studying to brush up on the basics, you’ll have to take your state real estate brokers exam. This will be a thorough and in-depth evaluation of your knowledge on a wide variety of topics related to real estate, so it’s important to study diligently if you want to pass.
In order to do well on the exam, you should also thoroughly prepare beforehand. Get enough rest the night before, and eat healthy foods to make sure your mind is as sharp as possible. You’ve likely learned to manage your sleep as a real estate agent, and those time management skills will come in hand here.
Life as a real estate broker
Once you’ve taken the exam with flying colors, it’s time to think about what you’ll do next. You’ve probably had at least a vague idea of what you want to do as a real estate broker, but now is the time to get down to brass tacks and decide what your next move will be. With your new found freedom, you can do just about anything; so what will it be?
As a real estate broker, a whole new world of possibilities will be opened up to you. Will you start your own real estate agency and manage the needs and demands of dozens of clients to turn a hefty profit? Will you strike out on your own and sell houses without the stress and obligations of working with a team? It’s up to you; now get out there and live your life as a fledgling real estate broker!