How to Become a Real Estate Broker
Have you ever thought about becoming a real estate broker? Making the shift from real estate agent to real estate broker involves not only a change in title, but an uplevel in responsibilities, experience, and education too.
In this article, we’ll show you what you’ll need to know if and do in order to become a real estate broker so you can determine whether it would be a good career for you.
What does a real estate broker do?
A real estate broker is a licensed real estate agent who has a professional real estate license. They are responsible for the day-to-day operations and management of their own real estate firms.
They are licensed to buy and sell property, homes, and commercial property. Brokers list and market properties while staying on top of what prospective buyers are looking for. Arranging and overseeing open houses is also a broker’s responsibility.
A real estate broker has more control over their business and can choose to work alone and keep all of their commissions or split work and commissions with their team. Whether working alone or with a team, brokers are vital to the process of buying and selling homes and property. Becoming a broker essentially makes YOU the boss.
What is the average salary for a real estate broker?
The average salary of a real estate broker is $81,630, which is 20 percent higher than the average real estate agent’s salary. That’s also in the top quarter of salaries for all professions. The best brokers make real money, real fast.
How do I get my real estate broker’s license?
If you want to get your real estate broker’s license, you have to follow the following steps.
First, you’ll need to become a licensed real estate agent by passing your state’s approved real estate agent course. Prepare for the real estate exam by taking a pre-licensing course with state-approved curriculum or a state-approved real estate school.
Check your state’s requirements. Most states require you to be licensed first as a real estate agent in order to be eligible for a broker’s license. This isn’t true in every state, so check your state to make sure.
Second, work as a real estate agent. Most states require work experience as a real estate agent before applying for a broker’s license. Again, this isn’t true for every state, so check your state before applying for your broker’s license.
Third, take a state-approved real estate broker course. You must meet your state’s requirements for education for real estate brokers. This usually means completing some college level courses. Some states are more strict than others. Check with your state’s real estate licensing board for the specific requirements.
You’re almost there! After you have met all of your state’s requirements and submitted the required documentation, you can apply to take your state’s real estate broker’s exam. Before you get licensed, you’ll need to pass the test.
How long does it take to become a real estate broker?
Qualifications for each state are different, so the time it takes to become a broker will vary. On average, it could take three to five years, but this all depends on YOU and your work ethic.
How do I find a job as a real estate broker?
Ready to manage your own team? As a real estate broker, you can be your own boss and start a real estate brokerage. If you’re not interested in building a team and starting your own brokerage, you can become an associate broker and work under or alongside another real estate broker.
Once you have completed all the requirements to become a real estate broker, passed the exam, and earned your broker’s license, YOU get to decide what you are going to do with it. Building your own brand and starting a brokerage isn’t easy. It requires a lot of hard work, but it can also be very rewarding.
If you’re interested in learning more about becoming a real estate agent or broker, you can find more information inside our online course, Sell It Like Serhant. Inside this course, you’ll learn how to land clients, build your team, close deals, and make more money.