Interested in working in the real estate industry? Have successful friends who are in the business and loving it? Or know someone who quit after their first year and think you could do it better? Let’s start at the beginning. (Which is where you usually start, unless you’re watching a Christopher Nolan film.)
Do you want to get paid to negotiate the sale, purchase, investment, or rental of property? You need to get your real estate license. In Illinois, there are three types of real estate licenses: broker, managing broker, and leasing agent. We’re going to focus on the first one. A “broker” is simply industry-slang for your local, friendly real estate agent. (Hello!) That’s the license you need to represent buyers, sellers, or both. Brokers often choose to specialize in either residential, commercial, or industrial properties.
In order to obtain your license, you have to do two things. First, complete a real estate pre-licensing course. There are many different “schools” you can attend for these classes, and many brokerages host their own training as well. (What’s a brokerage, you ask? We’ll get to that.) Second, sit for the licensing exam and pass the test, which consists of both statewide and national questions. Think you can opt out of the classes and just sit for the exam? Wrong. Your teacher has to inform the state that you passed your class and you’re allowed to take the exam. In fact, many people who sit for the licensing exam don’t pass the first time. Or the second. Or the third. You’re only allowed four attempts to pass until you have to retake the course before you can sit for the exam again.
Once you pass your exam, you can start searching for a company to work with. Brokerages are the companies you see with their colors and logos on “FOR SALE” signs in people’s yards. The person’s name on the sign is the agent (aka broker) who works under that brokerage. If you’re thinking of starting your own brokerage, well that’s another topic for another time, but you have to wait 2 years working under a managing broker before you branch out on your own. At that time, you’ll have to get your managing broker’s license. (Remember how there are three types of real estate licenses in Illinois? This was the second one we listed.)
Working in real estate can be a rewarding, lucrative career. Questions? Comments? Let us know! We love to talk “shop” about our passion, and we’re happy to help! That’s what this community is all about.
