As with the rest of the country, being a real estate agent in Illinois has been challenging over the last couple of years. Although real estate has been, and continues to be a great way to make a living, many agents are looking to increase their income. As a successful real estate agent you know that you can accomplish this in many ways from increasing your customer base to new marketing strategies. Another way to increase your income that you may not have considered would be to get your Illinois real estate broker license.
Every real estate agent has looked at a settlement sheet at one time or another and made a mental note of the commission that was paid to the broker on your deal. Imagine not only collecting checks on your sales, but on the sales of agents that you broker as well. Becoming a broker will provide you with a number of additional opportunities to earn well above and beyond the commissions of your own sales.
Getting your Illinois real estate broker license could not be an easier process. Qualifications are simply to be at least 21 years old and have either a high school diploma or equivalency certificate. Educational requirements are completion of the 120 hour real estate transactions course. It is important to note that the 45 hour real estate transaction course for salespeople cannot be retaken to fulfill this requirement. Additionally, there are 75 class hours of broker courses required to qualify to take the broker exam. The classes to meet this requirement are specifically set and are approved by the Illinois Department of Financial and Professional Regulation.
Here’s something to think about… during the “hard times” of the last couple years, while many real estate agents were struggling to close each sale, brokers were receiving commissions from every sale that went to closing for each of their salespeople. Now that the market has begun to make its turn around, there is no better time to become a licensed broker.
The tax incentives being offered and the low interest rates and home prices are generating a tremendous amount of activity in the Illinois real estate sales market. Real estate agents are going to become bombarded with potential home buyers looking to cash in on the amazing opportunities available for home buyers in this market. This renewed interest is about to pay off in a big way for licensed real estate agents as people race to get the best deals before the home prices begin to rise. The only people in a better position to make money in this reignited market are going to be the brokers of the agents that will be thriving as the housing market rebounds.
Once you have achieved success as a real estate agent, becoming a licensed real estate broker is the logical progression of accomplishment. Brokering other successful agents can multiply your commissions several times over, as well as offer you a bit of added financial security in the event that the housing market slows as it has in the last few years.
Real estate continues to be one of the most lucrative fields in the world, creating more multi-millionaires than any other industry. Securing your Illinois real estate broker license is a great step toward growing personal wealth.
Want to find out if you have what it takes to be a Real Estate Agent or Broker?
About The Author: Geoffrey Thompson is an owner and founding partner of Colibri Real Estate, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.
