If you have received or are working toward obtaining your real estate agent license, you may have set goals for the future you hope to build. If one of your goals is to own your own real estate business, you will likely be wanting to get your broker’s license. Getting a broker’s license is not something you can rush into right after earning your agent license. In fact, you will want to take your time and learn as much as you can about the industry before taking the next step.
Laws in most states require real estate agents to work for a broker. In other words, you cannot work on your own as an agent without the oversight of a licensed broker. Many agents are comfortable with this and have successful careers working for a broker. You may have different goals in mind.
Taking the first step
After getting your real estate license, you will work for a brokerage for a certain number of years, depending on the state where you work, before you can become a broker. You should learn as much as you can during this time and gain valuable experience whenever possible. You may also be fortunate to work for a broker who is willing to tutor and guide you toward your goals. Your next steps will include the following:
- Each state requires agents to take approved courses to learn more about the real estate industry, brokerage laws, investments and other important topics if they wish to become brokers.
- You will have to pass your broker licensing examination.
- Some states require you to pass a criminal background check before getting your broker’s license.
- You may decide to continue working where you are now as an associate broker or to form a business plan to start your own brokerage.
- If you start your own business, you will need to begin building a list of new clients, much like you did as a beginning agent.
When you own a brokerage, the clients are essentially yours. You may have other agents who work for you who will handle certain aspects of the process, from listing properties, showing homes and assisting with financing. You earn the commission, which you share with your agents. Ultimately, however, the responsibility for the legal transactions and the satisfaction of the clients will fall on your shoulders. For some, this may sound intimidating. However, you may be someone who is ready for that challenge.