After working for some time as a license real estate agent, many people decide to take their career to the next level by studying to become a licensed broker. In South Carolina, you must hold a real estate sales license in this state for three consecutive years before pursuing a broker’s license.
The state requires 150 hours of pre-license education to sit for the broker’s exam. The 90 hours of education you obtained in order to earn a sales license counts toward the total hours needed to become a broker. The other 60 hours are typically gained through two, 30-hour courses that provide instruction on numerous topics, such as federal housing laws, contracts, appraisals, licensing laws, risk reduction, ethics, marketing and more.
Brokers basically do four things
While there’s no “typical” day in the life of a broker, there are four main categories of service within which brokers function. They are as follows: running a business, expanding a business, providing support to buyers, and providing support to sellers. A broker does not necessarily do all four things each and every day; however, it is possible that a single day’s schedule might include tasks within each of these categories.
Running a business as a broker includes these duties
A licensed broker or Broker in Charge may secure real estate transactions independently and may also provide daily support to real estate agents acting under the brokerage in question. Running a brokerage business includes clerical duties, such as responding to emails, text messages and phone calls. In an average day of work, a broker might also process paperwork and file documents or schedule appointments for client meetings, home showings, etc.
There are several ways a broker can help expand the business
A major percentage of clients come to agents and brokers through referrals. This means that successful brokers are always working to expand their firms. A top priority is to generate leads, which typically occur through networking and building relationships within the niche, such as mortgage lenders, bankers, accountants, local business people, news reporters and more.
Brokers also use radio, television, billboards, social media, flyers and in-person encounters to market their businesses.
How brokers provide support to buyers and sellers
As a licensed broker, you might assist a seller by helping to establish a list price by researching comparable property sales in the local region. If you are a skilled photographer, you might provide support to sellers by taking photos of homes for advertising purposes. You can also help stage a home for an open house or showing.
To provide buyer support, a broker might meet with buyers to identify their specific needs and desires in order to streamline their purchasing experience. A broker may also provide direct support on a buyer’s behalf to make an offer or negotiate a sale.
Continuing education is always a plus
There are certain benefits to obtaining a broker’s license, such as the potential for more income, which is generated through higher commissions. Studying for a broker’s license is a form of continued education that is valuable in the real estate industry. There’s no such thing as “too much learning.” Any new material learned can be an asset to your real estate career.