You are contemplating starting your real estate career, and you may be wondering: what’s the difference between being a real estate broker and a managing broker? We’ll explain the differences and why you might want to consider becoming a managing broker as a way to take your real estate career to the next level.
The state of Illinois requires students to complete 90 hours of education, provided in our Illinois Broker Pre-License Course, which you must take in order to qualify for the Broker License. After completing the course, you must pass the state exam before receiving the Broker License. Once you’ve passed, you need to associate yourself with a sponsoring broker. Your license allows you to perform various real estate functions on behalf of the consumer. You’ll be able to help individuals sell, buy, or rent residential or commercial properties and you can assist sellers and buyers in the negotiation process.
You’ll also have to complete the 30 hour Illinois Broker Post License Course upon renewing your license for the first time. If you don’t want to start your own business and prefer working under another managing broker, you may be happy continuing to work as a broker.
TAKE IT TO THE NEXT LEVEL
If you’re looking to take your career to the next level, you may want to consider becoming a managing broker. To qualify, you must have been a licensed broker for two of the three years immediately prior to taking the managing broker exam. You’ll also need to complete the 45 hour Illinois Managing Broker Course before you can get your managing broker license.
Once you have your managing broker license, there are a variety of things you can do that you wouldn’t have been able to do as an associate broker. You can open your own brokerage and start to build your own brand, giving you more control over your income and the clients you choose to work with. You could work alone and keep all the commissions you make, or you could hire other real estate agents that would work under your license. In this case, they would split their commissions with you. As a result, managing brokers earn a substantially higher income than associate brokers. In addition to making more money, many managing brokers simply find it rewarding to own their own business and mentor brokers as they’re getting started in their real estate careers. Lastly, as a managing broker, clients may be more likely to want to work with you because your license shows that you have completed additional training and have a higher level of expertise.
No matter which path you choose to take, we’re excited to help you reach your goals! Read our student testimonials to see what you can expect when working with us and explore our full list of course offerings to find the course that’s right for you.
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