How To Become A Real Estate Broker
Through time, people unconsciously purchase a lot of things without even considering if they need it or not. The things we buy can be categorized into two major groups: wants and needs. Ever since people started to learn the power of money, the debate between getting our wants and needs never seemed to come to an end.
If you look at it closely, the logic is quite simple. If we have the money, we buy both. If we have just enough, we forego our wants. Those who do not fall in either group are most likely in debt or experiencing financial problems. Our wants are the material things that we can actually live without, but feel like we can’t. Needs, on the other hand like food, clothing and shelter are considered necessities.
How to Become a Real Estate Broker
Purchasing a house, for example, is a huge responsibility. It certainly cannot be done or earned overnight. Basic wage earners spend more than 10 years before they can purchase a property of their own. If you have decided that you want a space for yourself or a home for your family, then you should seek the service of a real estate broker. They are professionals in the industry. They are the best people who can assist you in choosing the right property fit to your needs.
2 Before you can become a real estate broker, you would need to train and work as a real estate agent first. The minimum requirement is to gain a real estate agent’s license and work in the field for 2-3 years. It is essential that you learn the tricks of the trade before engaging in more serious brokerage business. You would also need to visit your local real estate department for other requirements as they vary from state to state.
- Brokers are required to undergo further real estate education that will cover important topics relevant to real estate professionals. Plus, an additional 90 hours for pre licensing education. Since they have more responsibilities under their wing, they are required higher education levels and experience.
- According to the National Association of Realtors, if you have a bachelor’s degree in Real estate, you are automatically eligible to apply for the broker exam. Provided, you still comply with the pre-licensing requirement.
3 Finishing the course will allow you to take the state-administered real estate broker exam. The exam will measure the broker’s knowledge about the industry and how to effectively run and manage a brokerage.
4 Before taking the exam, brokers are required to undergo an online training that focuses on real estate practices, state and national laws regarding purchase of properties, and the liabilities of real estate brokers. These lessons are provided online through videos and presentations. The entire coursework is conveniently available online.
5 As soon as you finish the training, pay your state licensing agency a visit and schedule your exam. You will then be provided with the date, testing location and the things you can bring with you during the exam. Passing the exam will make you a licensed real estate broker.
The difference between a real estate broker and an agent is that agents are more focused on selling properties while brokers manage. Agents work for brokers; Brokers manage or own real estate companies. Brokers have more complicated tasks and are expected to be more knowledgeable about price ranges, zoning, local tax rates and the features of the neighborhood they live in. They are responsible of educating their agents if there are any changes or updates in the real estate industry. Both professionals deal with a lot of stress at work but at the end of the day, earn an equally lucrative income.
Learning how to become a real estate broker can eventually be very lucrative. For those that want to deal in real estate and business, this may be the perfect career.
