Do you feel right at home brokering property deals between buyers and sellers? A career as a real estate broker may be right up your alley if you're willing to obtain a professional permit known as a broker license.
Read through to get the scoop on whether you need this permit and how to get a broker license.
Real estate brokers facilitate transactions between buyers and sellers of property and land and may also oversee operations at a brokerage firm. Generally, a real estate broker is a person who has met more rigorous requirements than a real estate agent. Therefore, a broke has more credentials and experience than an agent.
A broker can be of particular value to his or her clients during advanced real estate transactions such as those involving foreclosures. The increased knowledge you have at your disposal as a broker can also be used to generate additional revenue streams. You can, for example, take on extra work in property management or even open a property management firm of their own.
He or she can also choose to work independently or hire other real estate agents to work for them, whereas a real estate agent must operate under a broker. Some brokers also receive a cut of the commissions of the real estate agents they oversee.
Brokers generally fit into one of three roles in a brokerage firm:
Yes, in fact, the key difference between brokers and real estate agents is that brokers have completed additional licensing requirements above and beyond what a real estate agent must obtain. Real estate agents who want to become brokers must get an additional broker license from their respective state. This involves completing pre-licensing work and educational requirements. Lastly, passing a comprehensive exam that tests your real estate know-how.
The steps for how to get a broker license can vary by state but usually include the following:
Check the Department of Real Estate or Division of Licensing website for your state for the latest broker licensing requirements.