How to Become a Real Estate Broker in 5 Steps
Buying and selling real estate properties can be a tricky business involving complex laws and regulations. Real estate brokers are trained to help individuals navigate this process. In every state, brokers are required to be licensed. Schools offering Real Estate degrees can also be found in these popular choices.
Step 1: Research Real Estate Broker Job Responsibilities and Education
Real estate brokers help individuals buy and sell property. Brokers differ from real estate agents since they are licensed to manage their own real estate businesses. Agents must work for licensed brokers. In addition to locating and showing properties, the broker helps clients list properties for sale, search for titles, negotiate contracts and navigate the closing process.
Step 2: Get Real Estate Training
All real estate brokers and agents need formal training. According to the U.S. Bureau of Labor Statistics, www.bls.gov, firms are hiring more agents and brokers with some college education. Many universities, 4-year colleges and community colleges offer real estate programs at the associate's or bachelor's degree level. Alternately, many local real estate associations or larger real estate firms offer training programs. These programs prepare students to meet state licensing requirements for sales agents.
Step 3: Gain Experience as an Agent
Real estate agents must pass a state licensing exam before working. Agents may work for established brokerage firms or individual brokers. Most states require real estate agent to gain experience before applying for a broker's license.
Step 4: Apply for a Brokers' License
To obtain the broker's license, individuals generally must have completed from 60 to 90 hours of formal training in addition to having one to three years' experience selling real estate. In some states, a bachelor's degree may be sufficient to meet these requirements. Brokers must pass a licensing exam on real estate transactions and law. The broker's exam is more comprehensive than the agent's exam.
Step 5: Consider Opportunities for Career Advancement
Brokers often open their own real estate firms, since they are licensed to do so. Brokers become more successful by increasing their clientele and maintaining a loyal customer following. Some brokers choose to move into other areas of mortgage financing or real estate investment.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below: