requirements and job description
HOW DO YOU KNOW IF REAL ESTATE IS RIGHT FOR YOU?
Let’s start with the requirements. You must be at least 21 years old, have a valid U.S. Social Security Number, and have your High School diploma or GED. (If you didn’t go to school in the U.S., please contact www.IDFPR.com to inquire further.) That’s it – there are no other prerequisites!
It’s okay if you haven’t been to school in a few years… or a few decades. Our instructors are great with adult learners, and they know what people most often miss on the test. There is some math involved, but they spend plenty of time reviewing and practicing it with you during class sessions.
A couple of other notes about requirements: you must be “of good moral character” (if you have a felony record, contact www.IDFPR.com to see if that’s an issue). You do NOT need to be a resident of Illinois in order to get an Illinois license. And you don’t need to have prior sales experience, but it’s important that you are comfortable and enjoy dealing with people.
So what’s it like to be a Real Estate agent? Before we go further, the terminology often confuses people. If you want to represent buyers and sellers of Real Estate, you’ll need a Broker’s License. It’s what you might think of as an “agent”, or “salesperson”. There’s another license, called a Managing Broker’s License, which used to be simply called a “Broker’s License” (before the law changed in 2012) – a Managing Broker can conduct their own transactions and have their own agency. You must be a Broker for 2 years before becoming a Managing Broker. Oh, and a “Realtor” (with a capital R) is a Broker who is a member of the National Association of Realtors.
There are numerous benefits to becoming a Broker, and with current market conditions, it’s an excellent time to become one! We have students who close their first deal within 2-3 weeks of getting their license. Most people start part-time, until their Real Estate income is sufficient to replace their current income. According to Indeed.com, many Real Estate agents make over $90K/year, but it’s important to note that it’s a commission-based job, so your results will depend on your own effort and success!
Once you get your license, you’ll need to work for a Sponsoring Broker for your first two years, and they will receive a portion of your commission in exchange for the services they provide to you. Selecting the right Sponsoring Broker is critical, since they’ll provide training and help you through the complex process of closing transactions. We’ll help you with that decision, and we guarantee that you’ll get at least one job offer, or we’ll refund your tuition. It’s a great time to become a Broker!
There are expenses associated with being a Broker, which include…
- annual fees for operating and maintaining your license, which range from as low as $800/year to upwards of $1,500/year, depending on the company
- continuing education every two years, which can be as little as $150
Often companies will allow you to break the annual costs down into quarterly payments. In looking at the big picture, this is quite reasonable as you are essentially in business for yourself.