In Illinois, there are two different types of real estate brokers.
A selling broker typically works directly with clients, while a managing broker oversees their activities as well as company operations. After spending some time as a broker, you could be eligible to become a managing broker. This requires a different real estate broker license as well as the completion of a different training program.
Managing brokers are responsible for ensuring that all the services they provide are in accordance with the requirements set forth by the Illinois Association of Realtors. They are also responsible for hiring real estate brokers and ensuring they also meet licensing requirements. Although managing brokers may meet with clients personally, they are usually not directly involved in the sales process. Instead, they might approve transactions or offer advice to the agents working beneath them.
In order to become a managing broker, you must first spend some time as a broker.
Illinois law requires you to hold an active broker license for two out of the past three years before applying to become a managing broker. You must also be at least 21, take the required coursework, and pass a special licensing exam.
The pre-licensing education consists of 45 hours of instruction. This involves 30 hours of managing broker topics along with a 15-hour applied management and supervision interactive course. Some of the topics covered during the course include operations, recruiting, brokerage support and transaction supervision among others.
At the Chicago Real Estate Institute, we offer a training program for managing brokers who wish to become licensed in the state of Illinois. This course can be taken online, and is an excellent way for you to advance in your real estate career. To find out more about the managing broker course, contact us today.