If you have chosen to begin earning your real estate broker license, you have selected a growing and profitable industry. The Bureau of Labor Statistics reports that the demand for real estate brokers will increase by around 11% by the year 2022. High demand for licensed, educated brokers will lead to even more opportunities to make earn high incomes as a real estate broker. While obtaining a real estate broker license can be profitable, you must remember that you are starting your own business. As with any startup, there are important factors to consider before investing your time and money.
There are Additional Startup Costs
While it’s true that you can obtain a real estate broker license rather inexpensively, as compared to other educational paths, you should also know that there are certain startup costs involved once you actually begin working. You may have monthly or quarterly fees payable to your sponsoring broker, and might incur additional expenses in the way of desk fees or charges for the use of office equipment. Before accepting a position, be sure you know what the additional charges are so you won’t get caught off guard. There are also business expenses to consider. A few of these include:
- Cell phone
- Use of personal vehicle
- Computer and Internet Access (when not using an office)
- Marketing Materials
- Business Cards
- Advertising Materials and Space
Although you will be prepared to practice real estate once you obtain your license, you must plan for the possibility of not making money the moment you are licensed. Make sure you have a plan for the expenses that you will incur before your first sale or purchase.
What Flexible Hours Really Means
Many people are drawn to the real estate profession because of the promise of flexible hours. As a real estate broker, you may be able to schedule a doctor’s appointment or another day off without having to ask permission first. On the other hand, you must also embrace the idea of working nights, weekends, and holidays, as this is the time when most of your clients are available. As such, the idea of flexible hours does not actually mean you are free to come and go as you please. You will need to be disciplined and motivated to use your time wisely while working a flexible schedule. Taking online real estate classes is a great way to prepare for this lifestyle. The experience of taking online classes is similar to working from home or a non-traditional schedule. If you can successfully study and learn from home, running a non-traditional business with a flexible schedule will be easier for you to setup.
Organization is Important
Real estate agents must constantly juggle multiple appointments and clients simultaneously. As such, staying well organized is a key component of your success. Just as you would with a permanent office or desk, make sure you establish a clear space to work at when not using an office. Provide yourself a quiet area filled with the equipment and supplies you would use in a traditional setting. It will be impossible to organize your listings, clients and information if your working space is not organized. Organization does not just apply to working space, however. Start researching how to best organize your client information and contacts. Contact information is one of the most important pieces of your business and should be organized so that you can easily access information from anywhere. The work to get organized and stay an organized broker should begin the moment you sign up for your first class.
Before becoming a real estate broker in Illinois, you’ll need to complete an accredited program. Here at the Chicago Real Estate Institute, we have a variety of courses that meet state requirements, and will offer you a clear path to obtain or maintain your real estate broker license. Our teachers will not only teach you the facts of this exciting business, but they will help you prepare for what life as a broker will be like, once you have been licensed. CREI is committed to developing real estate professionals with passion and knowledge. Please contact us for more information and to start your journey to become a licensed real estate broker.