Before making any career change, it’s important to know as much about your chosen profession as possible. Real estate is no exception, which is why we would like to address some common myths about having an Illinois real estate license.
#1. Real estate agents all make lots of money
Making a lot of money in real estate is totally possible; however, it doesn’t happen to everyone. The average salary for a real estate agent in the United States is $41,990. The odds of making a respectable salary are high, even if you aren’t one of the few who earn a six-figure salary.
#2. Real estate agents can control their own work schedules
This is true up to a point. Real estate brokers have flexibility when scheduling appointments, and are able to take a day off when needed. Even so, many find themselves working unusual hours to keep up with client demand. To make sales, you’ll need to make yourself available at night and on weekends on a regular basis.
#3. Realtors must tell clients about crime rates, ethnic make-up and other demographics on a particular neighborhood
Real estate agents are actually prohibited by law from disclosing information that would discriminate against certain classes of people. This information includes, but is not limited to, data on crime rates, ethnic make-up and school systems. As such, you don’t have to worry about constantly keeping up with certain information because your clients will require it from you.
Another common misconception is that not much knowledge is needed in order to become a broker. The truth is that keeping up with financing options and changes in the law is an ongoing process for anyone working in this profession. Here at the Chicago Real Estate Institute, we can provide you with the knowledge you need to pass your licensing exam. Everything else you need to know will be learned through your mentor and on-the-job experience. To get started in your real estate career, contact us.