A real estate brokerage is simply an agency or office where real estate agents work. Because you'll likely need a brokerage to generate income, it's a good idea to find a broker before graduating from your training course.
Here are a few things to consider when choosing a brokerage:. The brokerage you work for determines the type and volume of work you do, the training and mentorship you receive, and the company culture you're a part of every day. Here are three common types of brokerages:. Smaller or local brokerages may provide personalized training and more room for growth and advancement. SaaS — or Software as a Service — has ushered in a new type of real estate brokerage that's entirely online.
Benefits of working with a virtual brokerage include higher commission splits more on that below , lower desk fees desk rent you pay to your brokerage , and better technology. Before accepting an offer from a brokerage, make sure you understand their commission structure. Here are three common structures:. These plans are usually accompanied by low or no desk fees. These plans combine attributes of the two plans listed above.
Ask potential employers whether additional fees are taken out of your commission, so you understand exactly what you're signing up for. You've earned your license and found a sponsoring brokerage, so you're a realtor, right? Still kind of wrong.
This designation is also required if you wish to participate in most Multiple Listing Services — also known as MLS — which allow you to see other realtor's listings. If you aren't a member of NAR, you claim the title of real estate agent and are legally able to work in the field, but your earning potential is limited without access to the MLS.
Getting your real estate license is a lot of work, so don't forget to renew it. Check your state's requirements to see when your license will expire. This is usually every two or four years. Many states require agents to complete a set number of course hours to be eligible for renewal — between 8 and 90 course hours every few years. These additional courses ensure you're up to date on the evolving national and state markets and regulations.
Check with your state's licensing office to learn their renewal requirements so you're not scrambling to fit 90 hours of coursework into the four days before your license expires. Becoming a real estate agent is a big decision requiring time, attention, and dedication. But the result is almost unlimited earning potential and the possibility of someday being your own boss — two things that make many salespeople tick. Realtor Alicia Turner offers this advice to new agents, "Success doesn't happen overnight, so stay committed and consistent — it'll definitely pay off!
Get started today. This article does not constitute legal advice. The steps required to obtain a real estate license may differ from state to state, so you should seek your own legal advice to ensure you follow the correct process. Originally published Sep 13, PM, updated September 13 Subscribe to Our Blog Stay up to date with the latest marketing, sales, and service tips and news.
Thank You! You have been subscribed. Subscribing will guarentee that you never miss the most important news. Taxi chaos in Quito closes schools as mayor threatens to punish protesting drivers. Nov 30, Views: Courses completed through foreign institutions of higher learning must be evaluated by a foreign credentials evaluation service approved by the Department of Real Estate. Copies of official transcripts are generally acceptable evidence of completed courses. Transcripts of equivalent courses submitted as substitutes for the college-level courses listed above must be supported by an official course or catalog description in order to be evaluated for equivalency.
Statewide search:. Search this site:. Home Consumers Verify a License Find a real estate agent or broker. The complaint process, DRE's jurisdiction, and how to file a complaint. Verify a License Find a real estate agent or broker. View disciplinary actions taken against licensees and individuals for violations of the Real Estate Law.
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