Is It Time to Upgrade Your License From a Sales Agent to a Real Estate Broker or Broker Associate?
A new license may lead to more opportunities.
Entering the real estate field requires a long-term commitment.
- First, you submit a sales associate application, which includes a background check and fingerprinting.
- After the state’s approval, you may take the real estate exam.
- Before you can schedule your exam appointment, you must complete the pre-licensing course using an approved education provider.
- Upon passing the test and getting your real estate license, you need to finish a post-licensing course.
- Then, you pay a renewal fee and complete continuing education annually or biennially.
Now that it’s over, the last thing on your mind is repeating the process to become a broker or broker associate. But after only a few years of experience as an active agent, you might qualify to take the broker’s exam.
What’s the difference between sales agent and broker?
Both real estate licenses allow you to help clients buy and sell property. One key difference between the two roles is that brokers can earn money on their transactions and get a slice of the agent’s transactions. With two sources of revenue, it allows them to boost their annual earnings.
Why would you want to upgrade your license?
To run a brokerage, enhance your skill set, get more leads, or better position yourself in the market. If you’re not ready to use the broker license, you can work under a real estate brokerage as a broker sales associate. Then you can continue focusing on sales rather than taking on the traditional responsibilities of being the boss.
How long should you wait to become a broker?
If you’ve met the minimum qualifications of your state’s licensing board, get it as soon as you can. Letting too much time pass after the initial exam could make it harder for you to ace the next one. Or you may get too busy to make time for it.
What are the pros and cons of getting the license?
Nearly every job has upsides and downsides. The best way to make an informed decision is to get different viewpoints — speak to your colleagues, do your research, and then decide what’s best for you.
Below is insight from a few agents who got their broker license.
Pursuing my Real Estate Broker’s License is one of the best decisions I’ve ever made. Upon becoming a Broker Associate, I instantly felt more confident and credible when advising clients (probably because I had more education and a better title), and in turn, that mindset has certainly led to more business opportunities coming my way. Being the Broker of Record comes with a tremendous amount of responsibility and liability that I’m just not ready to take on just yet. For now, I want to focus on selling and growing my brand with an eye towards becoming the best Broker I can be one day.
-Brian LeMay, Roman Realty Group, LLC
I upgraded my license as a way to differentiate myself from a standard salesperson’s license. It has not increased my volume, but it does provide a conversation piece on my qualifications over someone else. For me, it is a better business decision to let someone else handle all of the back end work that comes with running a brokerage while I focus on sales.
-Rick Albert, LAMERICA Real Estate
My biggest fear and reluctance to get my broker license originally, was concern of lawsuits and liability. I was afraid, like most agents, to become the “boss”. I left a major real estate firm to open up my own boutique real estate office shortly after obtaining the broker’s license and outgrowing my fear of the unknown. For me, the shift to broker was natural and much easier than I expected. You continue to work together in a team manner helping your co-worker although with the new setup you are actually their boss, broker of record or owner broker.
-Adrean J. Rudie, Rudie Home Loans
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