Making a living with an Illinois real estate license has been challenging over the last few of years. Real estate continues to be a great way to make a living, but with fluctuations in the market slowing sales many people earning a living with an Illinois real estate license are looking to increase their income. One way to increase your income that you may not have considered would be to become an Illinois licensed real estate broker.
If you have an Illinois real estate license then you have seen a settlement sheet and you know of the commission paid to the broker on your deal. By upgrading your career with an Illinois real estate broker license you could increase your income by collecting commissions on your own sales, but also on the sales of agents that you broker. Becoming a broker will provide you with a number of additional opportunities to earn well above the commissions you have been making.
Upgrading to an Illinois real estate broker license could not be easier. The basic qualifications are simply that you must be at least 21 years old and have earned a high school diploma or equivalency certificate. The educational requirements are the completion of 120 hours of real estate training. There are 75 hours of broker courses required to qualify to take the broker exam in addition to 45 hours of real estate transaction courses. The 45 hour real estate transaction course taken to earn an Illinois real estate license cannot be retaken to fulfill this requirement. The real estate courses that meet the requirements are specifically set and have been approved by the Illinois Department of Financial and Professional Regulation.
The difficulties of the housing market have made it a lot more work for Illinois real estate license holders to earn the commissions they are used to. With each of the deals that those with an Illinois real estate license were struggling to close, the brokers were receiving commission checks too. Earning your Illinois real estate broker license puts you closer to earning commissions from every sale that closes for each of your salespeople. The imminent turnaround of the real estate market makes now a perfect time to upgrade to a broker license.
The only people in a better position than Illinois real estate license holders to make money as the real estate market strengthens are going to be their brokers. Having achieved a successful career with your Illinois real estate license, the next logical step in your career is to earn your Illinois real estate broker license. You can multiply your commissions several times over by brokering other successful real estate licensees
Real estate has always been and continues to be one of the most lucrative fields in the world. The real estate industry has created more multi-millionaires than any other industry. Becoming a licensed Illinois real estate broker is a great step toward taking your career to the next level.
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About David Goldstein — David Goldstein is an Owner and Founding Partner of Colibri Real Estate, LLC. which operates online education providers Colibri Real Estate, Insurance License Express and License Tutor. Follow him on Twitter.