Whether you have been a real estate agent for a short or long time, the idea of getting a broker’s license has probably crossed your mind.
Perhaps it’s the reason you got into the business in the first place. Or maybe the notion emerged over time as a natural next step in your career. Either way, upgrading your license is a move that can open new doors of opportunity.
It’s a big step, though. So, as you consider it, here are some things to know and keep in mind.
Benefits and challenges like these come with the role:
A broker’s license gives you built-in bragging rights.
You may not have thought about it in quite this way. But the broker title commands a high degree of automatic respect as people know that earning it requires expertise well beyond the agent level and a certain amount of experience. It shows commitment to your career and supports your standing as an industry expert. And you can leverage that to up your marketability.
Perhaps it’s the reason you got into the business in the first place. Or maybe the notion emerged over time as a natural next step in your career. Either way, upgrading your license is a move that can open new doors of opportunity.
It’s a big step, though. So, as you consider it, here are some things to know and keep in mind.
Benefits and challenges like these come with the role:
A broker’s license gives you built-in bragging rights.
You may not have thought about it in quite this way. But the broker title commands a high degree of automatic respect as people know that earning it requires expertise well beyond the agent level and a certain amount of experience. It shows commitment to your career and supports your standing as an industry expert. And you can leverage that to up your marketability.
You get more say-so over your career.
One of the biggest draws to becoming a broker, of course, is the autonomy you gain. You get to decide what type of broker you will be. Open your own firm if you like and hire a team of agents. Or be a sole proprietor and operate a firm of one.
But don’t forget about other options that you have too. You can be a managing broker and oversee operations of an existing firm or branch office. Or work as an associate broker – a great next step if you like sales but want broker status and more leverage to negotiate a higher commission.
One of the biggest draws to becoming a broker, of course, is the autonomy you gain. You get to decide what type of broker you will be. Open your own firm if you like and hire a team of agents. Or be a sole proprietor and operate a firm of one.
But don’t forget about other options that you have too. You can be a managing broker and oversee operations of an existing firm or branch office. Or work as an associate broker – a great next step if you like sales but want broker status and more leverage to negotiate a higher commission.
You can earn more, but running an office costs more.
As you are sure to agree, keeping all (or more) of your commission (plus a portion of your agents’ commission) is a top benefit of being a broker. But if you are going out on your own, plan to take a long, hard look at profit potential, not just earning potential. You will be paying for most everything. And you may need to cover those expenses while your business gets off the ground.
As you are sure to agree, keeping all (or more) of your commission (plus a portion of your agents’ commission) is a top benefit of being a broker. But if you are going out on your own, plan to take a long, hard look at profit potential, not just earning potential. You will be paying for most everything. And you may need to cover those expenses while your business gets off the ground.
As the boss, the buck stops with you.
With autonomy comes greater responsibility. As well as more administrative/managerial duties, you will also have more legal obligations. Even if you go solo, you are financially and legally responsible for your transactions. If you sponsor agents, you are legally accountable for their actions too. It is up to you to ensure they comply with all real estate laws, and you can be liable if they don’t.
With autonomy comes greater responsibility. As well as more administrative/managerial duties, you will also have more legal obligations. Even if you go solo, you are financially and legally responsible for your transactions. If you sponsor agents, you are legally accountable for their actions too. It is up to you to ensure they comply with all real estate laws, and you can be liable if they don’t.
You must meet the state’s eligibility and educational requirements.
To be licensed as a broker in the state of Georgia, you must:
To be licensed as a broker in the state of Georgia, you must:
- Be at least 21 years old (you can take the exam at age 20).
- Be a high school graduate or have an equivalent certificate.
- Pass a background check (it’s wise to get your background clearance early on).
- Have been licensed on active status for a minimum of three of the prior five years.
You are also required to do pre-licensing education. Before you can take the broker exam, you have to meet the educational requirement. One way to do that is to complete a 60-hour pre-licensing course approved by the Georgia Real Estate Commission. A key thing to remember here is that choosing the right school is key to your success.
As you compare schools, we invite you to consider the long-standing track record of the Ben Farmer School of Real Estate, as well as our exceptional student support, high-quality course content, and convenient class formats. All these factors can set you up for success, plus our broker pre-licensing course is available online to start today. We would be delighted to welcome you to the class.
As you compare schools, we invite you to consider the long-standing track record of the Ben Farmer School of Real Estate, as well as our exceptional student support, high-quality course content, and convenient class formats. All these factors can set you up for success, plus our broker pre-licensing course is available online to start today. We would be delighted to welcome you to the class.
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