You’ve become more knowledgeable and more confident with every transaction you’ve completed as a real estate agent. Are you ready to share your knowledge and experience with others? Why not take the next step in your career? Becoming a real estate broker may come with more responsibilities and a higher level of risk, but you can also dramatically increase your earnings.
Becoming a Real Estate Broker
With a real estate broker’s license, there are several directions you might take in your career. One possibility is to continue working for another broker. This will be best if you prefer to limit liability and added responsibilities. You may even be able to negotiate a better commission split. Alternatively, you can work independently as an agent broker and keep one hundred percent of your commission.
Of course, your income potential stands to increase if you decide to hire agents to work for you. You’ll receive desk fees from each salesperson as well as a share of their commissions.
Whichever direction you choose, as an expert in the field, people will look to you for your knowledge and understanding of the industry.
Are you on a mission to launch a new brokerage? There are several things you need to consider before opening your own office since you’ll be responsible for running the show. Not everyone is cut out for management, but you’ll be successful if you are organized and have the personality to handle some of the tougher tasks. While you can hire people to fulfill some roles, you’ll ultimately be responsible for the following tasks:
- Personnel coordination such as hiring and firing
- Agent recruiting and compensation negotiations
- Staff and agent training
- Mentorship programs
- Agent supervision
- Office Expenses
- Transaction Management
- Record keeping
- Dispute resolution
- Compliance Management
- Legal responsibilities
- Marketing and advertising
California Broker License Requirements
In the state of California, certain requirements must be met, in order to become a broker:
- Applicants must be 18 years of age and reside in California
- Applicants must have education and/or experience that includes:
- two years as a full-time, licensed real estate agent (within the last five years), or
- two years of equivalent, unlicensed experience, or
- a four-year degree from an accredited college or university with a major or minor in real estate
- Member of the California Bar Association
- Applicants must complete approved, mandatory broker license training
Broker License Training
Before you can schedule your broker examination with the Department of Real Estate, you must complete eight mandatory college-level courses:
- Real Estate Practice; and
- Legal Aspects of Real Estate; and
- Real Estate Finance; and
- Real Estate Appraisal; and
- Real Estate Economics or Accounting*; and
- Three courses from the following list:
- Real Estate Principles
- Business Law
- Property Management
- Real Estate Office Administration
- Mortgage Loan Brokering and Lending
- Advanced Legal Aspects of Real Estate
- Advanced Real Estate Finance
- Advanced Real Estate Appraisal
- Computer Applications in Real Estate
- Common Interest Developments
*If an applicant completes both Real Estate Economics and Accounting courses, they will only need to take two courses from the second group.
Obtain Your Broker License Through KW Real Estate Schools, Inc.
We’re approved by the California Department of Real Estate to deliver the online courses you need for your Broker License training. Of course, if you’re already a broker and want to ensure your new recruits are prepared for the California state real estate exam, we offer flexible Group Study and Fast Track pre-license training programs. Through interactive, in-class sessions or self-paced online learning, candidates can complete the stream that best fits their needs. We’ve also got Continuing Education courses for both brokers and agents, to make sure your whole office is up-to-date.
If you eat, sleep, and breathe real estate, and have well-developed leadership skills, a real estate broker’s license is just what you need. Reach out to us today and let us know how we can help you move forward in your career.