Becoming a real estate broker is like the upgrade of being a real estate agent. For one, you have the managerial power over agents. You can have agents under your wing and earn from several sales closing at a time – not just once in a big close. Secondly, and as a result of having power over other agents, you are entitled to every sales commission from agents under your brokerage firm. Oh, did I mention that if you make a sale yourself you don’t have to split the commission? Yes, the perks.
But of course you’d have to take responsibility over them. Them, and the responsibility to make every real estate investments‘ sale smooth, problem-free and complete down to the nitty-gritty
Interested? Here are the steps of becoming a real estate broker:
- Licensure Exam – becoming a real estate broker starts with becoming an agent. And an agent has to go through some short courses on real estate plus take a written, state-conferred licensure exam. But because brokerage is an upgrade of being an agent, an aspirant must take a different type of exam. The exam mostly tests your knowledge on real estate as well as on your knowledge on relative taxation and state laws.
- Education and Training – while your education can take you past the exam, there’s nothing like proper training and hands-on exercise to make you the best broker around town. In most states, the educational requirement for brokerage is only a high school diploma and the necessary short course on agency and brokerage. Others go as far as taking courses especially in business to hone themselves in the marketing and management area. In most states, also, a 60-90 hour on-the-job-training as prerequisite for license.
- Experience – a lot of brokers today will agree that there’s no better way to become the best broker other than starting with a few years of experience as an agent. In Malaysia, experience is relatively important– it doesn’t really matter which school you came from, but if your experience includes selling around 15 Seni(Mont Kiara) units a year– then that is good. Because the primary role of the broker is to oversee the sales of other agents, firsthand knowledge about what goes in and out of a real estate sales transaction is a very big help. It would be easier to put oneself in the shoes of the agent, especially when problems arise.
- Right attitude - no amount of training, examinations, and education could come close to the right attitude as the winning formula in any career. Being a broker, you are pretty much an agent yourself so you should never leave home with your “never say die” attitude in sales. But, just as much as you are a go-getter, trying to close all your sales, you are a leader – leading your pack of agents and guiding them through and through. Remember, the success of an agent is the success of the broker and the firm too so you better treat them well.
Being a broker takes a little bit more practice, patience, and sacrifice than being an agent. It has more responsibilities too, so make sure you know what you’re getting into. After all, you know the rewards that are waiting for you. Good luck!