I want to become a broker!

[Grantzilla]

Hello there,

My name is Grant and I am looking to becoming a broker in real estate. Now I know many of you guys are realtors but I dont not want to go on and having half my comissons taken by a person which I could be. Know I am in 11th grade and understand that to become a broker off the batt, you need to go to a 4 year college and take certan classes. I tried my best to find web sites but could not find anything. Does any one out there done what I want to do? If so PM me and we can talk about some questions I have.

Thanks for looking

Grant H. Pantling

[Codythebest]

Hi,

I'd like to be a broker also.

However, as an agent, I feel that I need much more practice in the field

to be really comfortable with it.

I personally think that 5 years is necesary.

You need to understand real deals to be prepare.

My 2 cents...

[Kandrews]

To be a broker you have a lot of responsibilities. Having legal knowledge is not the onlything you need to know. The ablility to handle pressure, the slaes skill, the investment; all are issues that must be accounted for.

[VegasRealEstate]

I would highly suggest working for a broker for at least 5 years to learn the business and to put yourself in a position to feel competent about owning your own brokerage. Liability is huge, remember that, and when you are the broker you have it all!

[Carlsbad Realtor]

Owning your own co. is a very large legal and financial responsibility. I had 22 offices and made more net $ when I was a top salesperson. When the market slows as it is now salespeople want you to spend MORE even though income is decreasing. Go to work for a good broker first. There are many companies that will pay you better than a 50/50 split.

[FlaGal]

In most scenarios, wouldn't a broker also be a Realtor?

[TJ2007]

Carlsbad hit it - being a broker doesn't really mean more profits!

your time is taken up by too many non money making activities...go find a good split and hire an assistant...

[RobGerhart.com]

Depends on the State

In PA you must first be a salesperson for at least 3 years and have at least 40 transactions. The you must complete all of the broker courses and take the exam.

When I first thought about doing real estate I had the same idea as you. Be a broker, make tons of $. But after learning a little, and now practicing I have realized there is plenty of money to be made with just a sales license.

[chrishummel]

Every state has different requirements. I would recommend working for a broker for 3 to 5 years before opening your own brokerage. Good luck!

[JChristin]

In most scenarios, wouldn't a broker also be a Realtor?
It's my experience that most residential, commercial, industrial, and a large percentage of investment real estate licensees are also Realtors. Most Mulitple Listing Services require their members to belong to the local Realtors association.

In my specialized area of practice, I can't think of any brokers who are also Realtors. Most of us also have a JD degree, but few belong to a State Bar Association. The Real Estate Industry is vast and varied into many different sectors and submarkets, much like the legal industry. However, when most of the public think Real Estate, the image of houses and office buildings may be conjured up first in the mind.

If I were to reenter the residential/commercial markets or office/retail or industrial markets, I would most likely join a MLS, and to do so, would most likely require I pay dues to a Realtors Association. I figure, why would I want to pay twice to do that which is already covered by federal and state laws? It's a marketing thing and allows added exposure that will most likely benefit the client.

If becoming a managing broker is the aim, I'd suggest studying legal cases, with emphasis on "real estate lawsuits." Any legal cases pertaining to real estate is good to study. The idea is to learn what causes people to file lawsuits and the story that lead up to such action. Pay careful attention to the court decision and any dissention is applicable. For lack of experience, this may allow you to side step many legal pitfalls.

But it is not necessary to be a Realtor in order to be a Broker. However, in the residential markets, it can't hurt!

Good luck!

[Glorious]

you can be assistant broker, or there is always a need for a broker in new RE companies.

Like say person wants to have a RE office he needs a broker of record(broker) to run that office... although they usualy rewarded like atleast $2000/mo just for being a broker a Broker of record is responsable for everything that goes in the office. So lets say one of the realtors makes mistake Broker and realtor is both getting fined and sued.(ALOT of responsibilities)

I know here in PA it's like 18yo+ 60 hours of education and pass the test to become realtor
21yo+ 3 years of continious experience, 240 hours of education, and a very hard test! to be broker

i am a realtor and i can tell you it's not easy to pass realtor test. been in industry for 6 month and i can tell you i am nowhere near even thinking of getting brokers license.

[tarheit]

You need to check out the requirements for being a broker in your state then adjust your education/plans to meet those requirements.

To become a broker in Ohio you must:

Be a licensed salesperson for at least two years (being a Realtor isn't a requirement, but you must have your license and that's the hard part. Becoming a Realtor pretty much means just paying a fee)
Have completeed at least 20 real estate transactions.
Complete four broker prerequisite courses: (Business Economics, Business Law, Financial Management and Human Resource Management)
Complete 90 quarter credit hours at an accredited college or university.
Pass the State of Ohio Real Estate Broker's Exam.Of course the first step is to become a licensed salesperson (real estate agent). Requirements for that:

You must be honest, truthful and of good reputation.
You must be at least 18 years old.
You must be sponsored by an Ohio real estate broker.
You must not have been convicted of a felony or crime of moral turpitude, adjudged by a court to have violated any civil rights laws regarding real estate within the past two years, or violated any rules of the Ohio Division of Real Estate. If you are found to have done so, you must submit satisfactory proof to the Superintendent of Real Estate that you will not violate such laws or rules again.
If you were born after 1950, you must have a high school diploma or its equivalent as recognized by the Ohio Department of Education.
Any person who has not been licensed as a real estate salesperson or broker within a four year period immediately preceding their current application for the salesperson's exam must have completed the required 120 hours of classroom instruction at an institution of higher education that awards a degree in at least a two year program. Certificates are good for 10 years. See Step 1 of "Steps to Licensure" for more information.
Pass the State of Ohio Real Estate Salespersons Exam.
Of course, don't think just because you are a broker you'll make more money. You'll also have more expenses and liabilities. Think of all the expenses a typical office provides for it's agents (the office, copier, computers, desks, utilities, newspaper ads, bookeeping, support, etc.)

Another option would be to find one of the 100% commission offices. You receive 100% of the comission, but have to pay a fee for using the office (to cover a lot of the things mentioned above), and any additional expenses (ads etc.). If you have enough sales and are good/efficent at what you do, you can make more money this way.

Typically though most agents don't go this route because of the risk involved. With the more commonly done 'split', the broker assumes most of the risk. We actually offer both plans (and a 3rd one in the middle), but so far everyone has chosen the more common split.

-Tim