I am little confused on getting a real estate license in Illinois.
After getting the licence, can I start up my own firm, or do I have to work for another real estate company for 2 years before opening up my own?
Someone told me I have to work for someone else before starting my own firm,
Thank you for the info!
You can only open your own firm if you are a broker. Brokers transact all real estate; you would first become an agent of that broker, conducting business in his/her interest. Most states require a period of time as a full time RE agent before you are eligible to take the broker's exam.
So, yes, you will need to work for an agency before you can start your own firm.
Generally, yes you need to work under a Broker for usually two years. Google your state licensing laws and it will give you all the time lines.
2 years under a broker seems to be the norm.
It all depends upon your state requirements. So check them out:o)
OK got it
Thanks for info all,
So even if I'd be doing my own properties I'd have to slit the commission with my broker?
@Mark Malevskis You could either split your commission or pay a monthly fee to your sponsoring broker, whichever would be more beneficial to you and your business.
Also, Illinois Real Estate License Act of 2000 provides that all written materials (listing sheets, ads, Internet ads) must have "broker owned" or "agent owned" notations.
@Mark Malevskis - IL is a broker only state so the lowest level of licensing you can get to buy and sell RE is a broker's license. (Other states use different terminology) For the first 2 year's you must hang your license with a managing broker and split the commission or pay a monthly fee. Then after 2 years you can get your managing broker's and self sponsor.
thank you Christopher and Brie btw grear podcast Brie!
I'm my goal is buying one multifamily per year around 5k is it worth getting the license in Illinois? I got the books but then realized agents only make half the commission and pay the rest to the company so I'm kinda torn
@Mark Malevskis In my opinion, you can't place a price on knowledge and resources you will gain. The 5k per year can be used as an incentive to take action. 1 deal a year could cover the cost of the license, depending on how you buy.
Will you use your license only to invest or do you plan to become a full-time agent?
I meant $500K building,
No just for my own investing.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!