Obtaining RE License Online in IL

Chicago, IL · Member since 2014 · 49 posts · 7 votes

I am looking into different ways of obtaining a Real Estate Agent License in the state of IL (I live in Chicago). I work a full time job as an Engineer so I would prefer something that I can do online at my own pace and schedule. Anyone have recommendations on sites/companies who offer such? Also, any pros or cons into going this route?

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Jerry Stanford

Chicago, IL · Member since 2015 · 469 posts · 81 votes

10y

@Alexander Chavez, I've heard good things about the Real Estate Institute and I used Chicago Real Estate School. It would depend on you as a student. I was working full time when I took my courses but I wanted more interaction so that I could have my questions answered in real time so I took the in class courses. I knew there would be things that would flip my mind and I would need some real interaction to have the concepts make sense but that's how I am as a student. You may learn better a different way.

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Bob Ewoldt
Real Estate Agent · Wheaton, IL · Member since 2013 · 54 posts · 14 votes
10y
I used the Real Estate Institute online to get my license, and that worked really well for me (I was working full time as well). It was book and webinar-based, and self-paced.
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Jerry Stanford
Chicago, IL · Member since 2015 · 469 posts · 81 votes
10y
@Alexander Chavez, I've heard good things about the Real Estate Institute and I used Chicago Real Estate School. It would depend on you as a student. I was working full time when I took my courses but I wanted more interaction so that I could have my questions answered in real time so I took the in class courses. I knew there would be things that would flip my mind and I would need some real interaction to have the concepts make sense but that's how I am as a student. You may learn better a different way.
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Rodney Henson
Residential Real Estate Broker · Sponsoring Real Estate Broker, Dallas, TX · Member since 2014 · 47 posts · 8 votes
10y
After you get your license check out www.JoinReal.com
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Account Closed
Real Estate Broker · Chicago - New Lenox, IL · Member since 2014 · 41 posts · 15 votes
10y
@Alexander Chavez I also used REI. I found it really flexible and convenient. In my case I felt the most important key to passing the exams was reading and comprehending the textbook.
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James Syed
Real Estate Broker · Mount Olive, IL · Member since 2013 · 1k+ posts · 310 votes
10y
Welcome to BP.
I used classroom classes as you learn a lot more and a lot faster in a classroom and cost is the same.
For online course try kaplan.
Hope it helps.
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Brie SchmidtBusiness Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
10y
In IL you are required to do 15 hours of interactive classroom - and the Real Estate Institute is the only one I know that has a classroom webinar format that will satisfy that requirement.
Podcast Guest on Show #132
Second City Real Estate4.821 Reviews
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Alexander Chavez
OP
Chicago, IL · Member since 2014 · 49 posts · 7 votes
10y
@Bob Ewoldt
@Brie Schmidt
@Jerry Stanford
@Account Closed
What are some thing you would think it is important to know before I decide to go this route. I've heard there are fees associated with having a real estate license (to the state, and a brokerage firm that I would have to become part of?) if I actually want to use my license. What would these be and how often, or any info you can provide to give me an understanding would be greatly appreciated!
Here's a little description of what my plan would be. My main goal to start with would be to use the license to sell my own fix and flip properties after the rehab is complete ( save money in the cost to sell = higher end profit). Also, having access to the MLS so I can evaluate the market to determine property values and find deals.
It would be nice to use it to help friends and family search for and purchase/sell homes. (but not my main goal at the moment)
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Account Closed
Real Estate Broker · Chicago - New Lenox, IL · Member since 2014 · 41 posts · 15 votes
10y
In my opinion, if you're going to do a deal or two a year the initial upfront costs and annual association fees are well worth the investment. That being said, if your time is limited focus on the things that make you more money rather than earning a license to avoid paying a fee to a good dedicated pro. To answer your question, I probably pay around $1000 a year in broker and association fees. In one side of one deal you'll recoup all the money for training and annual fees. If you're working with partners or in creative deals being a broker brings additional value to the deal.
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Brie SchmidtBusiness Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
10y
The initial set up costs are about $1500 and then about $1000 a year
Podcast Guest on Show #132
Second City Real Estate4.821 Reviews
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Alexander Chavez
OP
Chicago, IL · Member since 2014 · 49 posts · 7 votes
10y
@Account Closed
Thanks for the response!
I agree, I can probably better utilize my time to generate more profits in other areas since my time will be limited (work a full time engineering job). I would still like to obtain a RE license more for the knowledge I can gain from it, just thought if I have it why not use it. Also, it would give me access to the MLS anytime I want. Do either of you operate or recommend any agents (buying/listing) that are familiar with the northwest chicago land neighborhoods, basically anything North of Fullerton Ave as far north as Peterson. (I live in the Avondale neighborhood and would like to target my surrounding areas), looking for distressed properties in these areas.
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Frank S.
Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes
10y
Alex,
Curiously, I'm also an engineer with limited time and looking forward to obtaining a license. One property at 400K will pay for tge fees, it seems (6k).
Do you know how to upgrade to a broker afterwards?
I live in Albany park, we should grab coffee.
Best,
Frank
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Jon RusnakPro Member
CPA · Palos Heights, IL · Member since 2015 · 52 posts · 17 votes
10y
For those working a full time job that are considering getting their real estate license or perhaps have already done so, do you have any recommendations for finding a sponsoring broker that will "hang your license" if you only intend to use it for your own investment purposes?
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Jerry Stanford
Chicago, IL · Member since 2015 · 469 posts · 81 votes
10y
@Frank S....when you obtain your license in IL, you are a broker. Agent and broker are not separate in IL. @Jon Rusnak...Mine is with Kale Realty in Chicago.
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Jon RusnakPro Member
CPA · Palos Heights, IL · Member since 2015 · 52 posts · 17 votes
10y
@Jerry Stanford thanks! I took my course exam last week and intend on taking the state exam this week. Happy new year!
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Jerry Stanford
Chicago, IL · Member since 2015 · 469 posts · 81 votes
10y
Happy New Year @Jon Rusnak!!
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Frank S.
Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes
10y
Originally posted by @Jerry Stanford:

@Frank S....when you obtain your license in IL, you are a broker. Agent and broker are not separate in IL. @Jon Rusnak...Mine is with Kale Realty in Chicago.
Happy 2016, Jerry. Thanks for the info, I'm still confused. If brokers and agents are not separate, why is there a need to find a sponsoring broker? Thanks!
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Cory Kohut
Real Estate Agent · Oak Park, IL · Member since 2015 · 9 posts · 2 votes
10y
@Frank S.
I think access to the MLS is a great resource for you alone.
When you get your license you will be a broker but you need to hang it with a company run by a managing broker, basically what would be your "boss".
I work for Weichert Realtors Nickel Group. I would definitely research fees and splits. Each office is different and the split may be more important than the yearly fees. Your broker will get a cut of each deal you do.
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Frank S.
Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes
10y
Originally posted by @Cory Kohut:

@Frank S.
I think access to the MLS is a great resource for you alone.
When you get your license you will be a broker but you need to hang it with a company run by a managing broker, basically what would be your "boss".
I work for Weichert Realtors Nickel Group. I would definitely research fees and splits. Each office is different and the split may be more important than the yearly fees. Your broker will get a cut of each deal you do.
Well, this is clear! Thanks a bunch! I had been doing my market research, rents, comps, picks, etc. The agents are great resources, but it would be nice to send my own offers. I'm not interested in the commissions of my own purchases.
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Alexander Chavez
OP
Chicago, IL · Member since 2014 · 49 posts · 7 votes
9y
@Frank S.
Was looking through some old posts, did you end up obtaining your RE license? If so what did you end up using? Lets chat sometime!
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Frank S.
Specialist · Chicago, IL · Member since 2015 · 870 posts · 345 votes
9y
Originally posted by @Alexander Chavez:
@Frank S.
Was looking through some old posts, did you end up obtaining your RE license? If so what did you end up using? Lets chat sometime!
Hi Alex,
I am in Albany Park and currently wrapping up a rehab in the south side. I may pursue the licence at one point, but it is not a priority at the moment. Fortunately, I got a great agent - which was hard to find- so, I will park this for a while.
Let's meet for coffee at one point, we can share rehab stories.
Frank
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