How do I find a sponsor when applying for a Broker License

Question

I've decided to get my Real Estate License in illinois and have taken the 75 hour course. I'm ready to schedule my state exam but I need to find a sponsor to work with.

How do I find and approach sponsors and what should I look for? Any advice will be appreciated.

I'm mainly getting the license to represent myself as an investor and also to work with a select few clients - friends and family mostly. I don't plan on doing this full-time.

Do I also need to become a member of the National Association of Realtors or any other associations?

Thanks for the help.

Bilal Hussain · Answer

@Steve Morris I'll keep that in mind thanks. Although I'm not opposed to training provided and working for a while before I can do it myself. It all depends on what I learn during the interviews.

@Charlie Cameron Yes I agree, your situation is very similar to mine. I'll definitely look into eXp realty because I like the fact that the first 3 personal transactions are at 100% commission and its also investor friendly. Thanks for sharing your experience.

@Jonathan Greene Yes that's the advice I've been getting from other agents and investors. At this time, I'm also looking for that freedom as an investor agent while also keeping most of my commissions.

Charlie Cameron · Answer

@Bilal Hussain I was in the exact same boat: get license for part time and investing work. Do realize that doing this isn't necessarily easy, but it IS possible - I'm doing it. I was an investor first that then got licensed.

I ended up at eXp Realty because there's no stigma toward part time or investor agents and I was able to train outside of work hours. At eXp, everyone is treated the same with the same support, training, tools, etc. whether you do 1 or 100 transactions a year. You also get 3 personal transactions at 100% commission a year, which can include investments.

Not right for everyone, but great for my situation which sounds like yours. Best of luck on the course!

Steve Morris · Answer

Just be honest on what you want to do. You're trying to convince the Principal Broker (or whatever) you want to hang your license, won't generate much income for him and my expose him to liability since he's responsible for your actions as much as you are.

It's possible, just be aware.

Jonathan Greene · Answer

I wouldn't waste your time at the big box brokerages that were recommended. They do not support new agents, working for themselves as investors and not planning to do a ton of business. Like @Charlie Cameron, I also work for eXp but am by no means an evangelist. It just gives me the most freedom to still be an investor, run an investor-friendly team of agents, and not have to feel like I have to show up at the office all the time. Sometimes investor/agents can also do well at local mom and pop brokerages, but the split is usually much worse.

Jonathan Klemm · Answer

@Bilal Hussain - Good for you! I always encourage people to get their license if they are thinking about it. Although not for everyone, I believe the pros out way the cons. I love having access to the MLS and being able to see properties at my own leisure.

You can talk to any of the big brokerages (Keller Williams, REmax, @properties, Coldwell, etc.) where it probably is better to start out for the training.

Bilal Hussain · Answer

@Jonathan Klemm

Thanks for the insight. Im going to give a few of them a call today and see what options are available.

How do I find a sponsor when applying for a Broker License

How do I find a sponsor when applying for a Broker License

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