How To Become A Real Estate Agent Chicago Are you contemplating a career shift and pondering the path to becoming a real estate agent in Illinois? The time to embark on this journey is now, as within six months, you could be launching a flexible and potentially lucrative career as a real estate salesperson in Illinois. The process is straightforward, and we’ll guide you through it step by step.
To become a real estate broker in Illinois, you must meet certain prerequisites, including being at least 18 years old, possessing a Social Security number or an individual taxpayer identification number, and having a high school diploma or its equivalent. Let’s delve into the process of obtaining your real estate license in Illinois, breaking it down into manageable steps.
1. Complete a 75-Hour Prelicensing Course
- Cost: $330-$600
- Time Commitment: 1-2 months
As a real estate broker, you’ll play a pivotal role in assisting clients with one of their most significant financial decisions, making education paramount. Illinois mandates a 75-hour prelicensing course to equip you with the knowledge of property sale complexities and legal aspects.
While your prelicensing classes cover essential information, they may not include comprehensive test preparation. To adequately prepare for your exam, consider investing in quality exam preparation materials from an Illinois real estate school. These packages often include valuable study aids such as flashcards and simulated exams. We recommend exploring options like Colibri Real Estate, known for its courses with practice exams and flashcards, even offering a pass guarantee.
Read Mode : What Is A Buy Box In Real Estate
2. Pass the Illinois Real Estate Exam
Congratulations! You’ve successfully completed your prelicensing course and are ready to take the Illinois broker exam. You have a two-year window to sit for the broker exam after finishing your prelicensing courses.
Scheduling your broker license exam can be done online through PSI Testing Services, with 31 testing locations available across Illinois. The broker exam is computer-based and comprises 100 national real estate questions along with 40 state-related questions. Following the exam, the testing supervisor will provide your score report. To pass, you must answer 75% of both national and state questions correctly.
Remember to bring two valid forms of identification to the testing center, and you are allowed to carry a non-programmable calculator without an alphabetic keyboard or printing capabilities into the exam room.
3. Join an Illinois Real Estate Brokerage
- Cost: None
- Time Commitment: 2-4 weeks
In Illinois, novice real estate brokers must be sponsored by a managing broker. You can either approach a managing broker for sponsorship or receive an invitation from a managing broker to join their firm via the Illinois Department of Financial and Professional Regulation’s website.
When selecting a brokerage to affiliate with, consider factors such as company culture, commission structure, and support systems to ensure it aligns with your goals.
For those interested in a leadership role, keep in mind that to become a managing broker, a real estate professional must complete 45 hours of additional training and pass Illinois’ managing broker’s exam.
4. Complete the Licensing Process Online
- Cost: $125
- Time Commitment: 2-6 weeks
Congratulations! You’ve passed the license exam and secured a managing broker to work under. You are now prepared to apply for your broker license, a process that commences on the Illinois Department of Financial and Professional Regulation website.
Creating an account, filling out the application form, and paying the $125 fee are essential steps. You will be notified via email once your application is approved. Notably, Illinois allows you to practice under the supervision of a managing broker for 45 days while your application undergoes processing.
Cost Breakdown for Becoming a Real Estate Agent in Illinois
Becoming an Illinois real estate broker typically incurs expenses of approximately $660. While certain costs such as application and exam fees are fixed, others, like tuition for your prelicensing course from your chosen real estate school, may vary.
Read More : Where Can I Hang My Real Estate License For Free
Choosing the Right Illinois Real Estate School
Regardless of your location within Illinois, whether it’s Peoria, Springfield, Champaign-Urbana, or the Chicagoland area, you will have various class formats to choose from. Many Illinois real estate schools offer self-paced online classes, featuring slides, videos, and interactive content to facilitate your learning process and prepare you for the Illinois broker exam.
You can also find in-person classes, conducted during scheduled sessions, and livestream classes that are broadcast over platforms like Zoom. Evaluate the pros and cons of each format to determine which suits your learning style. Colibri Real Estate is our top recommendation for the best online real estate school in Illinois, known for quality instruction, competitive pricing, and comprehensive exam preparation materials.
Illinois Real Estate Agent Compensation
Your potential earnings as a real estate agent will vary depending on the brokerage you join. Negotiating the right balance between commissions and desk fees, especially as a new real estate broker, can be challenging. It’s important to note that most real estate brokerages do not offer flat-rate payments or salaries to their agents, necessitating discussions with the managing broker.
When reaching out to potential companies, inquire about the commission split, which determines how commissions are divided between you and the brokerage. Some brokerages may propose a 50-50 commission split, often without monthly desk fees. Others may allow you to retain between 70% and 100% of your commissions, although they may charge higher fees.
Certain brokerages might offer a 70% commission rate until you reach a cap, after which you receive 100% of your commissions for the remainder of the year. Negotiating a lower cap can increase the share of your hard-earned commissions that you keep.
Understanding Income Potential
If you’re curious about agent and broker earnings, Colibri has conducted comprehensive surveys of real estate professionals, offering in-depth insights into the industry. To explore your income potential, refer to Colibri’s report for a detailed understanding of the real estate profession’s financial prospects. The future looks promising, supported by tangible figures.