So You Want to be a Broker…

You’ve invested in real estate before, but you’ve never really gotten into the game. But now that’s all about to change as you look into what it takes to become a broker. There are certain requirements you must meet to become a broker and begin selling real estate yourself.

Earn Your License

Real Estate License

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The first step to becoming a broker is earning your license. There are three courses you must complete before you can become licensed: Real Estate Principles, Real Estate Practice, and an elective. You can choose whether to earn your license in a nearby college, or take an online real estate training course. Once you’ve taken the courses, and possibly earned a degree, you can take your state’s test, pay your fee, and get your license.

Determine Where You Want Your Business to Go

Business Plan

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Now that you have your license, it’s time to set up shop. But before you do, you need to think about the type of brokerage business you want. Do you want to sell private property or commercial? How many clients can you handle? Do you have partners joining you in your firm? Where will you be working from? These are just some of the questions you need to answer before setting up shop.

Set up Your Business

Real Estate Business

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Now that you know what type of real estate business you want to start, it’s time to set up shop. The first thing you need is your office. Will you be working out of your home, or do you need to rent an on-site office? You also need to set up your budget and begin marketing your business. Clients won’t know you’re available if you don’t advertise. The last thing you’ll need to do to get your business going is start representing clients.

Keep Your Business Going

Booming Business

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So, you’ve got your license, your business plan, and you’ve set up your office. You may already have a client or two. So what’s next? You must continue to work with your clients and gain new clients to keep your business moving forward.

If you’ve earned enough income, you can grow your business. This may mean moving from your home to an office, hiring staff, and buying more advertising. Whatever you decide, make sure you keep looking to the future so your business will continue to grow and prosper.

Look to the Future

Real Estate Future

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While you’re looking toward the future, start thinking about where you want to take your business next. Perhaps you’d like to hire an on-site mortgage broker to work directly with you and your clients. Or maybe your business is growing to the point where you need to bring in a partner. There’s no telling where your business is headed if you don’t keep an eye on things to come.

Now that you know what it takes to become a broker and set up a successful business, it’s time to determine if it’s the right path for you. Being a broker can be far more rewarding than simply investing in real estate, if you’re willing to do the work.

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