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Launching a Career as a Real Estate Broker: How to Succeed Where Others Have Failed

By RealtyBiz News | September 4, 2023

One of the most common fields to launch a career in once you either graduate from school or enter the workforce is real estate. There are a variety of different career options to consider in this path, but the most likely sub-field for a person to begin their career in is that of a real estate broker. This career offers unlimited earning potential for those who are dedicated enough but learning how to be truly successful in this field will not be easy.

TheHouseSellingBrokerHoldsTheKeysAndTheModel

What is a Real Estate Broker?

First and foremost, for those unfamiliar with the career path, a real estate broker is an individual who has advanced licensing requirements and is allowed to facilitate real estate transactions between a buyer and seller. Given their advanced licensing, they are allowed to open up a brokerage firm under which they can employ real estate agents. These agents make commission on their sales and pay a portion to the brokerage firm which is half of how brokers make their money. 

The Difference Between an Agent and a Broker

As alluded to above, a real estate agent and real estate broker are two distinct paths despite common belief. Becoming a real estate agent requires fewer classes and the real estate exam itself is three hours, rather than four for a broker, along with 150 multiple choice questions. Real estate agents are not allowed to start brokerages and must be sponsored by a broker when they enter the field. 

What Does a Real Estate Broker Do?

While a real estate agent most often handles single transactions that occur between a buyer and a seller, real estate brokers facilitate the smaller details of all transactions which come through their brokerage. They can also handle any tasks an agent can including marketing a home, writing contracts, and representing the buyer and seller. In addition to this, brokers are also allowed to move money in and out of an escrow account, mediate conflicts in a legal dispute, and employ agents. 

How Long Does It Take to Become a Real Estate Broker?

The length of time to become a real estate broker is significantly different than that of becoming a real estate agent. Many people can become a real estate agent in as little as six months if they dedicate themselves full time to the required classes and studying for the exam. However, to become a broker in most states, you will need to have at least two years of experience as a licensed agent. This also doesn’t include the extra time required to take classes and pass the real estate broker final examination. All in, a person should expect it to take somewhere around two and a half years to become a real estate broker 

Passing the Real Estate Exam: What You Need to Know

Passing the real estate broker exam will first require passing the real estate agent exam along with completing the required classes. Starting with these basics, a person must: 

  • A person must be at least 18 years old and a resident of their state
  • A person must complete 135 hours of pre-licensing educational requirements including courses in:
    • Real Estate Principles
    • Real Estate Practice
    • One Course Ranging From:
      • Real Estate Finance
      • Real Estate Appraisal
      • Property Management
      • Real Estate Economics
      • Legal Aspects of Real Estate
      • General Accounting
      • Real Estate Office Administration
      • Business Law
      • Escrows
      • Mortgage Loan Brokering and Lending
      • Computer Applications in Real Estate
  • A person must pass the real estate license final exam after providing proof that they passed all of the above courses
  • A person must complete their application and show proof of completing all educational requirements 

After completing all of the above and passing their real estate agent exam, they must work for two years and begin studying the extra classes required (based on your state) to become a broker. 

4 Tips for Success in Real Estate

In terms of CA real estate continuing education, there’s a reason real estate is one of the most coveted career paths. In particular, there are four major tips that can help a person have success in this field: 

  1. You will need to network in order to be successful

One of the most important tips for having success in real estate is taking the time to network with professionals in the field. Use platforms such as LinkedIn to find others in your area who are in the field so that you can identify a network and people who can help you grow your success in the field. 

  1. Real estate is not a get rich quick scheme

It’s important to realize that real estate is not a get rich quick scheme by any means whatsoever. A person cannot simply make thousands upon thousands of dollars right away when entering the field, and it will likely take years to see success. Don’t give up faster than necessary when starting in the field. 

  1. Be willing to take a financial plunge

Growing your success in real estate may require a little bit of financial capital up front which is an important factor to recognize. Whether it’s paying for practice exams, extra classes, materials for your journey as an agent, or more, be willing to take a financial plunge. 

  1. Learn how to manage failure positively 

Finally, as a broker, you will inevitably be faced with failure at some point in your journey. Rather than allowing this to get you down, learn how to face it in stride and improve yourself over time. 

The Bottom Line

No matter who you are, succeeding as a real estate broker is more than possible. Make no mistake, however, that dedicating time and effort is an absolute must. Succeeding as a broker requires networking every single day, but you should first focus on finding a mentor in the industry who can help guide you through the common pitfalls that people are typically faced with. By doing this, you can avoid making the same mistakes as those who came before you while also navigating your way through the field. 

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