- Becoming a real estate broker requires training in sales, real estate law, and business management. You’ll first need to be licensed as an agent and spend time working in the field before applying for a broker’s license. Brokers can either work independently or hire other agents to expand their business.
Step 1: Determine if It’s Right for You
- As a real estate agent, you assist people and businesses in buying, selling, and leasing property while being supervised by a broker. Real estate agents cannot work independently. A real estate broker not only assists people and businesses in buying and selling property, but is also licensed to manage other agents and run their own business. If the management aspects of the business (and the increased income potential it represents) appeals to you, you might be suited for a career as a broker.
Step 2: Become a Real Estate Agent
- Every state and the District of Columbia has a government agency devoted to real estate. The specific requirements for licensing are determined by each state board, so requirements vary between states. In general, however, most states require you to:
- Be at least 18 years old
- Have graduated from high school or hold a G.E.D.
- Pass a written exam. Some states require a minimum number of hours of course work before you are permitted to sit for the exam
- Submit to a background check
Step 3: Become Licensed as a Broker
- As with agents, brokers are licensed by individual states, so requirements may vary. In general, a real estate broker should have:
- A valid real estate agent’s license
- One to three years of experience as an agent
- 60-90 hours of brokerage training
- Passed a written brokerage exam
- While not required, courses in finance, business administration, marketing, and accounting will also be helpful.
- In order to become a broker, you need to have satisfied your state’s requirements for real estate agents as well as those for brokers. While becoming a real estate broker takes more work than becoming a real estate agent, it permits you to operate a business with unlimited earning potential.