3 Reasons To Become A Real Estate Broker
Working in real estate can be very profitable and rewarding. There are a lot of real estate professionals working throughout the US. In fact, currently, there are around 2 million active real estate licenses in the US. For those who are looking into working in the real estate field, becoming a real estate agent may seem like the perfect fit. Becoming a real estate agent usually involves some pre-license education in addition to passing a state license exam. There is also the option of becoming a real estate broker. The requirements for becoming a broker vary from state to state but they often involve having a certain amount of experience as an agent in addition to extra education. Here are three reasons to consider becoming a real estate broker.
Salaries for real estate professionals can vary. However, real estate brokers tend to make more than real estate agents. The median salary for all realtors is just under $40,000 while a real estate broker can easily clear north of $80,000 per year. Becoming a real estate broker is often more lucrative. The higher salary point often makes it worth the extra work to go from being a real estate agent to a real estate broker.
Can Open Real Estate Firm
One of the reasons why real estate brokers make more money is that they have the ability to open up their own real estate firms. Owning a firm means that a real estate broker can hire other real estate agents to work for the firm. These real estate agents then split their commissions with the real estate broker they are working under. Being a licensed broker also means that a real estate professional can take on a managerial role.
Managing properties is another great way to make a living in the real estate business. The rental market remains hot across much of the US and can be a great source of revenue. However, rental properties often require some oversight in the form of a property management company. Running a property management company usually requires having a licensed real estate broker on staff. The exact requirements can vary from state to state. However, when it comes to owning or managing a property management company, having a broker's license is an asset.
Working in real estate can be a great career path. However, many are unsure if they want to take the extra step toward becoming a real estate broker. There are plenty of reasons to become a broker. Brokers have higher incomes, can own their own real estate firms, and are able to become involved in property management.