From Real Estate Agent to Real Estate Broker
How to Transition from Real Estate Agent to Real Estate Broker. Many successful real estate agents transition into brokers once they have an established career. It’s a natural step for agents who have an entrepreneurial spirit and want more control over their earning potential. It’s also a great way to increase income by leveraging the power of a successful real estate agent team.
Before you take the broker’s licensing exam and jump in headfirst, here are a few steps you’ll want to take:
Transitioning from Agent to Broker: Understand the Requirements
How to Transition from Real Estate Agent to Real Estate Broker. First, start by making sure you understand what is required to be a managing or supervising broker.
Ask a seasoned broker if you can interview him/her with some questions you might have about running a real estate agency. If possible, seek out a broker mentor to help you transition into your new journey.
Transitioning from Agent to Broker: Crunch the Numbers
How to Transition from Real Estate Agent to Real Estate Broker. Next, determine the cost of running an agency, including knowing how much it will take to acquire new agents and clients for the business.
Ensure you understand how long it might take you to become profitable in your agency, and determine if working with a franchise such as Keller Williams or eXp Realty would be best, OR if starting an independent, boutique brokerage is the route you should go.
Transitioning from Agent to Broker: Understand the Legal Parameters
How to Transition from Real Estate Agent to Real Estate Broker. Lastly, research and have a good working knowledge of the legal parameters associated with becoming a broker.
Ensure that you have researched everything there is to know legally about becoming a broker in your state, including whether or not you signed a noncompete clause with your previous or current broker. You also need to determine if clients belong to you or the brokerage, as well as ensure that all state requirements for taxes, licensure, and registration of your new brokerage are met.
Becoming a broker is a huge task, but a rewarding step for the right agent. It can be a life-changing decision in terms of the amount of money you’re able to make in the real estate industry.
Transitioning from Agent to Broker: In Conclusion
How to Transition from Real Estate Agent to Real Estate Broker. Accel, as a direct funder of real estate commission advances, can help aspiring real estate brokers throughout the United States get access to the cash needed to prepare for this important next step in their career. Check out their real estate commission advance guide to learn more about cash flow solutions for real estate pros.
