management, broker, real estate

What Does it Mean to Become a Managing Broker

In Education by Dawn Dolan

Now that you have two or three years of being a real estate agent behind you, you may be wondering what the steps up the ladder might be for your career. Just like in the general business world where the next moves probably entail management positions, the same is true in real estate. Advancing your career by taking the Managing Broker course and exam can increase your value to an agency, or create the possibility of starting your own office. Let’s talk about the possibilities. real estate broker license

As in teaching, many real estate brokerages work on a program of step-ups, with basic broker being the start, and generally the next step up is “managing broker”. In Illinois, once you have a couple of years under your belt, you are legally allowed to take the course and exam. Should you? If you are perfectly happy being a broker, then think about additional skill that will enhance your personal business.  This course can offer you additional tools and skills to use when it comes to marketing and selling. Managing Broker Courses Illinois

If you are in a larger office, and would like to work your way into management of it or one similar, then you must take this course to legally work in that capacity. Advertisements on indeed.com for Managing Broker positions are typically requesting that candidates have this “endorsement” and have been actively working as a managing broker for around five years, so the sooner you can start gaining experience, the sooner your move up will become a reality.

To give a concrete example, one advertisement lists the following as the responsibilities they are looking to gain from a Managing Broker: Illinois Real Estate Continuing Education , Managing Broker Courses Illinois

The Managing Broker is responsible for motivating and leading a team of real estate sales associates in their office to outperform established office sales goals. In addition, the Managing Broker participates in the recruiting to promote office growth, as well as the training, coaching and mentoring to ensure the success of their sales associates. The Managing Broker is a resource to the Sales Associates during the course of business related to real estate transactions.

Managing Broker Courses Illinois

Once you have gained skills as a managing broker in a single office, a next option may be to work for a multi-office brokerage, where your management skills will be put to use in a different way. Large cities often have brokerages with multiple offices, and this type of experience can offer you the opportunity to learn yet another set of essential abilities on your upward trajectory. Managing Broker Courses Illinois

Once you have these skills in place, the next possible step may be opening your own brokerage firm. An option for some, it allows an individual to create his/her own identity as an office, perhaps specializing in certain types of properties. Do you work hard when you are a small business owner? For sure! Do you share commissions? No, but obviously running your own business comes with associated costs. Managing Broker Courses Illinois

Managing Broker Courses Illinois

Each of these options require the same building block base in order to move into them: Basic agent license, two years’ experience, and the managing broker’s license. If and when you are ready to move forward, come talk to us about your goals and we’ll help you figure out the best trajectory. Managing Broker Courses Illinois