How To Become A Chicago Real Estate Broker

If you’re interested in becoming a licensed real estate broker and want some guidance in this new journey, then you’ve come to the right place. Read below about the requirements, fees, and recommended preparations to avoid any bumps in the road. From pre-licensing courses to closing on your first deal, Pearson Realty Group is passionate about helping new brokers enter the market with a competitive advantage over the competition.

What Are The Illinois State Requirements To Become A Broker?

Like many other specialized fields becoming a real estate broker requires individuals to pass a standardized state and federal test. The specific steps involved in becoming a licensed real estate broker include:

- Complete a Pre-Licensing Course
- Pass the Illinois State Exam
- Find & Apply For Your Brokerage
- Apply for Your License

We will walk through some of the basics with each step so you can better understand the path to becoming a real estate broker.

Pre-Licensing Courses

We’ve previously taken a closer look at the specific costs and fees involved in both preparing, taking your pre-license course, and officially becoming a broker. Nowadays prospective brokers are able to take their pre-licensing courses both online and in person, but the license exam must be taken at a state-approved testing facility. For your convenience, listed below are some popular Chicagoland area real estate pre-licensing courses:

Take your time to find the right real estate school for you, while they all teach the same material, everyone has different approaches. You may have a background in the industry and need less intensive sessions or the opposite and require deeper dives into the course material. Either way, we recommended taking full advantage of all study materials, practice tests, and Q&A sessions.

Passing The Exam

Now that you’ve completed your pre-license courses it’s time to take the test! In Illinois, you have four (4) attempts to pass the exam, and failing the fourth attempt requires you to pay for and complete the pre-license courses again. Combined with the cost of $55 per attempt, it’s essential to study and prepare properly for your exam. Many real estate schools offer additional practice tests and worksheets that focus on the subjects most often tested for in the exam, so be sure to utilize all the tools available to you.

If you have a brokerage or broker that you’re speaking to, ask if they can give some pointers or meet for a quick discussion. Real estate brokers must take and pass the test every 2 years so a good broker will know their stuff. This also gives you an additional chance to vet potential brokerages you’re interested in joining – see if they know their stuff!

Choosing A Brokerage

You’ve passed the exam! Now it’s time to choose a real estate brokerage to work with. While most prospective realtors know what type of company they want to work for, it’s always a good idea to “shop around”. Talk to friends and family about their experiences and if you find someone that interests you, schedule time to meet with their sponsoring broker. Start with looking at different factors like commission splits, office support, and company-generated leads. A good sponsoring brokerage will help develop your skills through regular training, team support, and broker education courses.

Learn More About Pearson Realty Group

Some brokerages will provide more support, resources, and tools – some will provide the bare minimum. But it’s also important to consider the commission split, is the company getting a split or do you receive 100% commission? How does this balance with the amenities and support the brokerage provides? Do they help with leads and generating business? How many years have they been operating? Does the company have a marketing department or office support staff? These questions will help you better understand what real estate brokerage is the best fit for growing your real estate career.

Apply for Your License

Finally, the last and most exciting step – applying for your real estate license. This is easily done through the Illinois Department of Financial & Professional Regulation’s (IDFPR) online portal- found here. There is a $125 fee associated with the application, but once everything is approved you’re an officially licensed Realtor!

Once you have your license, it is valid for 2 years. After this, all realtors are required to complete a certain number of hours of continuing education. Your sponsoring brokerage will have resources available in order to stay informed and complete any required class time to renew when the time comes.

What Pearson Realty Group Offers Chicago Real Estate Brokers

Over the years at Pearson Realty Group we have developed what we believe to be the best offerings for the vast majority of Chicagoland broker niches, wants, & needs. Most brokerages have uncompetitive commission splits, charge for leads, and have tons of fees. Aggressive Commission Splits, Company Generated Leads, and Zero Fees separate us from the pack, giving our brokers every opportunity to be as successful as possible.

For new brokers looking to get their feet wet, the teams at Pearson Realty Group are great chances for constant coaching & mentorship. While more experienced brokers we have all the tools, resources, and support to ensure they can close deals as efficiently as possible. Because no two brokers are the same we have developed a dynamically beneficial support system for brokers to get all the help they require on any deal. From the ever-changing world of marketing & advertising efforts to administration & transaction assistance, we have built a true full-spectrum support system for our brokers. That’s not all, Pearson Realty Group also offers all of our brokers, free of charge:

Required Error & Omission Fees – $0
Custom Business Cards – $0
Headshot & Photoshoots – $0
Copy, Desk & Admins Fees – $0
Digital & Print Design Support – $0
Networking & Happy Hour Events – $0
Continued Education & Pearson University – $0

Pearson Realty Group is a full-service real estate company focusing on brokers’ success and performance. Specializing in luxury real estate in the Chicagoland area and asset listings with national corporate clients, Pearson Realty Group represent Pearson real estate brokers who are at the top of their class in the industry. We have become one of the most successful brokerages in the Chicagoland area by supporting industry-leading brokers. Pearson Realty Group continues to grow and challenge the market with innovative technology and provides exceptional service to its brokers and their clients.

How To Become A Broker