passed Illinois RE exam, now what?

Question

Hi,

Once someone passes the Illinois RE exams, what are some options - in addition to joining a brokerage, which seems to be mandatory - if they want to just buy and sell for themselves? thanks

Henry Lazerow · Answer

Congrats! Now find a brokerage. If looking to only do it for yourself no need to pay out big splits or have desk fees, instead there are a few flat fee per a transaction with no monthly fee style brokerages. Kale is good for that. If want more full service with good tools and minimal fees check out Fulton Grace or Exp both popular with investors. I started at Fulton Grace 7 years ago and now have passed 50 million sold. They walked me through the very basics when was new and have great training. @Brie Schmidt also has her own brokerage that has great reputation with investors.

You will also need join CAR at most firms this is $1250 a year. As well as continuing education requirements annually.

A big thing to remember now that you are licensed any offer send for yourself needs to disclose you are IL licensed. Same for on or off market deals you buy for yourself. For leases you write for your own buildings need give tenants no agency disclosures.

Gabe R. Gonzalez · Answer

Join a brokerage or find someone to sponsor you. The next license up would be a managing broker's license; which requires you be licensed as a broker for the previous 2 years. Then there's a few classes and two tests you need to pass.

There's also getting a job as a property manager. I self represented on my personal purchases while I was a W2 employee - worked out great :)

Jay Garrison · Answer

Wow that is some golden advice thanks! I am going to start doing the legwork on those agencies you mentioned, thanks Henry!

Riley Poppell · Answer

Hey Jay, I'd recommend going to interview with a few different firms to see which one has the best deal for you. The split might not be great but it might be good to start getting qualified leads. I have a referral for you if you want.

passed Illinois RE exam, now what?

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