When I Say This, People Always Counter With, “Of Course You Do, You Have A Hidden Agenda”
My agenda is not hidden. It is right out in front. If more people become brokers, I make more money if some of them complete their courses with me. This does not make me wrong or a bad person.
Someone Wanted To Work For One Company For Sales And Another Company For Mortgage Lending
He could not do it as he was a salesperson. If he were a broker associate, he could do this if the two companies are told he is doing it and they approve.
It is a statistic that Broker Associates average higher income than Sales Associates.
There is no more liability as a Broker Associate than as a Sales Associates. E and O insurance rates are the same.
Reasons Why It Is Better To Be A Broker
- When retired, you can refer someone from your past database and keep the entire commission
- If you are a Broker on your own, you receive a higher commission on each sale.
- You have flexibility. Some licensees suddenly get a great opportunity, but need a Broker’s License.
Take The Courses
If you completed the 3 College Level Courses to become a Salesperson, you need 5 more courses and then prepare for and take the tests.
Minimum time for each course is 18 days, so it is three months just to finish the courses, and another 53 days if you do not have those courses.
The Number Of New Brokers Is Dropping
CAR sponsored a regulation that took away the right to substitute any college degree for the two years’ experience.
Now only a major or minor in Real Estate will allow that exemption.
That means many people with college degrees in Business, Accounting, Finance, and a LLB etc. are not getting licenses like in the past. Fewer Brokers and fewer Brokers with college degrees.
Any questions on why that change, ask CAR.
The Education Might Actually Help You Sometime
You have to complete 8 college level courses and pass an exam.
It is not easy to become a broker; historically about only 40% pass the Broker Exam.
If there is to be a change in your real estate life, there must be some change.
Passing a test that only 40% can pass is an achievement, and you should feel good about yourself.
Always be going forward, they may be gaining on you.
See you in class.