This is your in-depth guide to teach you how to get a real estate license in Illinois and create a profitable future.
If you are an independently minded and motivated person, odds are at some point you have thought about getting a real estate license in Illinois. Although there are many benefits and reasons to start the process, it can be intimidating. However, by taking the proper steps, you can make this dream a reality with relative ease.
Why Become a Real Estate Agent in Illinois?
Illinois has a diverse and active real estate market. In 2019, there was a 15% increase in sales of single-family homes and condominiums. Wherever there are homes being sold, there are real estate agents who are making commissions on those homes. If you want to be included in this real estate boom, you are going to have to get a real estate license in Illinois.
Illinois also has a historically lucrative summer housing market. Many people come from all over the country to vacation homes in cities like Bloomington and Peoria. With record low mortgage rates, these homes are selling faster than ever and they all need agents to sell them.
One of the best reasons to become a real estate agent in Illinois Is the fact that the job itself is so flexible. Many people sell real estate in their free time or as an extra side hustle. The flexible hours and diverse customer base makes selling real estate a fantastic option for all kinds of people and personality types.
If you are the type of person who enjoys working with people of all types and backgrounds, it could be the job for you. Real estate agents get to help people through some of the biggest purchases of their lives and many find this to be the most rewarding aspect. With such a wide variety of customers and products to sell, the job rarely gets boring.
Another great reason to become a real estate agent in Illinois is the fact that agents never stop learning. If you are someone who is curious and always likes to be working on something new, this could be a great job for you. Laws and codes are always changing and there is always something new that you can learn.
In this article, we have listed all of the real estate license requirements in Illinois. By taking each of these steps one at a time and checking each box, you are certain to make the right choices. Starting yourself on the right track is one of the best things you can do when learning how to become a real estate agent in Illinois.
Becoming a Real Estate Agent for Investing
One common reason why people get a real estate license in Illinois is to be more in control of their investments. Real estate investments tend to be very hands-on projects. Because of this, one of the best ways to stay involved and focused is to become your own real estate agent.
When an investor wants to sell a property, they often have to contract the work out to a licensed real estate agent. When that happens, the agent takes over all of the ins and outs of the transaction. By becoming a real estate agent in Illinois, you can retain control of this incredibly important process.
Many people get a real estate license in Illinois so they can get the most revenue out of their sales and investments. By selling your own properties, you get to keep all of the profits. If you use an outside real estate agent, you will have to pay them a commission to take over the transaction.
One of the things you can do by becoming a real estate agent in Illinois is start your own brokerage. A brokerage is an umbrella corporation that many agents work under. By doing this, you can sell many properties at once through your own brokerage. Many people find that this is a great way to supplement the income they receive from their real estate investments.
Since the real estate requirements in Illinois include such a large amount of work, you may want to continue in the profession even after your investment property is sold. It is always nice to have some kind of a backup plan to go along with your investing. Having a real estate license will help mitigate some of the risks that come with property investment.
Investing in real estate can be an incredibly lucrative prospect. By handling your own transactions and keeping everything under your own name, you can maximize your profits as well as have more control over your transactions. Many people find that this is one of the best reasons to get a real estate license in Illinois.
Step One To Get A Real Estate License In Illinois: Take the Courses
The first step you must take when trying to become a real estate agent in Illinois is to take the real estate courses. These courses will teach you everything you need to know about selling real estate and working for yourself as a real estate agent. There are many ways that you can go about fulfilling this requirement.
In the state of Illinois, you must complete 75 hours of real estate education. These hours consist of 60 hours worth of classroom time as well as 15 interactive hours working hands on with an instructor. How you complete these hours is up to you and there are a huge variety of options available.
Many real estate schools in Illinois will allow you to take all your courses completely online. This is one of the best ways for you to fulfill your education hours. Many people become real estate agents because they want to have flexibility and the ability to make their own hours. Online education allows for this.
The required education hours are one of the main worries people have when researching how to become a real estate agent in Illinois. Many people do not feel that they have the time to efficiently complete their real estate education. However, these courses are specifically designed for people who have otherwise busy schedules.
Many real estate schools offer both independent, on demand courses as well as live webinar style classes. Which one of these you decide to take will be determined by your schedule and your learning style. Not everybody is as self-motivated as they could be. Because of this, they might be better off with the live webinar courses.
Choosing the right type of real estate school is the best way to get a real estate license in Illinois. If you take the right courses for your learning style, they will not be as difficult as you might be thinking. Many real estate schools cater to all kinds of learners and have designed their courses accordingly.
Step 2 To Get A Real Estate License In Illinois: Take the Final Course Exam
After completing your real estate education, you will have to take a final course exam. This is not the same as the Illinois State real estate exam. This test is specifically designed to get you prepared for that one and make sure you have retained all the information that was imparted to you during the course.
The final exam will cover everything that you have learned throughout the course of the real estate class. It is very important that you understand all of the concepts and practices in order to do as well as you can on the state real estate exam. Taking this final test will help ensure that everyone has done their job properly.
While it is true that many people find tests to be nerve-racking and anxiety-inducing, it is best to think about it as a practice test. The final course exam will closely mirror the Illinois state exam and is a good indicator of how well you might do on that test. If you have followed along with all of the curriculum, you should have a good understanding of the material.
Many real estate schools offer a pass or no pay guarantee with their courses. This means that if you do not pass the final exam for your real estate classes, you do not have to pay the tuition. This is a great way to ensure that you have learned everything you need to know to not only pass the state real estate exam but to continue on in your new career.
Many different real estate schools offer various packages that you can use to complete your education requirements. These packages will include things like extra exam prep or one-on-one Q&As with instructors. This is where it is best to know what type of learner you are and understand your style of working. No matter who you are, there are real estate class packages that are designed specifically for you.
There are so many different schools you can use to become a real estate agent in Illinois. This is especially true with the advent of online education. Due to its flexibility, you could complete your real estate education requirements without ever leaving the comfort of your own home.
Step Three: Pass the Illinois Real Estate Examination
Once you have completed your real estate education and passed your final course exam, you must then pass the Illinois real estate examination. This is possibly the most difficult aspect of getting a real estate license in Illinois. However, if you have taken the courses seriously and studied hard, it should not be very challenging.
You must take the Illinois real estate examination using a proctor. What this means is someone from the state of Illinois will be present when you are completing the examination. Some people are thrown off by this and feel that it adds extra pressure. However, it is an important feature of the test and helps to ensure that your exam is accepted.
The Illinois real estate examination will be very close to your course’s final exam. This is one of the reasons why that final course exam is so important and will actually help you. By getting comfortable with the idea of being tested on your knowledge, you are helping prepare yourself as best as you possibly can.
The Illinois real estate examination is a 3.5 hour test. It consists of 140 questions and covers every aspect of real estate law and regulations in the state of Illinois. Because it is so comprehensive, you must make sure you are as prepared as possible.
This exam covers real estate practices in both the state of Illinois and the United States. Because of this, you will have to know the difference between the laws throughout the country. Understanding how Illinois may or may not differ in this regard will actually help you be as knowledgeable as possible. In the real estate game, knowledge is the most important thing that an agent can possess.
Many real estate schools will offer packages that have extensive exam preparation. If you feel that you are someone who is a nervous test taker, it might be a good idea to purchase one of these exam prep packages. With these packages, you will receive things like flashcards, practice tests and other features that can help you feel more comfortable.
Step Four: Sign on With a Sponsoring Broker
After you have passed the Illinois real estate examination, you must sign on with a sponsoring broker. What this means is that you must find a brokerage that will hire you and take you under their wing. There are many things to look for when seeking out a brokerage to work with at first.
It might seem like signing on with the brokerage is counterintuitive to why many people try to become a real estate agent in Illinois. Oftentimes this reasoning is for flexibility and the ability to work for yourself. However, signing on to brokerage also has advantages.
By signing on with brokerage you get protections and assurances that you might not get by working for yourself. Especially when you are just starting out, it is important that you have as much help as possible. You will also be able to make connections and foster relationships at a brokerage that you might not otherwise have access to.
When looking for a brokerage, you are going to want to make sure they satisfy some requirements. Oftentimes, when people are thinking about how to get a real estate license in Illinois, they have an idea in their head that may not be in line with reality. By finding the right broker, you can make this reality as close to your dream as possible.
Before signing on with a broker it is best to research their history. You’re going to want to sign on with a broker that has a good reputation nationally as well as locally in the state of Illinois. By doing this, you can ride on some of that good will in the community and start to create a good reputation for yourself.
Signing on with a brokerage is not only required by the state of Illinois, it can also help you learn about the day to day of the business. By working under the umbrella of a brokerage, you are protecting yourself as well as your clients as you learn and grow as a real estate agent.
Step Five: Apply for Your License
After completing the exam and signing on with a brokerage, you must then apply for your license in the state of Illinois. This must be done through the Illinois Department of Financial & Professional Regulation. After completing all the work required to get a real estate license in Illinois, this step is one of the easiest.
While this step is fairly simple, it can take some time. Whenever you are dealing with a government agency through the mail, there are going to be long waits. Because of this, you should get started with this step as soon as possible.
In order to apply for your license, you will have to have documentation of all your real estate training. It is very important that you keep any certificates or printouts that you get from your real estate education institution. These will all be required in order to complete the application.
While getting your real estate license is not exactly simple, it is a completely reasonable goal to have. As long as you understand all the steps and do your best to complete them in an efficient way, you should have no problem with the entire process. Preparing yourself as much as possible only stands to set you up for success.
By reading this article on how to become a real estate agent in Illinois, you have already begun the process. The only thing left to do is think about how you should best approach the rest of the steps. By knowing what kind of learner you are and how you absorb information, you can find the right real estate school that will help you through the rest of the undertaking.