Agent2Agent in Chicago>Question Details

Cat R., Both Buyer and Seller in Chicago, IL

What are my options for a 'sponsoring Broker'? I have passed the RE Salesperson exam in IL, and don't plan on working full time .

Asked by Cat R., Chicago, IL Thu Mar 31, 2011

Suggestions? I JUST passed (March 11th) the State licensing exam, and now must find a sponsoring broker to get my actual license I understand that the licensing requirements are changing in 2012, and will have to transition to a 'broker', but in the mean-time, since I do not plan on working full-time in the industry, is there a brokerage that will hold my license and/or train me part-time? Thanks for your input!

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Elizabeth’s answer
I have found one real estate office willing to have me come in without paying any fees, I only have to pass the real estate broker exam, I have taken the course and have an extensive legal background. do you know of any other offices willing to do this, in chicago
Elizabeth Dixon dgrady11@yahoo.com
0 votes Thank Flag Link Mon Mar 19, 2012
BEST ANSWER
Congratulations Cat R.!

You can put your license in holding with just about any brokerage or with CAR (Chicago Association of Realtors), the latter charges $50.

The benefit to putting your license in holding is that you can collect referral fees without doing much work except refer business to other agents.

But if you want training and want to be able to broker real estate then you have to associate yourself with a brokerage. Interview with a few brokers, probably no more than 3, it can get confusing trying to remember who offers what and fee structures, marketing plans, etc....

When you interview ensure you have your questions ready and your concerns addressed. You should feel "at home" & comfortable with the interviewing Managing Broker and the environment. It's important to feel that connection. It makes going to the office that much more pleasant & fun! Who knows it may drive you to come in more often.

Good luck!
1 vote Thank Flag Link Thu Mar 31, 2011
Cat
Be honest with brokerages regarding your part time status intentions. Acting as a licensed assistant is a good way to break into the business slowly. Sitting open houses can bring in some money. I suggest going to a big office with many top producers that need occasional help from a licensed assistant and work on a fee basis.

If you like my answer, thumbs up and best answer, thanks!
2 votes Thank Flag Link Thu Mar 31, 2011
You have one of two options.

You can go interview at a few different companies and see which one is a good fit for you. Since you will be part time and dont plan on doing much business, be wary of what a lot of companies will charge you monthly. Try to go with a company that has low monthly costs or none at all.

You can also put your license in a holding company. This means you cant actively sell real estate but you wont have to go back through all the exams when you want to activate your license with a company.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
1 vote Thank Flag Link Thu Mar 31, 2011
Yes to both. If you are new, the biggest thing is to train with someone. You don't need to do a big franchise company to get training though.

A lot of independent companies are interested in training full or part time and you can work directly with an agent opposed to just getting "training classes".

The other thing you need to decide is how much of your commissions do you want to keep. Independents are more flexible on commission splits.

If you are looking for some progressive ideas to make the time you do work - work for your maximum benefit, give me a call. I am an independent broker owner who works with agents in all geographical areas. Geography doesn't have to be a big issue with offices. This is the age of technology. I would be happy to talk to you about options.

Suzanne Hamilton
RE Marketing Consultants, Inc.
888-788-9544
http://www.remarketingconsultants.com
1 vote Thank Flag Link Thu Mar 31, 2011
You should probably talk with at least three different companies before making your decision. See this video, about my firm: http://mpeterson.chicagopropertyfinder.net/career/

There are several offices in Chicago to choose from.
1 vote Thank Flag Link Thu Mar 31, 2011
Hey Cat,

Congratulations on getting your license!

Some things to consider are: You will have fees for whichever board you are joining (CAR-Chicago Association of Realtors, RANWC-Realtor Association Northwest Chicago, etc) as well as NAR plus fees to be a part of the MLS and depending on how part time you are thinking, it may not be what you want.

We have a lot of training associated with our office and our company. Some of which accessible online as well.

You can put your license in holding which I am pretty sure it is $50 at my office (it was 2 years ago when a friend of mine did that) and then just refer business and get a referral fee, not practice real estate.

I'd be happy to talk with you if you would like to explore the options!

Cathi Weaver
Keller Williams Realty Partners
847-477-3494
Web Reference: http://www.CathiWeaver.com
1 vote Thank Flag Link Thu Mar 31, 2011
Yes, there are many offices that will do this. I don't think my office is a candidate for you due to the combination of your being new and the distance if you're in the city, but give me a call, and I will give you some free advice.

Anthony Cavalea, 773-368-5614, 815-388-9300
1 vote Thank Flag Link Thu Mar 31, 2011
I am in similar boat. If I put my license in holding company can I renew it after 2 years. Would I be able to get a managing broker license after 2 years(ofcourse by completing all the required courses).

Thanks
0 votes Thank Flag Link Wed Aug 15, 2012
Thank you everyone for your thoughtful and helpful input!

I decided to have CAR's holding company keep my license for the time being. (Thank you Evelyn, I didn't even know that was an option until you suggested it...and that was the school I had gone through!)
I was under a tight deadline in finding a sponsor - due to the changes happening with the state licensing requirements. Now I will be able to thoroughly research where I can fit in and what is the best direction for me.

All the best!
Cat
0 votes Thank Flag Link Fri Apr 1, 2011
You have one of two options.

You can go interview at a few different companies and see which one is a good fit for you. Since you will be part time and dont plan on doing much business, be wary of what a lot of companies will charge you monthly. Try to go with a company that has low monthly costs or none at all.

You can also put your license in a holding company. This means you cant actively sell real estate but you wont have to go back through all the exams when you want to activate your license with a company.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Thu Mar 31, 2011
Yes, there are brokerages that will do that. However, your best option may be to join a team or group. Please feel free to contact me for further details.
0 votes Thank Flag Link Thu Mar 31, 2011
Our office could sponsor you, and provide training online 24/7 and in person.
Part time is ok...that is how I started in 1989. Visit my website for more info.
0 votes Thank Flag Link Thu Mar 31, 2011
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