Agents and brokers often work together to buy and sell properties in a real estate firm, but there are technical differences in what they are legally allowed to do. So, if you are looking to move up in the world of real estate, but you wonder what the advantages are of becoming a broker, here are just a few of the benefits and responsibilities of the senior agents.
Broker’s Incomes Can Be Higher
With more responsibilities on their shoulders within the firm, the broker often has a significantly higher income available. In 2018 statistics showed that brokers can commonly make between $15,000 and $45,000 per year more than an agent. That is probably why many real estate agents work for a year or two under the direction of a broker and then a change the course of their career by asking how to become a real estate broker in Nevada.
Brokers Can Own the Firm
If you become a broker, you can open your own brokerage, but first, you must qualify for a license by taking the required courses and passing a state-mandated exam. With the license comes the right to find real estate agents that can work in the firm under the umbrella of your authorization, and to do so, they pay you a percentage of the commissions they obtain from every sale they make. If you don’t want to open a firm, you can also use the license to become a managing broker. As a manager, you could oversee agents and brokers within a firm, recruit new agents, and mentor anyone in the firm having a low period of sales.
Brokers Can Branch Out
If management is in your blood and you have a broker’s license, you can open a property management company. While no longer dealing with the sales of property, the advantage of becoming a middleman between tenants and property owners can be a rewarding career option. If you do not want to own a company, you can still take advantage of a broker’s license by leasing, renting, and managing properties under someone else’s management firm. Brokers are often welcome because most states mandate that every property management firm must employ a licensed broker.
There are distinct advantages to becoming a real estate broker, but it can be a big change in careers. Although there are more responsibilities involved, if you want more diverse occupation options, it can be a rewarding career path to choose.
