Do you love helping people find their dream homes or business properties as a licensed real estate salesperson (or agent), but you’re looking for more opportunities for growth? It’s time you considered becoming a real estate broker.
What Is a Real Estate Broker?
A broker is a real estate salesperson who undergoes additional training and earns a real estate broker license. Like real estate agents, brokers help customers buy and sell property — but with added responsibility. Brokers also make sure all transactions are compliant with state and federal regulations.
Generally, there are three types of broker titles: associate, managing, and principal.
- Associate brokers work under another broker and don’t supervise other real estate salespeople.
- Managing brokers typically run the day-to-day operations in a real estate business, like hiring and training new salespeople.
- Principal brokers supervise all salespeople working under them to make sure transactions follow state and federal real estate law.
Benefits of Becoming a Real Estate Broker
Real estate salespeople and brokers share many responsibilities, but brokers enjoy extra perks that make it a great upward career path for any real estate professional. Here are just a few benefits that come with earning your real estate broker license.
Business Ownership and Increased Earning Potential
Unlike real estate salespersons, brokers can work independently without splitting the commission. Brokers who decide to start their own real estate business can hire other real estate salespersons to work under them, and they earn partial commission on any sales their agents close.
Opportunity to Build New Skills
In the competitive real estate market, getting a broker license is only the first step in increasing your earning potential. To keep up with the competition and changing regulations, brokers are constantly learning new skills, from social media marketing to business and legal information that you can apply to other areas of your life.
Expanded Professional Network
Because of brokers’ increased responsibilities, they often work with people from a wide variety of backgrounds. This can include real estate salespeople, buyers, bank officials, and other professionals. A larger professional network can also mean increased business opportunities!
How to Obtain a Michigan Real Estate Broker License
1. Meet State Requirements
In Michigan, real estate professionals must meet the following requirements before applying for a broker license:
- Be at least 18 years old
- Vouch for your “good moral character,” which includes confirming no history of convictions for embezzlement or misappropriation of funds
- Have at least three years of full-time real estate business experience
- Maintain a Michigan business address
2. Complete Pre-License Education
Broker applicants in Michigan must complete 90 hours of pre-license education including nine hours of civil rights law and equal opportunity in housing. Save time and money on this process with our complete Michigan Broker Pre-Licensure Package. It includes all 90 hours of required course material presented as online video lectures, so you can complete your education at your own pace. Plus, the complete package includes a practice exam!
3. Pass the Real Estate Broker License Exam
All broker applicants must pass the real estate broker exam administered by PSI Services, LLC. Our 400-question practice exam covers all topics on the exam to help ensure you pass on your first try!
Get Your Michigan Real Estate Broker License
Whether you want to become your own boss, build a robust network of like-minded professionals, or increase your earning potential, obtaining a Michigan real estate broker license will only add value to your real estate career.