Broker license? As an analyst
Going into my Senior year at an SEC school. (Majoring in Real Estate and Banking). I want to work as an acquisition analyst at CW, CB, JLL, or Eastdil. Currently networking with two of these, but happy for anyone to reach out.
My school offers us to sit for the brokerage exam for my state when we graduate w/ the Real Estate degree.
What’s the value add, what’s the stigma if any, and what are some CRE professionals thoughts? Grateful for any insight. I’d happily take the exam and pass if it will be even marginally helpful.
Thank you
Broker, broker of record, or real estate salesperson?…I’m thinking it would likely be the salespersons license. Varies by state, but most require and active salespersons license for 3 years before you’re eligible to sit for brokers exam.
Brokers can have salespersons work for them and are allowed to make purchases/sales on their own. Broker of record is just whoever is at the top of the house if there’s multiple people with brokers licenses…broker of record owns the office, keeps the physical records on file, etc.
If you’re interested in investment sales (or representing buyers) it’s an absolute must have. On the debt side, which is my focus, it varies by shop. And isn’t “strictly” required since debt placement fees from a legal standpoint are consulting fees (again at least in my state).
No real downside to getting it, but if you’re coming out of school and going to be an analyst or similar for an acquisitions team it’s almost certainly not necessary. If you jump right into sales then it’s 100% necessary and will delay your hiring and training potentially.
Last note, if you don’t get it now and wait and then want it later, you’ll have to go through another 70hr course to qualify. If you get it now, to maintain it over the years you’ll still have to hit the annual continuing education requirements.
Thank you. Monday I am calling the Real Estate commission to see if the college course path is what I belive it is. Also thanks for the clear clarifications.
Either way, Investment Sales or Acquistions, I am not ruling anything out. On forums and other mediums, I just see a acquisitions is rarely a bad idea for one's first 1-3 years.
If you want to work for a major brokerage firm as an analyst, you will probably need a real estate license very soon into the job (i.e. before paid any big bonuses which are likely parts of commissions). So yeah, I'd say go ahead and get it, no harm if you have it and don't need it... I still keep my brokers license active from my first state I worked in, even though it is virtually worthless to me at this point in my life. Too easy to renew so why give it up!
Also, I see your thread on broker vs. sales assoc..... some states waive the education requirement for both licenses by having an RE degree, but still need to get one, then the years of exp. before sitting for broker exam. Worth figuring out!
I did not know that about the commision split. Whether it is Broker or Salesperson, I'm signing up for it asap! Also glad to know that there is no downside to getting it other than a small continuing education.
Thanks for drawing from real world experience!
Called the Real Estate Commission and it is for broker or salesperson
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