In this blog post, we're going to go through a complete, step-by-step guide on how to get your real estate license in the state of Illinois and start your real estate career. At the end of the video, we're going to cover a couple of other important things that you might be curious about, such as how to pick the right brokerage to give yourself the best chance of success. We'll also discuss some of the costs associated with getting licensed and launching your career. Let's dive right into
My name is Chris with the Empire Real Estate YouTube channel. On this channel, we talk about real estate, personal finance, and entrepreneurship. Before we get started, I want to offer you my free guide on how to get licensed and start your real estate career. Much of the information we discuss in this video will be inside that guide, along with a few extra things.
So, first, let's go through some of the steps you'll need to take to get licensed in the state of Illinois. The very first requirement is that you have to be 18 years old or older and have a high school diploma or its equivalent. Additionally, you need to pass a background check to ensure there's nothing on your record preventing you from getting your real estate license.
The next step is to complete your state-approved pre-licensed education classes. In Illinois, you're required to complete 75 hours of state-approved pre-licensed education. The good news is that you can do this at your own pace with online real estate classes. We highly recommend checking out Calibri; there's an affiliate link below with more information.
Once you finish your pre-licensed classes, it's time to take your exam. The real estate exam can be a bit challenging, but it's multiple choice, and you have ample time to complete it. These exams in Illinois are held with a testing company called PSI Exams. Remember to bring a non-scientific calculator for the math portion and two forms of identification on test day.
After passing the exam, celebrate a little because you've completed a significant part of the journey. Now, it's time to apply for your license with the state of Illinois. Gather your 90 hours of real estate education proof, background check results, fingerprinting, and evidence of passing the exam. Submit these with your license application and wait for a response.
Next, find a sponsoring broker in Illinois. You're required to work under a sponsoring broker who will mentor and help you succeed in the real estate business. Choosing the right brokerage is crucial. Ask about mentorship, training modules, and commission splits. Find out if they offer any stock awards or revenue share programs. Clarify any monthly fees and out-of-pocket expenses.
Remember, don't choose a brokerage solely for the commission splits. Mentorship and support are vital, especially as a new agent. The business has a high failure rate, so having a supportive environment increases your chances of success.
Now, let's talk about budgeting for each item. Pre-license education classes may cost between $300 and $600. Budget around $50 for the background check fee. The real estate exam fee in Illinois is $100, split into $60 for the national portion and $40 for the state portion. The license application fee is an additional $50. Once you find your sponsoring broker, budget between $150 and $400. Allocate about $200 to $500 annually for E&O insurance.
In total, budget between $1,000 and $2,000 to get started. While the process may seem involved, the investment is relatively low compared to the potential rewards in your real estate career. If you found this content helpful, drop a comment below and let me know how you're doing with your real estate license. If you have any questions about getting licensed, feel free to ask.
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