How to Become A Real Estate Agent In Chicago
Now that you’ve decided to follow your dreams and become a real estate agent in Chicago, it makes sense to know how long before you can start to practice and how much time or money this will cost you. While you’re already searching for the best real estate school in Illinois and probably already taking stock of the general requirements to become a realtor in Chicago, you’ve probably already begun asking yourself, how long does it take to become a realtor in Chicago?
It takes an average of four (4) to six (6) months to become a real estate agent in Chicago.
- First, you’ll need to complete at least 90 hours of real estate education via a pre-licensing course at an IDFPR-approved school.
- Secondly, apply, sit for, and pass the Illinois real estate license examination with at least a score of 75%.
- After this, you can hang your license with a broker to start practicing.
That’s the short answer.
But there’s more to becoming a realtor than just taking courses and passing an exam. Read on to find more information you need. You’re welcome!
How long does it take to become a realtor in Chicago?
While real estate licensing is mostly consistent across the different states of the US, the specifics vary slightly in some cases. In Illinois, for example, licensing candidates need at least 90 hours of pre-licensing education at a real estate school approved by the Illinois Department of Financial and Professional Regulation.
Timeline for pre-licensing education
You can choose to participate in either classroom courses or self-study options. The difference here is two-fold.
First, while classroom lessons are often held twice a week for about three hours, self-study options fit into your schedule and can either be slowed down or accelerated. Class-taught pre-licensing courses that meet twice a week for three hours each will need about four months to complete.
While self-study online classes can be fast-paced, you still need to take exams during the course to earn credit for the classes. In both cases, the amount of time spent at the pre-licensing course phase will greatly influence how long it takes before you can get your Illinois real estate license.
Timeline for Illinois real estate exam
After clocking 90 hours of real estate pre-licensing education, candidates are then issued an official transcript that lets them sit for the Illinois real estate exam.
Scheduling the exam might take one (1) or two (2) weeks.
Candidates who score 75% and above get to apply for their real estate license. Anyone who fails gets three more attempts at the exams again with the transcript valid for four years. Successful candidates are issued a sponsor card after their exams to begin the process of obtaining their license.
Getting your Illinois real estate license
Successful candidates need a real estate broker to sponsor their applications as Illinois requires real estate agents to work under the management of a broker.
These candidates get a 45-day sponsor card after passing their exams which along with the transcript they got earlier will need to be submitted to the IDFPR, via their sponsoring broker. The IDFPR will mail your license to your sponsoring broker within six (6) to eight (8) weeks.
Post-licensing education
Learning never stops. So, after you obtain your license, you will still need some time to develop and improve your professional skills, real estate knowledge, and proficiency, among others.
It’s not uncommon for real estate agents to commit to more certifications even after obtaining their license.
Certain associations such as the National Association of Realtors (NAR), for instance, also require continuing education to secure membership.
Asides from this, it will take some time and a decent level of commitment and dedication to help you get really good at this.
What does a realtor do?
Realtors are licensed to help their clients buy, sell, or rent homes, lands, and similar properties. People who often watch real estate shows might be led to believe the job of a realtor is an easy one. While it’s not necessarily complicated as the job of a rocket scientist, you wear many hats as a realtor representing a client. You’re required to be a coordinator, advocate, and negotiator, all at once. Check here for our guide on key real estate agent skills and qualities you need to develop.
Real estate agents usually need to walk their clients through the transaction process whether they are buying, selling, or renting. They often have to manage communications with the other parties, as well as, managing clients’ concerns and questions, among other things to ensure the real estate transaction goes smoothly. Depending on the particular type of transaction, a realtor’s day may be spent on different tasks like;
- Helping clients with pre-approval
- Ensuring proper property pricing
- Organizing and accompanying clients on showings
- Drafting and negotiating offers
- Helping clients with appraisal
- Coordinating inspections and negotiating repairs
- Handling communications and paperwork
- Facilitating the final walk-through and closing, etc
How much does it cost to become a realtor in Chicago?
Along with the amount of time it takes, the financial investment it requires, also ranks among the greatest concerns for prospective real estate students. If you find yourself asking how much it costs to become a realtor in Chicago, there is both a short and long answer.
Becoming a real estate agent in Chicago can cost you anything from $500 to a little less than $1000. Here’s the breakdown;
- Pre-licensing education – $250 to $650
- Illinois real estate exam fee – $55
- Illinois real estate license application fee – $155
That’s how much it takes to obtain your license. But is that all? Probably not!
As we mentioned earlier, it takes time to get really good at being a realtor in Chicago.
You probably won’t make that much in your first few months. So, while you’re evaluating how much it would cost to become a realtor, you also have to factor in how to support yourself financially during the early stages.
The time it will take to hone your skills and expertise as a realtor before you start making enough to sustain yourself should be factored into your analysis of not just how much it would cost but also how long it would take to become a realtor in Chicago.
When you look at it this way, the timeline and cost may seem daunting. But if you are ready to put in the work and the right investments, you’ll have a whole lifetime ahead of you to build and enjoy a successful career in the real estate sector.
