But some people might be on the fence as to whether or not this is the best next step for their career in real estate. Let’s take a look at some of the benefits of getting your broker’s license in the state of Washington.
1.You Officially Can Work For Yourself
As an agent, you’re required to work for a firm for a certain amount of time before you’re able to begin the process of becoming a broker. You might be a full-time employee or a contractor. But either way, you’re covered by your brokerage.
In the state of Washington, they allow having been licensed in another state for at least six months before you can start the process to become a broker.
As a broker, you’re now able to work for yourself. This does, however, come with its own set of responsibilities. A portion of your day will be designated to handle the administrative tasks.
You’ll also be in charge of the legal side of the business, handling negotiations, and any additional real estate marketing you might need. Because you work for yourself, this means you get to be in charge as the final decision-maker. You no longer have to report to someone else.
2.You’ll Make More Money
Real estate agents end up making less money than brokers. This is because they have to give a portion of their commissions to their broker. If you become a broker, you don’t have to split the commission with anyone.
As a bonus, if you hire an agent to join your team, you can receive a portion of their sales without having to do any of the heavy lifting.
Agents have limited ability in what they can do. Their primary job is to act as a salesperson. They bring clients on showings and talk up the home in hopes they’ll decide to buy.
However, as a broker, you have a few different options for career options you can explore.
Working as a broker-salesperson is essentially the same as being an agent. The difference is that with a broker’s license in Washington, you can negotiate a higher commission percentage.
You can also decide to work as a managing broker. This means you’ll handle more of the administrative tasks as well as coach new agents that join the firm.
Lastly, you have one major option, which is to be a full-time designated broker, also known as a principal broker. This means you’re running the entire brokerage on your own while overseeing other agents below you.
4.You Can Open Your Own Firm
There is one major incentive that many real estate agents see when they want to take their careers to the next level. Becoming a licensed broker in Washington means you’re able to start your own firm.
You can rent out your own office space, have a legal business entity, and start hiring agents and admins.
But starting your own firm isn’t for the weak. It requires much more than a sales background. You need to have an entrepreneurial mindset for running a business that requires more than a typical forty-hour work week.
When you’re signing up to get your real estate broker’s license, make sure you know what your long-term career goals are. Figure out what realistic next steps you want to take in your career, whether it’s becoming a managing broker, salesperson, or even opening up your own firm.
Regardless of which route you take, there are huge benefits that provide more flexibility and higher income.