Illinois Real Estate License – Should You Get One?
If you are in the state of Illinois and you are someone who wants to get started in real estate, then you are probably considering getting an Illinois real estate license. And I commend you for doing so. I found out a couple of years ago that having a real estate license sure does make so much easier to invest in property, and can make a person quite a bit of income as well. While most of the money I make in real estate is in property management, there are many, many agents out there that just make a killing just for bringing buyers and sellers together. They’ll often take 6% of the purchase price when they do this.
When you get your Illinois real estate license, then you’ll be the one to collect those commissions!
But I am sure you already know what I am talking about. So let’s look at some of the drawbacks of getting your license.
First of all, there is an education requirement. Not to worry though, you can easily fulfill this requirement online. Once this is done, there will be some fees and an application, then you’ll have to take a test. After the initial licensing period, there will be some required continued education. Last, you’ll have to start out under a sponsoring broker, who will have an agreement with you for a piece of the money you make off your deals.
But look at the flip side of it. Let’s say you do get your license, and you land just ONE deal. In that one deal, you sell a house for $140,000. Now let’s say that out of that sale, you end up having to split the commission with a buyer’s agent, and your broker, and you only end up making 1.5%.
You still made $2,100!
And altogether, your education and fees won’t be more than just a few hundred bucks.
How great is that?
You do just one deal, and make over 4 TIMES the cost of your license!
I think you can see how powerful it can be to have a real estate license. This is exactly what attracted me, and why I became a licensed real estate agent. Now I can buy my properties for less, can buy and sell houses for clients, and can manage property for clients as well. And I make some significant money doing this, and I only do it part time!!
So if you are think about whether you should do it or not, I would definitely move forward and get your Illinois real estate license.
Illinois Real Estate License Requirements
Here are the specifics when it comes to exactly what you need to do to get your license (the Illinois real estate license requirements, if you will). Now, I’m not an attorney, and you can read the full state law here, but the following is a quick summary of what requirements you’ll need to meet:
- Be at least 21 years old.
- Have a high school diploma or equivalent
- Pass all of Illinois’ required real estate education courses.
Currently the requirement is 45 hours of instruction in approved courses, and a minimum of 15 of these hours must be in the areas of Article 15 of the Act (agency), disclosure and environmental issues, or any other current topic as determined by the Education Advisory Council.
- Pass the Illinois Real Estate Salesperson Examination.
- Pay an Initial Real Estate Salesperson License fee, currently $125.
- Submit a completed Sponsoring Broker Responsibilities Brochure.
As I just mentioned, there is a fee involved to file your application, and it is currently $125. Along with that, the coursework can be done online at a cost of less than $200. So all together you can fulfill your Illinois real estate license requirements for about $350 or less.
Does that sound like a lot of money?
Well again, just think about doing one deal $100,000 and getting 6%. That would be $6,000! That more than pays for the fees and hassle of getting the license. And you can do deal after deal after deal.
I use my license all the time. I do buying and selling, and I have a property management business. So without a license, none of this would be possible, and I would be giving up hundreds of dollars each month and thousands of dollars in lost buyer/seller transactions.
And the best part is – I do all of this on a part time basis! The main thing I like to do is help people like you online.
Illinois Real Estate License School
If you are anything like me, you are probably looking for the simplest, quickest, approved way to get your license. And now that I have my license, I know a little bit about how it works, and what schools are out there to help you get your Illinois real estate license.
Now I know I used the words “simplest” and “quickest”. While you can get your license relatively quickly (I had my pre-licensing education done in a matter of about 2 weeks), it’s not an overnight deal. It will take a little a time.
But if you are serious about it, and really want to get your Illinois license, I would recommend starting by completing your education requirements with this online school.
Believe me, they are an approved online education provider, and their rates are very reasonable. Also, they have several packages that tailor just to Illinois real estate license seekers, from a bare-bones package, to one that includes a pass or don’t pay guarantee. You’ll be well on your way to real estate success.
You could (if anyone still wants to do this) find local classes at a college or something, and complete your requirements that way. But then you’ll have to make sure the classes will count, and you’ll have to go through several months of classroom instruction.
I don’t know about you, but I sure like the idea of being able to go to an Illinois real estate license school online. I mean being able to sit on the couch and take classes in comfort, and be able to do them anytime I want, even at 2 AM, that is my kind of school!
But don’t take my word for it. You should make up your own mind. Online or offline? As for me, I choose online.
About Me
Hi there! I'm Jeffry Evans, and before I got my real estate license, I didn't have a clue what to do, or how to go about getting it.
Lucky for you, now that I have my license, I can give you the exact steps that you can use right now to quickly and easily get your license, and start making and saving money in real estate.
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