How do I find a sponsoring broker in Illinois?
In 2020 there were more than 86,000 individuals licensed for Real Estate brokerage in the State of Illinois Sponsoring Brokers in Illinois are individuals or businesses who hold your real estate license and allow you to work as an Illinois Real Estate Broker. As a sponsored licensee you work for that individual or company and many of those companies you may already know, like:
|Real People Realty
|Baird & Warner
There are many others, too. When considering a sponsoring broker or firm to work for you’ll want to get answers to some, if not all, of these questions:
- What are the commission splits?
- What are the transaction fees?
- What annual fees, monthly dues, or other fees can be expected?
- Do I have to produce a certain amount in sales, closings, or fees for the brokerage?
- Do I have to work a certain number of hours in the office, a practice knows as floor time?
- What kind support is offered?
- What services are provided? Yard signs? Business cards? Etc.?
- How will I be paid – by check or ACH/EFT?
- Does the firm hold earnest money?
- What type of trainings do you offer?
As a sponsoring broker, The Pineapple Brand Company publishes all this information right up front for you to see. Read it here.
Please take the time to research sponsoring brokers but keep in mind that it’s ok to change brokerages, too. You can change firms for a small license transfer fee to IDFPR. In fact, in 2017 IDFPR transffered more than 9,300 brokers!
If you’re new to real estate and considering obtaining your license, check out our posts on the education and testing process. Please reach out with any questions – we’re happy to help you along your journey.
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