Looking for a New Career? How About Real Estate?

Looking for a New Career? How About Real Estate?

The real estate business is not for everyone. In order to succeed, you need to be a self-starter, to be motivated and persistent. You must be able to plan and more importantly, work your plan. Above all, you must be able to handle rejection.

If those characteristics describe you, selling real estate just might be the career for you.

The real estate field is a career area filled with exciting opportunities. It provides the opportunity to help others, the opportunity for freedom and independence, the opportunity to take advantage of your personal strengths, and an opportunity for security.

Quick Facts

 2017 Median Pay

$47,880 per year

Typical Entry Level Education

High School Diploma or equivalent

Number of Jobs, 2016

444,100

Job Outlook, 2016 – 2026

6% (Faster than average)

Employment Change, 2016 – 2026

24,900

Frequently Asked Questions

What is a Real Estate Agent?

A real estate agent, working on behalf of a licensed real estate broker, is a licensed professional who works on behalf of the buyer and seller or landlord tenant during a real estate transaction. The following are examples of types of real estate agents in Illinois:

Real estate brokers are licensed to represent landlord and tenants, buyers and sellers in a real estate transaction. The broker must be employed by a licensed Illinois sponsoring broker.

Real Estate Managing Broker are licensed to manage a real estate office. 

Sponsoring brokers are licensed brokers that employ licensed real estate brokers.

What Do Real Estate Agents Do?

Real estate brokers and sales agents typically do the following:

  • Solicit potential clients to buy, sell, and rent properties
  • Advise clients on prices, mortgages, market conditions, and related information
  • Compare properties to determine a competitive market price
  • Generate lists of properties for sale, including details such as location and features
  • Promote properties through advertisements, open houses, and listing services
  • Take prospective buyers or renters to see properties
  • Present purchase offers to sellers for consideration
  • Mediate negotiations between buyer and seller

Most real estate brokers and sales agents sell residential property. Others sell commercial property, and small number sell industrial, agricultural, or other types of real estate.

How Much Does a Real Estate Agent Earn Per Year?

According to the Bureau of Labor Statistics, real estate sales agents (defined as broker in Illinois) earned a median wage of $45,990 in May 2017. The median wage is the wage at which half the workers in an occupation earned more that amount and half earned less. The lowest 10% earned less than $23,130 and the highest 10% earned more than $109,400.

The median annual income for real estate brokers (defined as managing broker in Illinois) was $56,730 in May 2017. The lowest 10% earned less than $24,160, and the highest 10% earned more than $151,660.

Income is typically earned from commissions on sales. The commission varies by the type of property and its value. Commissions often are divided among the buying agent, selling agent, brokers, and firms.

An agent’s income often depends on economic conditions, the agent’s individual motivation, and the types of property available. Income usually increases as agents become better and more experienced at sales. Earnings can be irregular, especially for beginners.

How Do I Become a Real Estate Agent?

 Illinois Real Estate Broker Licensing Requirements:

  • Be at least 21 years old
  • Have graduated from high school are obtained a GED
  • Complete required course work
  • Be of good moral character
  • Pass written state license exam

Illinois Real estate Managing Broker Licensing Requirements:

  • Be at least 21 years old
  • Hold an active valid Illinois real estate broker’s license
  • Have had active broker license for 2 out of the past 3 years
  • Complete required course work
  • Pass written state license exam

For more information about this rewarding career, visit YourHouseAcademy.com


Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Property, Real Estate, and Community Association Managers,
on the Internet at https://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm (visited July 06, 2018).

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