There are a lot of things to consider before moving to an Illinois real estate license holding company. If you’re in real estate and thinking about taking a break but not ready to say goodbye forever or looking to make some more passive income, this could be a game changer for you.
What’s a Real Estate License Holding Company Anyway?
A real estate license holding company is basically a place to park your license. It’s a way to keep your license active without being in the thick of selling properties. It’s perfect for those “I need a break” moments in your career when you want to explore other things but keep the door open to come back to real estate later or want to pursue other opportunities while still making some money with your real estate license.
Why Consider It?
- Keep Your License Alive: It’s like hitting pause on your career without losing everything. You won’t have to go through the hassle of getting re-licensed later.
- Save Some Cash: License holding companies usually charge less than typical brokerages, so you’re not breaking the bank just to hold onto your license.
- Flexibility Is Key: Want to try something new or take a sabbatical? This setup gives you that freedom.
- Stay Connected: You can keep in touch with your real estate network and jump back in more easily when you’re ready.
Things to Think About
- No Active Selling: Remember, parking your license here means you can’t actively sell real estate or rake in direct commissions.
- Some Costs Involved: It’s cheaper, but not free. Check out the fees before diving in.
- Your Future Plans: If you’re just on a temporary break, this is perfect. But if you’re thinking of quitting real estate for good, this might not be for you.
- Rules and Regs: Every state has its own set of rules for these things. Make sure you’re in the clear with your state’s laws.
- Continuing Education: You are still considered an active real estate broker by the state of Illinois and would need to complete your continuing education prior to every renewal.
So, Should You Do It?
Deciding if this is the right move depends on where you’re at in your career and where you want to go. If you’re just taking a breather and plan to return, a license holding company can be a smart way to keep your options open. But if you’re waving goodbye to real estate, maybe it’s not necessary.
In a nutshell, an Illinois real estate license holding company can be a clever choice for some. It lets you keep your license without the full commitment of being an active agent. When you are ready to make the switch you can join us. If you have more questions about what a license holding company can do for you, please send us a message below.