So I’m thinking about working in Macomb, Illinois after obtaining a broker’s license. I’ve just brought this up to my teacher around 9 PM tonight in an e-mail and it’s not unusual that she hasn’t gotten back to me (she may not get back to me until Monday). There’s a Century 21 office in Macomb, it’s not affiliated (as far as I know) with the broker-owners of the office where I am taking the courses, but it is a Century 21 office, so I’m hoping I may be able to get in that way, if not, there are naturally other options. I’d like to gain experience and right now my leaning is towards opening an office of my own someday, not sure where yet, possibly on the further outskirts of Chicago (Joliet, Aurora and Manhattan are examples, somewhere further south/west of where I grew up in Oak Lawn, IL).
The idea of opening my own office excites me, but I know I need more experience before doing so. The whole idea of helping people with what, for most people, will be the largest single investment of their lives excites me very much. To understand a bit how I feel about what I think I’ll do in the future: I’m unusually not scared, I honestly believe that I would be able to help people professionally and help them in making the best possible decision, the idea excites me very much (obviously), but I feel as though I should have at least a few year’s experience before attempting such an endeavor and finding a managing broker willing to give me that experience at my age is likely to be a challenge, hopefully one of the largest I have to overcome, as it is currently the largest one I can imagine (yes, there will be establishing, licensing and insuring the business and building a customer base as well as advertising and building connections, but I honestly see those as easier parts [perhaps besides building connections, which may be difficult] in the process than getting my foot in the industry’s door).
On the testing front, I believe I already mentioned I’ll be taking the advanced principles portion next Wednesday and working the simulation either that same day or Thursday. Finally, after either studying or relaxing, I’ll be taking the exam at the AMP testing facility in Chicago on the 15th of August (which is one day after when I wanted to have the license in hand, so my time frame was a bit tight, but if everything goes smoothly, I should still have license in hand around the same time school starts). After taking the broker management course/exam (which I take after obtaining a broker’s license), I’ll hold the broker’s license free and clear and will only have to take continuing education courses every even year (2010, 2012, 2014, etc.).
So I think my ideal, high-level path would be to get the license, right around when I start school, find work at an office (I’d do essentially anything, through I would prefer to work as an agent or managing, both of which I’d like to have supervision while doing), begin gaining experience in the field and take/pass the broker management course, in fall 2009. I’d continue working for the office and gaining experience (hence, I would stay on campus during breaks and the summer) while in school, in about three years I’d graduate from Western Illinois with a dual degree in Finance and Computer Science, at this point, I would have a choice: if I felt I’d gaining enough experience, I may open an office elsewhere or I may continue working for the same office until my confidence was built up to the point of feeling comfortable opening a new office. After opening an office of my own, I think the possibilities could be endless, and what I believe I’d like to do is manage the office and sell, managing the accounts, operating a business and working with my independent contractors (salespeople and non-managing brokers), and these really are the aspects that excite me and additional aspects I would probably outsource to another firm (depending on what aspects need to be outsourced, legality may be an issue, which would be examined when necessary).
I’d say a ballpark goal for me to be opening my own office would be about five years, in fact, I’m optimistically putting it down on my calendar for January 1, 2015, and I’ll update milestones as necessary, but that date will continue to be my goal unless updated, and hopefully it will only be updated to a more recent date.
I will begin writing a business plan probably as early as this semester and update it as I become more experienced and gain insight into what exactly is necessary to operate a real estate brokerage, my personal belief about business plans is that the should be made early, followed and made to evolve as the business evolves, they should be forward-looking and lay a rough path that will be paved as the business comes to fruition.
That’s all I have for now, but I’d say expect a business plan to be posted here no later than Thanksgiving, even if I can’t find a broker interested in hiring me, but I honestly think I’ll be able to find one.
