Every state has their own renewal requirements, but usually a real estate license will need to be renewed every two to three years. Oftentimes real estate agents tend to forget to renew their license. Although your license can be renewed, a late fee may be required and you can no longer perform your regular duties until it’s active again. If you let your license expire, it can become void after a long period of time and you may have to start from the beginning. It’s important to keep your license active if you plan on continuing to practice as a real estate agent.
An easy way to keep your license from expiring is to set a reminder for yourself or have an assistant set a reminder for you. It typically takes four to six weeks to process your license renewal application once submitted. However, most states will allow a submission up until the license expiration date. Be sure to plan ahead and again, make sure you know all of your state’s renewal requirements.
Explore Your Options
If you’ve been considering letting your real estate license expire to pursue a new career, think through all of your options first. See our recent article What Kind of Jobs Can I Get with a Real Estate License to learn about all of the career opportunities available to you with a real estate license. If the commission-based pay concerns you with real estate, consider one of the many options with a more steady income.
Consider Moving Up
Instead of letting your real estate license expire, consider studying for your real estate brokers license. Obtaining this license would give you even more freedom in your real estate career. When you become a real estate broker, you could work independently and manage a team of real estate agents. This would be a good option for an agent who is looking for less of a sales role and wants to oversee operations.
Talk To Someone
If you have questions about your current real estate license, renewing your license, letting your license expire, or all of your options with a real estate license, we would love to answer them for you! At Beer School of Real Estate, our team of real estate educators are here to help you take your next step.
Please reach out to us by giving us a call at (574) 551-0316 or visiting the contact page on our website! We look forward to hearing from you!