Should I Become an Oklahoma Real Estate Broker?

Notable real estate trends in Oklahoma City: Oklahoma City is known for being a smaller metropolitan area with growth potential but without a high degree of risk. Oklahoma is one of the hottest housing markets in the nation right now. Since 2010, Oklahoma City has grown more than 12% and is now the 25^th largest city in the United States. According to Zillow, home values in Oklahoma City are up 6% from last year. Despite rising prices, Oklahoma is still considered highly affordable. The medium home price in Oklahoma is still low compared to other parts of the country. Here are some national property stats from Redfin that proves Oklahoma City’s housing market is very competitive:

Housing Stats:

• Homes in Oklahoma City receive three offers on average and sell in around 13 days.
• The average sale price of a home in Oklahoma City was $215K last month, up 14.1% from last year.
• Homes sell for about 1% below the listing price and go pending in around 13 days.
• A well-priced home can go pending in 3 days or less.

Click here to read our article that outlines how much a typical real estate agent makes in Oklahoma. 

How to get your broker’s license in Oklahoma:

Requirements: You must be 21 years or older have at least 2 years of active real estate experience in the last 5 years and proof of at least 10 real estate transactions.

1. Complete the 105-hour required real estate education.

Our Oklahoma Broker Package consists of two courses that allow you to become a Principal Broker, a Broker in Charge, and a Branch Broker. You must complete both of these courses. First, you will take the 90-hours of Advanced Course in Real Estate. Second, you must take the 15-hour Broker in Charge Course.

   2. Complete the course final.

After you finish the course, you will need to take an online exam through Perry Real Estate College and pass with a minimum score of 80%. 

   3. Complete the broker application.

This application must be filled out and submitted to Oklahoma Real Estate Commission for approval. This process can take up to 4 weeks. You will submit the application and proof that you have held an active license for at least two years. You also need to provide proof of at least 10 real estate transactions in the previous 5 years.

   4. Submit the background check requirement.

You must submit your fingerprints to State Law Enforcement Division and the FBI for a criminal background check.

   5. Pass the Oklahoma Broker exam.

Once you submit all the proper paperwork, you will then sit for and pass the Oklahoma Broker Exam. You will need at least a 75% to pass the exam.

   6. Obtain a broker license.

After you complete all of these steps, you will be a Broker in Oklahoma and can start your journey running your own business.

Main difference between working as a real estate agent or working as a broker in Oklahoma:

What it’s like to be a real estate agent in Oklahoma Agent:

• Responsibilities:
• Marketing yourself.
• Lead Generation.
• Getting clients to the finish line.
• Stress level:
• High, depending on how much is on your plate.
• Competing with 6303 other real estate agents in Oklahoma.
• Income:
• On average a realtor makes $39-62K a year in Oklahoma.

What it’s like to be an Oklahoma Broker:

• Responsibilities:
• Marketing your brokerage.
• Lead generations for agents.
• Budgets and overhead.
• Hiring staff.
• Recruiting agents.
• Training new agents.
• Stress level:
• High, depending on how many agents you have on staff and their success level.
• Income:
• On average a managing broker makes between $120-160K a year in Oklahoma. 

If you are interested in getting your Oklahoma Broker’s license, online feel free to call a team member from Perry Real Estate College at (859) 525-0303. We are here to help with your career transition so that you can accomplish everything you want to! Remember if you’d like to become a broker you need to take our 90-hour broker course but if you’d like to become a managing broker you need to take the 90-hour broker course plus an additional 15-hour Broker in Charge course. Click here for more information on these courses.