Florida's commercial real estate market is booming, with industrial vacancy rates at a record low and multifamily growth on the rise. This makes becoming a commercial real estate agent in Florida an exciting and lucrative career choice for motivated professionals.
Commercial real estate agents play a vital role in facilitating property transactions in Florida's bustling real estate market. With numerous opportunities to find clients and build a successful career, it's essential to understand the steps required to obtain a commercial real estate license and start working in Florida.
Becoming a Commercial Real Estate Agent in Florida
Applicants for real estate licenses in Florida must meet three essential conditions:
- Be at least 18 years old
- Hold a high school degree or equivalent education
- Have a US social security number
Unlike some other states, Florida does not have separate licenses for residential and commercial real estate. A Florida real estate license allows you to work with both property types.
#1 - Complete an Approved Course
Before applying for your license, you must complete 63 hours of real estate courses from an institution approved by the Florida Real Estate Commission (FREC). These courses cover various topics, including real estate regulations, property laws, agency law, real estate finance, and mortgages. Passing the course's final exam with a score of at least 70% is required to proceed.
#2 - Submit an Application and a Background Check
Once you have completed the approved course, you must submit a license application to FREC for approval. This process verifies your educational credentials and other eligibility requirements. You can complete the application online through the Florida Department of Business & Professional Regulation (DBPR) or download a physical application. As part of the application process, you will need to go through fingerprinting and a background check.
#3 - Pass the Florida Real Estate Agent Exam
The Florida real estate license exam consists of 100 multiple-choice questions across various sections covering national and state real estate law, regulation, finance, taxes, appraisal, and ethics. Participants have 3.5 hours to complete the exam and must score 75% or higher to pass. This exam is known for its difficulty, with a first-time pass rate of only 47%. To increase your chances of success, it is highly recommended to take several practice exams before the actual test.
#4 - Work with a Sponsoring Broker
Commercial real estate agents in Florida must find a sponsoring broker to work with. A sponsoring broker will provide mentorship and supervision. Choose a broker that specializes in your preferred property type, offers career advancement opportunities, has a fair commission structure, and provides support for continuing education and professional development. Networking and joining professional organizations like the National Association of Realtors (NAR) can help you find a sponsoring broker.
#5 - Renew Your License
Florida requires real estate agents to renew their licenses every 24 months. To renew your license, you must complete a 45-hour continuing education (CE) course. This course covers topics such as marketing, financial analysis, discrimination law, investment strategies, and professional ethics. Once you have completed the course, you can renew your license online through the DBPR's official website.
How to Get a Florida Commercial Real Estate Broker License
Agents looking to work independently as brokers must obtain a broker license. To be eligible, broker license applicants must have at least two years of experience working as an agent for a licensed broker and complete a 72-hour FREC-approved course. Additionally, they must pass the Florida Real Estate Broker Examination with a score of at least 75%. To renew a broker license, a 60-hour post-licensing course must be completed within two years.
Florida Commercial Real Estate Agent Salary
According to ZipRecruiter, the average salary for a commercial real estate agent in Florida is $54,460, with top earners making over $79,000 annually. While Florida's salaries may be lower than the national average, the state offers several opportunities to make money due to its strong commercial real estate sector and lower cost of living.
Florida Commercial Real Estate Job Outlook
Florida has the highest number of registered real estate agents in the United States, indicating a healthy job market. Although competition exists at the local level and within specific property niches, the state's job growth ensures commercial real estate agents will continue to enjoy job security.
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Image Source: A view of Miami, FL during the setting sun.
