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The March 2010 issue of D.R. Legal News, published by the Illinois Association of REALTORS®, covers significant updates in real estate law, including the Real Estate License Act (RELA) Rewrite, which introduces new license categories and requirements for managing brokers. It discusses the impact of recent legislation on real estate practices, offers insights from industry experts on motivating agents during economic challenges, and provides market statistics reflecting home sales trends in Illinois. Additionally, it highlights upcoming events and educational opportunities for real estate professionals.

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Is it worth being a real estate agent in Illinois?

Strong Earning Potential According to Indeed.com, Illinois real estate brokers earn an average of $76,000 annually, with top performers earning docHubly more. Commission rates in Illinois typically average 2.75% for listing agents and 2.60% for buyers agents.

What is the new law regarding REALTORS?

Under the new laws, a realtor isnt allowed to show a buyer a house unless youre under contract with them. This almost always means that if they show you a house, and you buy it, you owe them a commission. So no, you cant easily see a house with one and then use another to write the offer under the new laws.

What is the REALTORS Ombudsman in Illinois?

The Ombudsman Program is a structured communication and problem-solving service available to consumers and members of the Illinois REALTORS throughout the state to address complaints and questions that may be ethical, transactional, technical and procedural in nature.

What is the biggest mistake a real estate agent can make?

Pros and cons of low commission realtors Traditional realtors typically charge a commission rate of 2.53%, but with a low-commission realtor, you might only pay 11.5%. The savings can be substantial, particularly with higher-priced homes.

Can a realtor represent both buyer and seller in Illinois?

In Illinois, dual agency is legal but regulated to protect the interests of both parties. Realtors must obtain written consent from both the buyer and the seller, clearly outlining the limitations of their representation.