If you’re a Massachusetts real estate agent, you might be considering where to “park” your real estate license. This is merely a non-technical term for maintaining your license active when you’re not practising as an agent at the moment.

If you’re out of practice, switching careers, or just not in the game right now, being aware of your options can make the transition a smooth one.

Here in this article, we are going to cover what it is to park your real estate license, what Massachusetts has to offer you for alternatives, and a few things that you should know.

What Is Parking a Real Estate License?

“Parking” your real estate license suspends active practice, but do not let your license lapse out of active status. It may occur because of a multitude of reasons, such as

• Taking a break from the business

• Dabbling in alternate careers or passions

• Lack of enough clients or listings

Parking your license allows you to keep the door open to returning to real estate when you’re ready, without having to repeat the entire licensing process.

Parking Your Massachusetts Real Estate License: Choices

There are a couple of options to park your Massachusetts real estate license. Here’s how they work for you:

1. Obtain a Sponsoring Broker

Most likely, the best method of parking your license is searching for a sponsoring broker. Every Massachusetts real estate agent must work under a licensed broker.

You can speak with your current broker or another broker if you must take some time off but would like to stay licensed. They may be able to make you an inactive agent under their supervision.

Benefits

• Ease of Transition: You may be brought on board earlier.

• Support: Having someone to show you the way can prove beneficial.

2. Go Inactive

If you do not plan on practising real estate for some time, you can go inactive. Here, you won’t be actively conducting real estate transactions but will have an active license status.

To go inactive in Massachusetts, you can apply with the Massachusetts Board of Registration of Real Estate Brokers and Salespersons.

Steps to Go Inactive

• Complete the Application: File the inactive status application.

• Return Your Fees: Refund any prepaid fees.

• Notify Your Broker: Inform your sponsoring broker of your plans.

Advantages

• Cost Savings: You will not be required to pay some of the fees related to active licensure.

• Flexibility: You can have your license reinstated when you are ready to return.

3. Allow Your License to Expire

If you’re certain that you will not be returning to real estate, you can let your license expire. But it’s likely not a good choice if you think you might ever wish to practice at all.

Massachusetts licenses must be renewed every two years, and if you let yours expire, you’ll have to reapply for the license.

Considerations

• Re-Examination: You may be required to take the licensing exam again.

• Additional Fees: You will have fees to pay for license renewal.

Things to Consider

When you decide where to place your Massachusetts real estate license, remember the following:

1. Continuing Education

Although you are not practising, you may still be required to take continuing education courses. Massachusetts agents are required to take 12 hours of continuing education every two years. Be sure to keep up on these requirements.

2. Renewals and Fees

Working or nonworking can cost differently. Call the Massachusetts Board of Registration to get information about the fees of maintaining your license in either status.

3. Market Changes

Real estate operations can shift at an instant. If you’ll be returning after being off for some time, it’s best to stay current with current market conditions, laws, and technology. So, you’ll be prepared to step into action once you’ll activate your license.

4. Networking

Even in the field, it is useful to keep connections with your network. Attend industry conferences, participate in local real estate groups, and keep in touch with previous coworkers. You will know more and will likely have opportunities available when you choose to return.

Final Thoughts

Putting your Massachusetts real estate license on hold is a sound solution for brokers who must yield but prefer to keep the door open for future potential return.

By learning about the different options—whether obtaining a sponsoring broker, becoming inactive, or allowing your license to expire—you can make an informed choice that best suits your particular circumstance.

Remember to stay on top of continuing education requirements and market trends, and keep your network active. This way, when you’re ready to return to the real estate world, you’ll be well-prepared to jump back in!