I’m considering taking classes to obtaining real estate license, not really selling houses, but I hear that it’s a benifit to have one.Can Any Investors with real estate license share some of the benifits of having a real estate license, as well as set backs, if any.
The most important benefit to having a real estate license is the ability to perform comps without a real estate agent. I ran across a wholesaler that performed her comps from zillow.com. Most of the free sites are not as reliable as the information found on the MLS.
In addition, if you purchase property you receive a commission. Therefore you receive a rebate on your closings. If you sell through the MLS system and you sell through a discount broker, then you pay a smaller tranaction fee.
Since I utilize a discount broker, I recoup all of the fees associated with the license in one transaction. Any other transactions will be profit. I seldom perform deals for other people and I got the license for myself.
Thanks alot for all the replys!!! I really appreciate all the feedback.
Hello Malumu,
Short answer…No.
Your Team members will let you on the MLS or do comps for you. Knowledge on how to wholesale will be a bigger help. As a Realtor you are not trained to be an Investor. You need to know more than a Realtor and as an Investor you will. Getting Realtor training is not bad though, it is very helpful for your career, as is learning how Mortgage Brokers,Underwriters, Title co’s Insurance agencies, Contracters…you get the point, do their jobs. As an investor you will need to babysit, over see or keep an eye on all your team members and it will help you do your job to the fullest. Truly you will become their “assistants” as you will need to make sure thay stay on top of your deals, and yes …sadly you are Not their only client so you will need to follow the progress of your transaction always.
Darin
another benefit to getting your license is that you can list those properties that respond to your marketing but won’t work as a wholesale deal. We got tired of sending those to my realtor, so my wife got her license so we can list those properties that need to get full retail. Extra money. Yeahh!! :beer
Hey GOD WNZ,
I was asking, because I’m not planning to become a real estate agent, but rather use the benefits that they do have, and use that in wholesaling. When you were talking about team members were you referreing to agents or what?
I have both and I think they create a perfect synergy, I used to be an agent that looked for houses for my buyers and would call them when I see a great deal so they could buy it. Now I buy it and call them to see if they want to buy the contract from me. I dont do this with all investors, but If a great deal comes along and no one will pull the trigger then I will.
That mindset actually makes my regular buyers far more comfortable, because they know if I say I would buy it, then I’m not just calling them with b.s
Hello Malumu,
Well the answer could be yes And no on a license !
For me no. Team members for me are all the people who help me be successful in this business. Including the Realtors. The number one thing , for me, is to have the pro’s take care of everthing for me so I can concentrate on finding profitable transactions. I have good relationships with Realtors that I and they consider to be on “My Team” so thruogh them I have access to all they have. I do go to MLS meetings regularly. I do get training on the MLS system this area uses,have lunch with the tech guy on the system for extra training. Depending how deep you want to create the team is up to you, the license knowledge is great but I have found out it All can be obtained with out the license or for me ,the hassle.
Went on Broker tour yesterday, went through Dallas Cowboy’s recently x Quarterbacks home.Cool if your into that kind of stuff, and it’s not a good deal !I think my Broker fumbled on the price !