Hey My name is Chantel Rich. Im 24 years old from Albany New York, and I want to start a lease option business to eventually expending into other areas of real estate. I also was interested in becoming a licensed salesperson aka Real Estate Agent in New York. The problem is it cost a couple hundred dollars, it takes up quite some hours to complete and on top of that you have to research a good brokerage to hang your license up with. The advantage i found is that i have access to the MLS. But is it worth it to accomplish the goals i will like to accomplish as an investor? Please leave me your thoughts!
Idea of lease option business is good if you don’t have much time that of getting becoming licensed salesperson. But being a licensed sales person is better. As an investor person holding license would be preferred.
Let me help you pry open a box of reality here.
This is not a ‘no money’ business. It may be ‘no down payments, or credit required,’ but it’s not about being successful without several thousand dollars to work with.
Meantime, acquiring and maintaining a real estate license just makes you vulnerable to all sorts of mayhem and interference with your business from other agents, buyers, sellers and the state. Never mind that you must announce to everyone you deal with that …you are ostensibly an advantage-taking, manipulative, equity-stripping professional. Of course, you don’t say all that, but as an agent, that’s what people think you are.
Notwithstanding, if you’re actually farming the MLS for deals, being an agent gives you credibility with, and access to agents with pocket listings.
Otherwise, the MLS is overrated.
Worse, the pocket listings are practically, by definition, already ‘gone’ by the time they hit the MLS.
Why?
Because agents are required to list these ‘steal deals’ on the MLS, despite being pre-sold. The MLS listing at that point is just a formality. Never mind the agent doesn’t have to split a commission with anyone.
Which brings me to mention that prospecting for your own deals, is what the good agents do. But doing that, without having to announce to everyone that you’re a greedy, advantage-taking shark, is way better. And [Insert evil laugh here] there’s no licensing requirements, fees, state control, and ‘being reported on’ by disgruntled competitors.
That’s my take.
Both services are helpful. If you have enough money to pay the commissions and fees, hire a real estate agent. But if you want to get rid of commissions, contact a real estate investor or cash buyers in your area.
Both real estate agents and real estate investors earn money in real estate, agents get commissions and investors do not take commissions but they earn money in other way like finance the selling of the property for a buyer and buyer pay monthly payments to investor.
I think both benefits the amount may be different, both in this real estate will have equal chances of getting money.
Thanks for sharing the informative post.
thanks for the valuable information.