Ive read in a book that it is a good idea to just have your license because if you have a deal you cannot do you can always just pass it on to someone else for a commission. Do you feel it is worth the effort of getting my sales license and then waiting and getting my brokers license just for this?
I see you are local to me so I can give you my local input. I wouldnt have it any other way now that I am a licensed agent. Without it is like trying to hug a tree with handcuffs on. You dont need your license however to flip a deal as may know but it just makes life a whole lot easier to prospect for both deals and buyers.
Do i have to get my agent license first and then brokers license or can i just go and get my brokers license?
Throw that book in the garbage,
If you can’t do the deal , you put it under contract and sell the contract to someone who can. Or you double close. or you bird dog it out or you put an option on it for future purchase/sale.
No it is not worth it to get your brokers license to do this . Getting your license could be a double edge sword. As a broker you will be handcuffed to a huge state agency that doesn’t want you to think outside the box. With a good grasp of all processes as many realtors here have it could also be a benefit.
Lack of information on how to double close,wholesale, assign or option properties is the only reason for NOT doing a deal. Lack of money or licenses shouldn’t hold you up.
Have fun, Darin
lol… The book was for commercial real estate and i know how to do all that stuff fine, I was just wondering. Are you saying i should just get my sales license or not even bother?
What disadvantage am i in if im both a investor and a agent?
The only downside is the duty to disclose. I have not found that I have had any problems with disclosure so there may not be any real disadvantages to having a license.
The only down side that I could see is that by having my license it could mean losing a few deals to people who do not want to do biz with a realtor.
I can see no upside to having a license because I have access to all the biz tools that realtors do . And do not have to listen to all the whinning the group does as a whole, plus no desk fee’s. And then there’s that pesky stigma that a handfull of crummy realtors have brought to the industry because of their lack of integrity and/or education.
Darin
I might take the classes and get my license. Worst case scenario the classes aren’t prohibitively expensive ($500 or so around here) and I might actually learn something.
Hmmm. My wife got her realtors license and it has been a huge help. We save money on commissions (we buy and sell through her), we can look at listed homes whenever we want and don’t have to wait for the damn realtor to fit it in his schedule, we have met a ton of people through her agency, I could go on and on. I have read over and over about the disclosure thing and how people don’t want to deal with realtors. Haven’t had that problem yet. I wonder if it is the “agent” thing or the person they don’t want to deal with?
When my wife got her license she had a few different agencies call her. She interviewed a few and told them exactly what she wanted. No desk time and by God no clients. Her license is for investing and not what most realtors do. Her agency gets 40% of the commissions when we buy and 0% when we sell. Rare deal but she got it.
My bottom line is that I believe there are so many ways to make money in real estate that each person should figure out what works for them. For us, a license works. For God Wnz… not so much.
:beer
I am also thinking of getting my license so that I don’t have to depend on a realtor for listings and comps. I really don’t see a disadvantage in having a license.
What are all the costs of getting a license?
Depends on the state. In CT its around $500 for the course + text. Then whatever it costs to take the license test, I am not sure what that costs exactly but I don’t think its much.
Thanks Rich for responding. What costs would you have after getting your license? MLS? I do not want to pay a broker a monthly desk fee since the reason for getting my license is to find properties for myself.
Again, that all depends on your local area. Access to the MLS costs per month, if you are part of a brokerage that costs a certain amount, etc. I don’t hold a license so I can’t tell you what it all costs (possibly getting my license soon).
A couple more questions.
When wholesaling or purchasing a house not on the MLS is it the same with our without a real estate license? Basically I want to know if all the money I make is mine and I don’t have to share it with a broker.
I offer a $500 birddog fee if I close on a house. Will I still be able to do this with my real estate license?
I am locating in Texas if this makes a difference.
use the online versions…
type in real estate licensing there are some reputable online companies
$225sales or $599sales/broker!!!..in some states u can take both at the SAME TIME (broker/sales)…like in IL…thats some studying lol…thats a deal…
i may do it…still tossing it up/…there are some benefits
my 2 cents
Robert A. Doncaster, Jr.
Import/Export Entrepreneur & Investor
*** DO YOUR HOMEWORK ***
Chicago Illinois USA
& sometimes Salzburg, Austria