Hi i’m new to this site
i have a question. i trying to start buying real estate. i have friends that have bought many home that they are selling back or holding. many of my friend are telling me that i should get a realtor license to sell and buy homes but i have other friends that don’t have a license for this and are doing okay
what are the advantages and disadvantage of getting the license
any help would be great
Having a realtors license isn’t as important as having a good lender. What I mean by that is I don’t have a RE agent license. I am just an investor. But I have a lender that allows me to do some cool deals. I don’t believe you need to be an agent to be a successful investor. Just my opinion. Take it easy.
I just got my realtor’s license last year, and I am currently trying to start the process of investing in real estate (paralysis through analysis still has a firm grip on my wallet). I recommend against getting a license if you are trying to buy investment properties as a substantial part of your income. In Maryland, when you get your license and affiliate with a broker, you will need to give up some of the money that you earn as a commission split, and whenever you are doing a deal, you must disclose that you are a real estate agent, and you (in theory) are more informed than the general public. The main advantage most people would think a real estate agent has is access to the Multiple Listing System (MLS), but if you find an agent who has experience in the investment field, he should know exactly what you are looking for, and how best to help you. And remember, when working with a RE agent, the buyer doesn’t have to pay (possibly an administrative fee).
If you want to buy and sell your own investment properties, you don’t need to have a real estate license. However, if you will be representing buyers and sellers to acquire properties then you must have a license.
A license is helpful in that it will teach you basic stuff you need to acquire new properties. So, yes, a license can be helpful.
Have you ever been driving in Mexico? No kidding but drivers almost make their rules. In the same way, a person without good knowledge will bump and stumble more than one who knows his stuff.
After you get your real estate license, you are called: associate licensee or sales person. Realtor is a trademark and is not the same as being a sales person. In fact, it’s illegal to use the name Realtor (ie in a business card ) when you mean sales person or broker.
I hope this helps
To Tom in MD…I am also in MD and an agent. I would advise you to look at Fairfax realty…they have a 100% program paying only $495 per month.