RE License ??

Question

I'm curious how many of you guy's have your real estate license?
I'm considering quitting my day job and going to school to get my real estate license.
Income isn't an issue,I simply would like to have all the education and experience I am able before I jump into something like this.

I have no exp. with real estate technically other than buying my own home,which was a new home and paid for pretty much with cash.

If i'm able to comfortably do it,would you oldtimers suggest I switch my day job and work at becoming a realtor simply to get more acquianted with real estate?
I hate to do anything halfway,and education is always the best investment overall I believe.
facts? opinions? spam?

Aaron Norris · Answer

Gotta have access to that MLS! So important to have access to that information to see the journey of some of these properties.  in some states like California, they're really locking down the systems with the use of the electronic keys.

Aaron Catt · Answer

As previously mentioned, the real estate license classes won't help you much with real life transactions.

It will however, allow access to the MLS, and to some other local associations.  There is a TON of knowledge out there in your local community and people who are willing to share it.

You can also save the buyer side commission when you buy a place and you can typically even save the listing fee as well.  Note:  Don't think that by you getting a RE license that you've replaced a great agent.  A great agent will make your far more than they cost.

Being a realtor is one of the most rewarding jobs I've ever had, but you have to choose your niche.  Too many realtors try to wear every hat, and wind up costing their clients tons of money.  It's a business that's about people and their goals, not about selling units.  You get to be involved during some of the most important times in your clients lives.

It's also competitive as hell and it can take years to distinguish yourself as a professional rather than a fly-by-night agent.  If you have a solid and trustworthy sphere of influence you're good to go, if you're new to town, you have to do some pretty humbling things to gain peoples trust.

Oh, and lots of times when you tell someone you're a realtor, you'll notice that the look in their eye means that they are not interested! :P

Seriously though, a knowledgeable agent who understands the market thoroughly, has their finger on the pulse of what's happening in your community, and takes their job seriously will help a TON of people and be an asset to the community.

It's those who just want to make sales that put people in compromised situations...don't be one of those.  :D

Aly W. · Answer

Having a license also allows you to be a referral agent. You don't have to pay all the fees involved with joining the MLS and having E&O insurance, but if you refer a potential client to your brokerage, you can get a small commission. Referring yourself as a client counts too, if you buy property down the line.

Nick Dailey · Answer

Join your local REIA and ask lots of questions.

Peter Vekselman · Answer

It's great that you want to better familiarize yourself with real estate and learn as much as you can before you begin investing (or managing property), but a real estate license in and of itself won't really do you any good unless you live in a state that requires PM companies to be licensed agents.
                        
                        If you're considering getting your real estate license for an additional income stream, that might be an idea, but there isn't a whole lot of real estate being bought and sold right now.  You might find that what you actually get is an income trickle, unless you utilize a strategy to work with investors in purchasing properties.
                        
                        If investing in real estate is an ultimate goal, there can be benefits, such as earning a commission off of properties.
                        
                        Your options are wide open.  Learn all you can and try to hit the ground running.
                        
                        Peter Vekselman

Mark Brian · Answer

My license does not help as much as being a member of the local REALTOR association. As a member I get the MLS access, free CRS access, training at the association and some discounts on business materials. The training is the key. Of course the commissions and networking help also.

Account Closed · Answer

Edwin,

Education is always good in whatever avenue you take in life.  You can take the classes for yourself and your own agenda.  If you want to experience real estate deals without using your own money, then being an agent is a good option for experience in sales.

Property management will give you experience on the management level but not necessarily on the investor side of it.

Since you already bought your home "pretty much with cash" then it looks like that was your first real estate purchase as an investor.  A mentor or partner can help with the experience level of investing.

Investors build a team such as agents, managers, contractors, financial bankers, and such to use the education, skills and resources of other professionals.

Real estate investment is a process and there are many options.  Read, research, learn and take action on an informed decision.

Regards,

Jennifer Butler · Answer

You might want to check with your state because I believe some states require you to have your real estate license to manage property, depending on how many properties you manage.

Edwin Leahy · Answer

Thanks for the reply Ned.
What i'm trying to do is find something I can do as a job,while also learning as much as possible about the rental business.

I like having as much information as possible.
Since my post i've thought alot more about it and think I might be more suited towards property management with my current skills.
It seems to be a better avenue to learn the business than simply getting a real estate license.
If I do get into it though,I would plan on getting my license simply to add an income stream if nothing else.
The courses and testing/licenses are very affordable and I love adding to my education.
Real estate law seems to be something really good to know if your buying/selling real estate for profit.

Ned Carey · Answer

I have a real estate license, the only way it helps me is access to the MLS. The education you get to obtain a license is basically real estate law. It won't help you much in the day to day job of being an agent and won't help you much in your investing either.

It will give you a background in real estate law that you are not likely to get elsewhere.