Should I get licensed?

I have access to the MLS so I did not see the benefit in going through the course to get licenced. Though some have a differnet view it is a personal choice...

Edited: 06/26/2010 at 09:36AM

Will Barnard

Rehabber · Santa Clarita, California

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Sep 03 '09, 06:47 AM

Getting a RE slaes licnese has the good and the bad.
The good: access to MLS without a third party, ability to get commissions on your own transactions and on referral transactions.
The bad: the time, and costs involved, the disclosures you must give, and the limitations it puts on you as a licensed agent. Investors can do some things that agents can not.

Your call from there.

My advice, don't get one, be an investor not a sales person, and have your wife (if you have one) get a license - best of both worlds.

Edited: 06/26/2010 at 09:36AM

Will Barnard, Barnard Enterprises, Inc.
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Website: http://www.barnardenterprises.com
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Ted Harris

Real Estate Investor · Portland, Oregon

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Sep 03 '09, 06:57 AM

check out this past forum where your question was discussed in detail ....

http://www.biggerpockets.com/forums/21/topics/35298-can-attaining-a-re-license-in-any-way-be-a-detriment-to-a-re-investor-

Edited: 06/26/2010 at 09:36AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

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Sep 03 '09, 07:09 AM

Originally posted by nationwidepi

...ability to get commissions on your own transactions and on referral transactions.
...

And many / most REO listings have something like "agent who is principal in the transaction receives no commission" or something like that. Basically, you get paid a commission, or you profit on the purchase - but not both; exact wording probably differs from what I wrote, but you should get the gist.

Edited: 06/26/2010 at 09:36AM

Matt Kearney

Real Estate Investor · Springfield, Massachusetts

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Sep 05 '09, 01:53 AM

I think having a RE license is a definite plus. Access to the MLS is key.... plus you can get commissions when you buy and sell your own stuff, and get referral fees from other agents for dead leads that you can't buy.

I always disclose it when I'm dealing with a seller and have never once had an issue. Usually it adds some credibilty.

Edited: 06/26/2010 at 09:37AM

J. Lamar Ferren

Real Estate Investor · Woodbridge, Virginia

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Sep 05 '09, 03:40 PM

What benefit will the license give you? That is the real question. Because to invest in real estate, all you need is to be a principal in the transaction. You don't need a license.

Edited: 06/26/2010 at 09:37AM

Gregory Rankel

Real Estate Investor · Dearborn, Michigan

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Dec 08 '09, 01:29 PM

Dustin

If you have the time and think it will help your business then yes. If you have access to the MLS and just want to "invest" then no.

I have access to the MLS

How do you have access to the MLS? Is there a third party you can use to gain access?

Edited: 06/26/2010 at 10:46AM

Will Barnard

Rehabber · Santa Clarita, California

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Dec 08 '09, 01:38 PM

How do you have access to the MLS? Is there a third party you can use to gain access?

Of course. You can use a number of team members such as an agent or title company contact. There are also websites out there to pull comps from such as Realtor.com
You can also get them from Zillow, but never go by zestimates, only the sold comps at actual sold prices.

Edited: 06/26/2010 at 10:46AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Mark Brian

Real Estate Agent · Anderson, South Carolina

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Dec 08 '09, 11:24 PM

Remember that all the expenses involved with getting your license can be a tax write off. The classes involved with getting your license can help you, but can you afford the time to go to class, take the tests etc?

To me, the main question is whether or not being licensed will interfere with your method of doing business.

Edited: 06/26/2010 at 10:46AM by Mark Brian

Chris Parmenter

· Tampa, Florida

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Dec 09 '09, 10:11 AM

I have found simply getting access to the MLS is far better than becoming a Realtor for the same benefit. My partner is a Realtor and to me the only benefit is he has a bargaining chip with his commission when dealing with other Realtor's. He always lets them have both sides of the deal and that can be very helpful with getting offers accepted!

Edited: 06/26/2010 at 10:47AM

Anthony Larson

Real Estate Investor · Las Vegas, Nevada

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Dec 09 '09, 02:36 PM