BiggerPockets

Hello All,

I got my real estate license earlier this year, but have not yet practiced as a real estate agent representing sellers and buyers. I've just been making offers on my own behalf as a buyer/wholesaler. The market seems to be turning and I'm thinking that now could be a good time to focus on building a business as an agent.

What are your thoughts on jumping in as a full time real estate agent now?

I live in Maryland in a suburb just outside of D.C. and would focus my efforts here.

I appreciate your input!
Sanford

I think it would also depend on what you want to do as an agent.
My suggestion would be to develop a plan that would work today and grow as things improve. An investors realtor, or property manager. Work with those who wholesale or flip, that price their properties for fast sale. Forget the retail listings or buyers agent, find a niche. In my days there were REO agents doing BPO's before they became the biggest lister in the office, the builders listing agent, who listed builders spec homes (he's hurting today), the spanish speaking latina who worked...you guessed it. The older (30 yrs an agent) who handled marketed to empty nesters downsizing or to those entering assisted living. You get the idea. I knew one who was an ambulance chaser. He'd farm the wedding/divorce/obits published in the paper. Any type of life change would spark one of his list/buy with me post cards. Find volume in a particular niche, and work that niche. Not much opportunity being a relocation expert today. If you are already an investor who buys/holds/wholesales, know others of similar interests, and know the practices and mindset, why not focus in that group?

With the number of REO's and short sales, and the "shadow" supply of REO's currently held by the bank, are there really very many retail sales right now? I imagine there are some people that would pay a retail price for not putting up with the time needed in negotiating a short sale or dealing with "as-is" REO's and those delays, but I would think it may already be a 3 or 4 to one ratio right now. Rather get the 3 or 4 small sales than the one retail sale. But, the license will do both, and remember, you're dealing with investors, and that has to help your own investing opportunities.
If you've got a 100% commission with a no support broker, he's probably not going to care if you buy or sell outside of the MLS. If you chose a more full service broker and a commission split, make sure they are good with you wholesaling. Anything you buy or sell outside of the Brokerage house is a lost commission for them, and they are likely hurting for $$. Also, has been pointed out, you can't always get a commission on your own personal sales. Here are some BP articles and blogs you might want to check out.

http://www.biggerpockets.com/renewsblog/2009/07/30/investors-realtor-keys-agent-success/

http://www.biggerpockets.com/articles/315

http://www.biggerpockets.com/articles/354

FWIW, I wasn't wholesaling, and I went with a Coldwell Banker Franchise. Their biggest help to me was with the contracts, and making sure I didn't really screw something up. Second, was getting an almost unlimited amount of help, ideas and suggestions from the others in the office. If there was a downside, some of the full timers who knew I was a Realtor second (had another job) felt I was, well, an interloper, dilly-dallying as a realtor, but, as long as I didn't infringe on their market, they put up with me.

I'm sure there are many more articles, bullitins and formum threads on the subject. Let us know what you decide.

I have begun courses for my salesperson license. Still looking around at various brokers here in town, though I've been most impressed with RE/MAX's education standards.

I do both sides. I do investing and listings. First when a seller contacts me and I think its a deal. I will beat the offers until I cannot do the deal. If I still see motivation there but cannot make an offer that makes sense for me and them to buy, that is when I put my realtor hat on.

When this happens the seller has already been exposed the cost of selling a home. REO's are given to the BPO agents in my area. I have never been able or wanted to crack that code. We have something different than most of the areas of the country as most of the REO's in our area that are moving have been built since 2004. NEW construction and developments. Occasion we will find a home that needs to be fixed. We have our share of 2/1 and 3/1's.