Obtaining a Realtors License
Hello All,
I'm making my way into the investing part of the real estate world but I was thinking about getting my real estate license to give me some added benefits of accessibility to resources. However, I was under the assumption that you needed to associate yourself with a broker once you got licensed. This is not necessarily something that I want to do, I just want to have my license to gain access to the MLS, be able to show myself properties, be able to absorb commissions on a deal etc. If any agents in Maryland could give me some insight in this, I'd be very appreciative.
Thanks in advance!
I obtained my real estate license before I bought my first property. I wanted to learn more about the law, and how the industry works. It was well worth the effort.
I don't know how Maryland works, but here in Wisconsin you can get an agent's license or a broker's license. To utilize their license, and agent must work for a broker.
You can easily find a broker that will allow you to work part-time under their license. They will keep part of the commissions you receive, but you'll have someone to help you with the contracts, earnest money deposits, etc.
Another option is to get the broker's license yourself and operate as your own brokerage. The downside is that you are likely to have to deal with regulations, MLS fees, paperwork, trust accounts, audits by the State, etc.
Unless you are planning to scale up rather quickly, just working as an agent under a broker might be the easiest thing to do, plus you will learn a few things from them.
You have to hang your license with a brokerage. You will be given access after doing so to your local associations, which you will register with one of them, and then be given the access to register to MRIS (regional MLS system). You need to work 3 years in Maryland as an agent before you can then take the additional courses required and sit for the broker's exam. If you pass that, you can establish your own brokerage. MD has reciprocity with PA and Oklahoma. If you wish to transact as an agent in other states, you will have to go through a licensed state agent OR you can sit for that test exam and then affiliate with a broker in said-state.
I have read/heard about working as an assistant to an agent - people do this to get access to MLS - but I am not educated as to the specifics or legalities of all of that. The list of what assistants can legally do is quite short.
Start going to REIAs and Meetups and see if being an agent is what you want to pursue.
In Michigan you can't be a agent without working for a broker. So what I did was become a broker. Michigan requires 3 years of real estate experience and they are very specific about what they are looking or. I used my experience buying and managing properties that I have done myself.
I've never regretted having my brokers license but there were many times before i got it I wished I had it. Don't really see any negatives to doing it.