I am curious to know how many people are in process or planning to get their license? I have read different views on the matter. I am leaning on getting one just so I am familiar with the process or at the least, access to MLS. Hey, you never know, maybe I will get the itch to practice :)
@Tammy Wise I'm a newbie who got licensed because I feel it will help more than hurt what it is I hope to accomplish via REI. I was licensed in another state for a year then was relocated by my GF's company to NC so decided to get licensed here. If you have the time & money to do, go for it.
Also, read some of the threads found here for more insight.
I'm actually in the process of getting my License now. l agree w/Michael, having your license helps more than it hurts. I'm pursuing the license for the same reasons you are. I see it as tool to add to the utility belt.
@Tammy Wise this is a huge question on the Bigger Pockets. Ever situation is unique. For me getting my license has helped tremendously. Having a license can do the obvious and bring extra revenue by selling properties along with giving you an advantage with running comps and getting in units but it has many hidden pluses. The networking that comes with being a realtor is awesome, I thank my license for why I have learned so much about REI in the past year. Because I am a licensed realtor it gave me the opportunity to work with an REI specialist in my area that has taught me the ins and outs of investing. But really it all comes down to what you want to do and why you want to be license. I got my license knowing I want to assist others with buying and selling real estate. If I was looking to build a buy and hold portfolio alone I probably would not get licensed. If I was looking to do fix and flip I think I would be 50/50 on licensing. But here I am looking for clients to work with in purchasing real estate, so it made perfect sense to become a realtor.
Technically, even after obtaining a license, you can't really buy and sell houses OR manage other people's real estate without working for a broker. In addition, the required classes you take will not actually teach you the process and paperworks required to buy a house.
Even if you get a license, those MLS access are not free. Most of the time you have to be associated with a broker who can make a deal with getting full access to the MLS -- in which you have to pay an annual fee in the thousands of dollars.
Redfin essentially copy paste the MLS data. Some missing information are the "agent remarks" and the ability to search property based on the number of units--for example. There isn't much else that's missing.
I think it's good if you are planning to do this full time. But otherwise, its probably not.
I'm doing buy and hold and letting realtors and wholesalers bring me potential deals (just closed #4 this year and #5 is under contract). No plans to get licensed. Already getting more deals across my email than I can buy. From what I have seen and read on wholesaling or flipping, I could see it being advantageous but there are many successful folks using those strategies without one.
One recommendation: focus your energy on executing the strategy you want to pursue. If you later find a license will help you, go for it. For now it might be "sideways motion" (football analogy). It's activity on the field, but not necessarily moving the ball toward the goal.
I am a newbie, and I am considering getting my license as well.
I recently listened to a Podcast, I can't remember which one now, but one of the things that I took away was to find one thing, become an expert at that, and then move on to something else.
In the end, I probably will get my license, and my spouse will too. But right now, I am focusing on my business plan, and goals. I plan to purchase and hold real estate for cash flow.
My short term plan is to do what @Doug McLeod is doing and let realtors and wholesalers bring the deals to me.
I am a newbie and I plan to have my license by the end of the year. It will help bring in money in order to start my own real estate investments, as well as make some contacts.
I have been investing since 1991. I earned my license in 2007. I became a principal broker in 2011.. I think it's worth it for a number of things.. The major thing is not having to harass a Realtor for comps, or their login info(which most of the time is illegal) for comps. Not to mention most Realtors don't understand investing, and or how we want to massage numbers. I also have started working with investors, and so I get paid to be their Realtor.
Another perk, is you can get codes to go look at properties whenever you want. You don't have to schedule with your Realtor to get you in, you just call and go when you want to.
If you are buying stuff off the MLS, yes, you will have to give a portion of your percentage to your broker, but if you don't have your license, you weren't getting anything from it to begin with.... 1.5% is better than 0%. If you go out on your own, you will get all of the commission.
While there are perks to being an agent, I'm still undecided. I wanted to become one, but I have a relative who is already an agent so I could technically just ask her to help me out. In my state (MN), you have to disclose that you are an agent if you are selling a property. As I understand it, this isn't necessary in all states. I've read differing opinions as to whether or not that matters, but the opinions against buying from an agent seem to be pretty fierce. I'm not sure it's worth it for me, as someone who has an agent relative. At least not yet.
I always tell people I am a broker.. Not a big deal. In fact I think it adds credibility. I do always qualify it with "Just so you know, I'm a Realtor, but don't hold it against me..."
I decided to get a license in Illinois, but somewhere along the way I became a horder. I currently am licensed in 11 states. In my case, it works as I work in commercial real estate and work on deals across the country.
there's no downside to more knowledge & access to more information.
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