I am just becoming serious about investing in the Denver area. I have heard some investors say that a realtor's license is a huge benefit and you should have one while others say it is not necessary. I am mostly interested in having access to the MLS.
Does anyone have any insight they could share regarding this?
Thanks in advance,
For buy and hold rentals doesn't give you that much of an advantage. In Wisconsin you have to disclose you are a licensed realtor on offers, and many times I feel sellers can think something is fishy if realtors are trying to buy their property. I feel you get the best deals for buy and hold by not being a realtor.
Really quick, there's no such thing as a realtor's license. Just wanted to throw that out there and get it over with before everyone else chimed in. But saving on your commission by having your real estate license and MLS access by becoming a Realtor is a benefit if you are purchasing properties on the market. Of course, it is an ongoing expense, so if you don't plan on practicing actively then it may be more beneficial to have a Realtor friend to connect with who can set you up with a few searches.
Thanks for the advice @johnK and @William Stokes. I appreciate your thoughts....and thank you for the clarification William.
I really didn't hear anything that's good about having a realtor license...but if you want it just to let people know you are a realtor..then go for it...I mean every time I speak to someone new the very first thing that comes out their mouth..is that I am a realtor...that sound so robotic lol...
@Jennifer Rogers to mention someone type the @ symbol followed by the first three letters of their name. Those that fit that will appear in the area below the reply box and you need to pick the person you want to "mention". Their whole name will appear in a blue box in your post.
I can give you a number of reasons (15 thousand to be exact) to have a license. I found my own deal, off market, and got a $15,000 commission on the purchase. If you don't have a license you can not get funds out of the closing.
You do have to disclose you have a license. For me I haven't had anyone then say get lost there might be some that politely turn the other way but for me it has been money in my pocket.
Thanks @Bill S. I appreciate the information.
Just a few quick comments. Yes there is no such thing as a Realtors license and when I was an active Realtor I quit using the term because it had no real value, it had become a generic term like Kleenex, which is used by most people for any brand of tissue. I used my real estate broker status instead. I sometimes used a member of NAR on letterhead but that was it.
Now about the complaint about having to tell someone your licensed, that is a good thing even though I was not required to do that under California law. It was only required by the Realtors code of ethics if you were a member, not state law. I found this to be a good thing, a seller was happy to hear you were familiar with state laws and all the legal paperwork, and many connections in the title and lending communities to help things go as smooth as possible, and I had a state agency to answer to in many cases unlike all those no good unlicensed investors, And before some investor has a cow, lighten up, I was an investor for ten years before I added a real estate license to my tool belt. 60 years investing and 50 years licensed.