Need Broker to See Properties? (Baltimore)

5 Replies

Hi there!

I own a duplex now, living in one unit and renting out the other. (Thanks Bigger Pockets!) 

We would like to acquire another two duplexes over the next few years, to rent long term. It's possible we'll do some flipping as well, but that is not my main focus for now.

I am considering getting a Real Estate Agent License in Maryland. Online courses, 60 hours, plus a test.

I want the additional education, and to gain access to the MLS and to see properties without an agent.

Do I need a broker to gain access to the MLS? And do I need one to see properties on my own?

I am alright with ultimately using another Agent to purchase a property, but I just need to be able to research and visit properties freely, without bothering someone else's schedule.

If I do need to be affiliated with a Broker in order to get my license or to do what I want with it, how can I find someone who is more of a mentor, that won't charge me an arm and a leg? I don't want to be paying high ongoing fees or commissions, as I do not plan on doing many deals. 

Thank you SO MUCH!

Chris

Yes, you have to put your license with a broker to be able to join the mls and also to activate your license. Many brokers have no monthly office fees. 

Hey thank you Wayne!!

What do brokers require/expect from you if they have no monthly office fee? Don't they expect that you'll essentially be out selling houses for them (and earning commissions on that?) 

...Basically, is there any way to work with brokers, or any brokers in specific that I should look for, who have this sort of relationship with investors? (Not looking to buy and sell often, but wanting access to MLS and to visit properties).

Thanks so much!!

@Christopher Kindig

Just FYI, this is going to be an expensive thing if you are going to buy each year or so.

You pay money to get those codes, you poay money to mls, you pay money to become a member of whatever your broker affiliated with etc...

The they make you pay insurance ( errors & omissions). It is expensive to be an agent, if you are just trying to get in houses.

@Christopher Kindig there are many cost to being an agent, not all come from the broker. There are brokers who take a high cut of your commission but don't charge a monthly fee. There are brokers that charge a monthly fee but let you  keep a high or even all of your commissions. 

Keller Williams tend to be investors friendly. Some local investors choose the Pasadena office, some of which are active here like @Gabriel G. Another broker many investors use is Douglas Realty. 

You are not likely to find a mentor for investing at a real estate office, though you may find one  to help you be a good agent. You might want to check out  How Do I Find a Mentor?

Keep in mind all the costs associated with maintaining a license that people over look.

Mls fees, sentrilock fees, e&o insurance, board dues, licensing costs, ce credits, broker fees, and probably a dozen other things Im forgetting.