Should I get my real estate license?

Question

Hey BP, I am thinking of buying myself a real estate license course for Christmas so I can get my license. I am basically sold on it, but is there anything I need to consider? Pros and cons?

Will Barnard · Answer

This question has been asked so many times here, you can find many responses by doing a search on your question.

The only down side is the costs to get and hold it which are totally outweighed by your commission income assuming you execute a deal or deals to cover said costs. So lots of benefits like income stream from commissions representing yourself and others, referral fees, mls access, etc.

The on the job training and mentoring you get from the broker you choose to hang your license with is also very important for a new agent.

Tyler Gibson · Answer

@Matthew Barnett I got my license because I wanted to transition to RE full time in the next couple of years. After getting my license I realized the treasure trove of information the MLS has to offer. I mean seriously to me being an investor that alone is probably worth the cost. That being said the Class is the cheap part at least here in Florida. I think it only cost about $100.00 for the class but after that it was close to another $1,800.00 between state fees, finger printing, cost of state exam, and then joining the local Realtors association and hanging my license with a broker. For me it is worth it because I am working to move into the industry full time but you will have to decide for yourself if it is worth the cost. In the end you get out of it what you put it. You are starting a business and no one is going to give you your leads unless you find a group that does but that doesn't seem to be the norm.

Karen Bickford · Answer

@Matthew Barnett  As others have said, having  access to the MLS is invaluable. You can do your own comps, see sales history and ownership info, tax info etc. Plus you can list your own rentals on the MLS for rent.

In my MLS I can run lists of absentee owners and mail to them or any other criteria I am looking for. It’s definitely a useful tool 😊

Ivan Guillen · Answer

I was recently faced with the same question, and I actually received my real estate license not too long ago! I think you should get your license if it aligns with your personal and business goals.

For me, my overall goal is to continue investing in opportunities across the midwest and specifically in Indianapolis. I decided to get my broker's license because I figured I could learn from the transaction process, as well as a way to network with others in the industry. Real estate is exciting to me, and have been lucky to be part of a handful of great investment opportunities. My goal by getting my license is to help people starting out, and help them spot great opportunities.

Another reason that I decided to try to get my license was to save up my commissions and invest that money into my rental portfolio.

You should consider the time that you will invest into the course, and studying for the exam. I think its a great, and you should go after the license, because it never hurts to have more knowledge!

Since I recently took the course and exam, I would be more than glad to guide you in any way I can, so feel free to reach out with any specific questions!

Tyler Gibson · Answer

@Matthew Barnett as will said do your homework. with that being said I found that after I registered to take the state test I got bombarded with offers to join this brokerage or that one. It may be just here in Florida but I found that brokerages got my information once I signed up to take the State test and offered to have me come in and interview. If you decide to go to these interviews keep in mind that you are interviewing them not the other way around. The reality is that every brokerage wants more agents because the more people they have out there doing transactions the more money they make.

Ian Walsh · Answer

I needed mine for the MLS.  It was well worth it to have that access.  I couldn't do what I do without it.

Ola Dantis · Answer

Christmas is almost HERE!!!

Do it! 🎅🎅🎅

Connor Stark · Answer

It's very dependent on how much effort you're going to put into being an agent. I'd say it's worth getting either way for reasons other people listed above. If you're an investor or plan to build your own portfolio it could help if you need access to certain tools. Picking where to hang you license is another story. There's all kinds of broker-salesperson partnerships. I was at a local boutique firm in the beginning, and now I'm with an online broker. It's the opposite side of the spectrum. At my initial brokerage, it was 2 training sessions a day, subsidized marketing, CRM + Phone and desk all included, access to the lead broker anytime you needed and he'd join on any meetings you set early in your career to help land listings. There was also a level of effort here that was required of you. 5 hours of cold calling a day, in the office for a significant portion of the day there after, and showing effort in becoming a better all around agent. Split was 50/50 on commissions.

My online broker. I've talked to once in a year. Pretty much, they provide nothing other than a place to hang you license. The split is 95/5, so I make almost double on a deal of the equivalent size. This is perfect for me though because I'm not working often as a salesperson right now and I'm more focused on starting an investment portfolio of my own.

Do a lot of research figure out what you want out of becoming an agent, and then talk to brokers of all kinds within your area.

Jay Hinrichs · Answer

that's common marketing practice in all states.. were better for them to advertise their brokerages then those sitting for their license.

the the old days many brokerages would give you free pre license training in the hopes you would come to work for them.

the industry has evolved a tonne since then though.. lots of options from  big firms that charge a lot.. to mom and pops or smaller firms that might just charge by the transaction but your on your own.. these are perfect for investors or flippers.. who are not looking to actually broker for the public.

Calvin Ozanick · Answer

I do not see any reason not to be a real estate agent in my opinion. There are so many values just to investors that I feel it is worth the cost. As far as your commissions are concerned, you should be able to mitigate any costs of becoming an agent with just a sale or two.

Should I get my real estate license?

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