Advise: Buyer Self-Representation + Sponsor Broker - New Agent

Advise: Buyer Self-Representation + Sponsor Broker - New Agent

Real Estate Agent · Austin / Los Angeles · Member since 2021 · 3 posts · 1 vote

Advise Request: As a new licensed agent, I am looking to purchase my first property. I don't plan on yet entering the industry full-time, but I'd like to be able to represent myself as a buyer. I'd love/appreciate some advise on seeing how to navigate finding a broker for a "one" off sponsorship for myself. Will brokers sponsor me if I dont anticipate practicing RE very much in the near future? More context below...

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I recently obtained my RE salesperson license in CA since I've always been interested in the industry. I'm a working professional in biotech, and I obtained my RE license in order to represent myself in buyer/seller situations. I'm currently doing well at my job and enjoying it, and am not looking to quit and jump into RE for a little while. 

However, I am looking to buy and get into owning in the next 3-6 months, and I want to be able to find a broker that would be open to sponsoring me for a single buyer transaction. I am a capable of getting the job if given the opportunity, but I want to see if any of you all have advice on how to navigate this situation. 

I'm sure many of you who read this probably are thinking "just go ask" and move on. I agree, and I will do that if no one has any specific guidance. After reading the Creative Investing book by Turner, I figured it wouldnt hurt to ask.

Thank you in advance :) 

Kristoffer

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  • Lender · Pasco, WA · Member since 2020 · 84 posts · 50 votes
    5y

    If you know what forms to use (PSA, addendum, etc), why do you need to legally represent yourself for 1 single transaction? Why not just submit an offer without an agent? 

  • Lender · West Palm Beach, FL · Member since 2017 · 306 posts · 122 votes
    5y

    There are many brokerages that are designed specifically for this--people who only do transactions for themselves, or even that just want to keep their license active. What you want to look for is a brokerage that charges a fixed transaction fee per transaction, rather than taking a percentage of the commission. If you google "California 100% commission brokerage" you will see many options, with most charging about $500 per transaction. You can usually even just sign up immediately by filling out a form, without any real application process. 

    I just did this for my first transaction here in Florida and it went great. I represented myself and paid only a $299 transaction fee to my brokerage to receive the full commission. You can even credit the commission directly towards your closing costs to avoid having to pay taxes on it.  

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