Moving to Colorado and want to become a realtor.

Colorado Springs, Colorado
Real Estate Agent
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Moving to Colorado and want to become a realtor.

Paul Luna
Member since 2022 · 15 posts · 2 votes

I am moving to Colorado and am not sure what location yet. I have till next year to figure it out, so I am trying to research on which locations and markets would be best to look into. I want to get into a W-2 job that has to do with real-estate investing, so I want to get my Colorado real estate license. It's difficult to know how to go about this when I don't even have a moving destination yet. So if there are any tips or advice anyone has that would be great. Or I could even buy someone a virtual cup of coffee and talk about it ha. Love the BP community and thanks for taking the time to read this.

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David M.
Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
4y

@Paul Luna

Not sure I understand you...  If you want a w2 job in real estate, what does that to do with a real estate license?  If you use your license then as an agent you will be a 1099 independent contractor.  If you just want it for the education, that's a different issue.  Just remember to keep your license active you'll need to hang it with a broker and all the associated dues/fees generally cost $2k to $3k annually.

I'd be happy to chat /brainstorm /have that virutal cup of coffee about real estate related w2 jobs.  Just send me a direct message.  Good luck.

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  • Brett Voorhees
    Real Estate Agent · South Florida · Member since 2022 · 85 posts · 42 votes
    4y

    Hey @Paul Luna, 

    There are so many different things you can get involved with in the real estate world. Since I am not sure what your needed income would need to be and what type of lifestyle you are looking for its hard for me to speak on it. I would recommend to knock out that real estate course and get licensed before moving out there if you can. I go out to Colorado a few times a year and I always chat with other agents out there and all. A lot of great markets there. Tons of development going on so there is plenty of opportunity especially in the new construction space. Keep in mind though you can always sell homes and build up your business that way. Let me know if you need any connections with agents out there!

    Might purchase my next investment property out there myself!

    1Reply
  • Paul Luna
    OP
    Member since 2022 · 15 posts · 2 votes
    4y

    Thanks Brett I have been looking up the steps for taking the exam. I just have to figure out which part of Colorado I want to move to before I can start talking to an agent. I appreciate the advice and the time out of your day to reply and help me out.

    0Reply
  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    4y

    I think education is always a good thing so don't want to discourage you from getting your license, although that may not be required if you want a W2 job.  For example someone above mentioned going to work for a builder.  Many builders make you put your license in inactive status, to prevent some conflicts of interest.

    Same with some commercial jobs....they don't want you to have active license that could create conflcts....  However if you have a license typically they just make you put it in inactive status.  For example if you're working for a big corporation in their real estate department and helping them buy and sell property, they don't want you to get paid by them, and earn commissions or referral fees on the side while that happens.

    My suggest is you figure out exactly what job you want to go after.  Honestly I'm scratching my head a bit of what W2 job has to do with real estate investments.  Probably are some, but just never thought much about that, so you might try to figure out what is out there...see if that requires a license and go from there.

    1Reply
  • David M.
    Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    4y

    @Paul Luna

    Not sure I understand you...  If you want a w2 job in real estate, what does that to do with a real estate license?  If you use your license then as an agent you will be a 1099 independent contractor.  If you just want it for the education, that's a different issue.  Just remember to keep your license active you'll need to hang it with a broker and all the associated dues/fees generally cost $2k to $3k annually.

    I'd be happy to chat /brainstorm /have that virutal cup of coffee about real estate related w2 jobs.  Just send me a direct message.  Good luck.

    1Reply
  • Claire Keckritz
    Realtor · Colorado Springs, CO · Member since 2020 · 3 posts · 0 votes
    4y

    @Paul Luna

    Hey Paul!

    There are definitely many benefits to having your real estate license but there are also some drawbacks if you’re looking to stay in a W2 job. Just like Bruce said, the majority of companies that are real estate related (builders, title companies, mortgage loans companies, etc.) will see you having your real estate license as a conflict of interest and will make you put your license on inactive. Which doesn’t seem to bad but you do have to consider all the work you went through, time you spent, and money you spent in order to get your license.

    Now, that’s not to say it’s not possible at all to find a company that will allow you to keep it active and do real estate on the side outside of work. I am a Colorado REALTOR but I also work full time at a homebuilder. For me, being able to keep my license active was a non-negotiable criteria and luckily, my employer has no issue with it. So it’s definitely possible! You just have to determine WHY you want your license/how important it is to you to get it. Is it a non-negotiable or is it getting it just to have it?

    Hope this provided some value to you!

    0Reply
  • Brandon Elliott-Pandey
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y

    Hello Paul!

    Not sure if you are still looking for an agency or gauideance into the real estate world but I'd be happy to connect and discuss shop. Feel free to connect with me and lets schedule a time for a call or coffee!

    0Reply
  • Brian Bohrer
    Real Estate Agent · Colorado Springs, CO · Member since 2021 · 279 posts · 121 votes
    3y

    Hello Paul,

    First of all I think the Colorado Springs market is an excellent place to invest, but there is also a lot competition that comes with the territory as an agent.  I was in your same position about 5 months ago.  The other commenters are absolutely correct in that most real estate adjacent positions will want your license inactive due to the conflict of interest.  I moved to Colorado Springs in May and was able to pass the test and sign up with a brokerage within 3 months.  Once my license was in hand, I wanted to earn some income at a full time W2 while I learned the ropes as a new agent in a new area with ZERO contacts.

    I focused on property management and community management positions because they generally did not care about the active RE license.  But, I was soon to find out that without any experience in the field I was just another applicant that would need extensive training to bring up to speed.  After 2 months of interviews and rejections, I ultimately made the decision that you gotta burn the boats!  I decided that I couldn't half-*** it, and if I wanted to be successful in Real Estate then I needed to give it my all!  I was even finally offered a position at a community management company the Monday after the weekend that I decided to go all in and I turned the position down.  Boat officially burned!

    Ultimately it is up to how comfortable you are with risk.  If you are comfortable getting out and making contacts to develop your business out of the gate then get your license and don't look back!  If you think you need time to dip your toes, then find that W2 and attend all the meetups you can to learn about what is working in the area.  Either way you will be living in one of the most beautiful metro cities in the nation, can't go wrong there man!

    TLDR - I would look into property management or community management (large apartments generally) for a career that will teach you about a sector of real estate, but I would suggest giving it your all as an agent first if you can afford to survive the bumpy start.  If you need money to make it at first then get a W2 and study on the side.  You can always be building your contact database until you have your license in place and are stable to go out on your own!

    Hope this helps, feel free to reach out if you need anything!

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    3y

    Your agent license can be used anywhere in the state!

    [email protected]248-209-6824
    Logical Property Management4.9469 Reviews
    WebsiteView Page
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  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Paul Luna happy to connect and help anyway I can. DM me

    The Assumable Guy544 Reviews
    WebsiteView Page
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  • Paul Luna
    OP
    Member since 2022 · 15 posts · 2 votes
    3y

    Thank you so much everyone for the helpful advice and for those of you who were generous in wanting to contact me I will definitely keep in contact with you! 

    0Reply
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