Possibly Looking into Real Estate License. Any advice?

Question

Good morning everyone,

I was looking into getting my license in TN just for my personal learning purposes. Any advice / recommendations for what course to go through? Any advice for going through it?

Those licensed in multiple states, how easy it is it to get a license in another state? Since you took one in one state, is it easier for the next time you get one? Or is it redoing the while process for each state?

Thank you in advance for your time

Bruce Woodruff · Answer

So you're just going to get a license to gain the knowledge? Not going to hang it anywhere? If that's the case, I'd save a lot of money and time and just buy one of the books available (some here  on BP). Lots of decent YT videos as well.

There is no (or little) value in having a RE license just for your own use as an investor, and the costs of maintaining it like a full-time professional are higher than you would think. Been there done that.

If you really just want the knowledge, then just go get the knowledge.

Bruce Lynn · Answer

If you're just doing it for the knowledge, take the classes, but no need to get your license.  You can probably find most of the books online like Amazon or someplace local like 1/2 priced books.  Education is always a good thing.

Caleb Brown · Answer

I would only get licensed if you are going to pursue it. If you did a bunch of volume sure you can use it but doing deals every so often doesn't make sense.

Bruce Woodruff · Answer

You need to have a Broker who will let you hang your license with him/her. They will normally charge you for desk space, using their printer, support from them and their office staff, Etc....

Then there are MLS fees, Lock Box fees, Continuing Education costs, and the basic costs of running your own business. I would guess that you will be at $2000 a year or so. Let a current Realtor give you their input.

Here is a good read: https://www.redfin.com/guides/agent-resources/how-much-does-...

Daniel Villa · Answer

Thank you, Mr. Bruce! You mentioned costs might be higher than what I think, can you explain that a little more? I was looking online and the renewal cost is $75. I feel like it cannot just be that fee so would love your input

Daniel Villa · Answer

Thank you, Ms. Giselle! Did not know about "referral'! I currently have a W-2 job with one side hustle that I am building and was looking into getting my license as well. I am currently in a position where I can commit the time, money and energy which is why I was looking into it

Giselle Azcona-Lubbock · Answer

What do you currently do now? You can always get a license and put it referral meaning you're not active, but are referring business to agents and collect a fee. You can also be an active agent in one state and refer business to an agent in a different state and collect a fee that way too.

There's time, money and energy that goes into getting your license. If you feel that this is something that will benefit you in the long run then, why not. It's better than regretting not doing so in the long run.

Mike Bourgeois · Answer

@Daniel Villa some states offer what is called license  “reciprocity”, which means if you’re licensed in one state, it’ can be easier to become licensed in another. You still might need to take the state-specific portion of the exam in the additional state you’re trying to get licensed in. Check to see if reciprocity exists in the state(s) you’re considering getting licensed in.

Daniel Villa · Answer

Thank you for your response! I should add I’m looking to purchase/invest in Nashville as well. I’ve read a couple of intro real estate books, listened to multiple of the BP podcasts, so was exploring the idea of the license as well

Possibly Looking into Real Estate License. Any advice?

Most Popular Reply