Should I get my real estate license?

Question

I have gone back and forth with this for years now.  I am in a place where I could buckle down and study for the exam.  What is the best program to take that will prepare me for the big exam?

Varinder Kumar · Answer

prep agent is the best in my opinion. The videos on you tube are enough to pass the sales exam. Feel free to DM me for more questions. And yes I would recommend getting your license it's another tool in your tool belt and you don't know where it can take you. I'm sure glad I did when I did, I own my own brokerage now but it's been a rewarding journey

Rick Albert · Answer

To be honest it doesn't matter because 99% of what is on the exam you will never use. Go with whatever and then go to the weekend long crash course where they give you the answers. It's all about the on the job training.

I 100% agree with @Bruce Lynn, if you are planning on getting it for investment purposes, it is a waste. There is zero training on real estate investing with the exam and courses.

If you are wanting to be a Realtor full time, then go for it. It is highly competitive and extremely difficult (over 70% of agents didn't close on a single transaction last year). But there can be some wins if you do it right.

Best of luck!

Rik Hunter · Answer

I'm a new realtor, and spent my spare time in the winter doing the 60 hour course and the spring doing the 30 hour course. I watched a few videos on exam prep, but they really didn't offer me more than what was in the courses. One tip is that you've got to focus on terminology. Taking notes is important because they say you're not allowed to make copies of the course materials, like through screenshots.

I passed on the first go, even though the online proctor shutdown the national exam with 12 questions to go! Lol. My wife came home from work, and he saw her walk past the laptop camera. Bam! Exam over.

Bruce asks they key question, however. Why do you want the license? For me, I love real estate, am an investor, and I want a career change.

Bruce Lynn · Answer

Why do you want to get a real estate license?

If it is to actively sell real estate as your full time income source, I'd say go for it.

If you are an investor, for 99% of investors I'd say don't get it.  Plenty of alternatives to do whatever you need to do without getting licensed.  Take the classes for knowledge if you want, but you don't need to get your license.  It costs to much money to stay licensed, to much time, and obligates you to more rules and regulations if your licensed.

How many houses do you buy or plan to buy a year?

To me there are 3 options.  One is 100% online, you read the books, you do the work and take the test, on your schedule, totally self directed.

2nd option is kind of hybrid $300-$400 probably online, but maybe with videos or animation that perhaps make it slightly more interesting.  Some might have online bulletin board to ask questions.  Still self directed and on your own time, 3rd option live and in person with an instructor and other students.  That's maybe $1000.

Just depends on your learning style.

Jeff Moser · Answer

@Bruce Lynn "If you are an investor, for 99% of investors I'd say don't get it.  Plenty of alternatives to do whatever you need to do without getting licensed."

I'm approaching this as an investor, and have considered licenses for either real estate, appraiser, or property manager. All of these licenses in my state require working in the role to stay active, so they don't really work for my situation. What are the alternatives you would recommend to better evaluate RE investments?

Bruce Lynn · Answer

As for MLS, I say you don’t need it.  Maybe there are even better platforms for investors.  Check out DealMachine, Propelio, PropHawk, Connected Investors, Batch Leads.  All may give you what you want and MORE if you are an investor looking for deals.  I'm not sure if Remine sells individual software, but I'd look at that too and ask them.A couple of other ideas.  Never use Z for your comps.  It can just be way too high or way too low.I also think if you go in enough houses for sale you can get a pretty good idea of where the comps are.You could also ask every realtor you meet if they could send you a CMA with 10 sold properties on it or maybe the 10 lowest sales around it.Visit 10 open houses on both Sat/Sun every weekend for a couple of months.  That's a couple hundred houses.You'll accomplish a few things.  One you'll get a great idea of prices.  #2 you'll meet a bunch of realtors and have 200 potential lead sources.  Start calling them every month looking for deals and to make cash offers.....NEVER call them looking for off market leads....CALL them asking if they have any properties needing cash offers.   #3 while you're driving to open houses, you're also driving for $.  You should probably pick up 10-20 leads every weekend this way.   #4 I would take flyers with you that have the ole'  WE BUY HOUSES CASH (if that is true) and in ANY condition...every open house you visit, leave flyers on 5 houses on either side of it and 10 on the other side of the street.  That's good for maybe 1 more lead per weekend.

Make sure to leave one of your flyers with the realtor and a card so they can send you CMA.  Follow up with them to make sure they do it.

If they all send you the 10 lowest sales and you talk to 10-20 realtors every weekend for a couple of months, that is pretty good data.

Good luck and best wishes.  Let me know what you pick and how you like it.

Warren Foster · Answer

@Varinder Kumar thank you for your response!

Should I get my real estate license?

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