Just wanted to thank the BP community for convincing me to get my real estate license. The past few weeks of studying were quite difficult, but today I overcame all those obstacles to pass my Maryland salesperson exam. Now I need to find a broker to hang my license with, any recommendations? Special thanks to @J Scott @Mark Ferguson whose posts I read and were pivotal in convincing me that in order to be a genuine real estate investor, you need a license. Maybe it wasn't that drastic but that's what propelled me forward. Since I couldn't convince my wife to take the test here I am!!!
There are a number of good brokerages around and all have some really good realtors and their fair share of bad and have had dealings with both. As for brokerages I would look for one that offers a lot of training, advancement, and pay structure. With that in mind I would take a real hard and long look at Keller Williams Realty.
mike Gallagher equity real estate
congrats on passing! The two brokerages that I have consistently heard mentioned over the past months as pro-investor are Keller Williams and Douglas Realty (MD). I plan to talk with both. Might want to talk with @Tyrus Shivers and @J Scott about Douglas. I'd love to hear more about Keller Williams from investor/realtors on this forum.
@Wendy Noble Thanks!
@William Sackett I appreciate the feedback. I have a friend in Canada under REMAX, and he said if he was in the U.S. he would definitely go with KW because of their excellent training program. Though I have heard you sometimes have to pay for classes, but their split is 70/30 which is pretty good I think for a newbie!
@Mark Ferguson Thanks for your inspiration!
@Mike Gallagher Thank you!
@Christina R. I have a ton of study material if/when you are planning on taking the test. I have some from PSI and CB. I have reached out a little to Tyrus regarding Douglas Realty, but may have to do more due diligence. I plan on talking to KW, Douglas, Champion and maybe a couple other small investor friendly brokerages. I wish I knew ones that were transaction based.
@Jenkins Ramon Thanks!
Continuous training is absolutely necessary and nothing is free. As for the 70/30 split thats just the beginning. After you sell a certain dollar amount each yr. you cap and you then receive 100% commission.
@William Sackett I agree training will be of the utmost importance in the beginning. I didn't know the split went that high. That is awesome! Did you work for them?
I am taking my test with my partner end of month in Boston.
@Anil Samuel Many congrats to you. :-)
Congrats @Anil Samuel , I'm still on the fence about going for a license but you are definitely motivating me.
Much success to you.
now that you got the easy part out of the way ( getting the license) and if you have no formal sales training. Go with the company that gives you the most sales training and motivation.. KW is know for that... Maybe join a Team at KW so you assimilate quicker.
and Remember a top agent will make pretty nice money while your doing your investing. Its like getting paid to invest.. not sure where your price points are in your market vis a vi how much the average sale is so you can figure out how many sales you need a year to say knock down 100k or better.... And if you really excel at it and like it you will make far more money than most that are just trying to buy and hold and or wholesale.. with the same effort.. The other main benefit of being an agent.. Is you are creating relationships with our clients. I sold RE from 18 to 32 YO 35 years later I still am in contact and do business with some of my clients I sold property to that many years. ago.. they can become your investors when your doing your deals.. Remember when your buying distressed properties from folks they are one and done.. they are losing a property etc etc.
Your good buyers and your sellers that are not distressed you create long term reltionships with and you never know when one says hey I got 500k just sitting here what should I do with it. :) It happened to me more than once
Congratulations! There are good training programs everywhere and there are many options for you to consider. Even if you join a small brokerage there are people there to help you and mentor you through the process. I suggest you look at what each offers, and decide what fits your profile and goals.
That's it! I'm going for it...Michigan offers online training to meet the required 40 hrs. Wish me luck! :)
@Abou C. Let me know if you need any additional study material for the national portion of the exam. Good luck, just study the concepts and you should do fine!
@Leland Banner Thanks! What broker do you use?
@Mary B. I appreciate the feedback.
@Jimmy Hong I say just do it, you can always put your license on hold if you want and activate it as necessary. I believe there are companies where you can hang your license with and provide referrals to other agents at the very least and you can also have access to the MLS! I plan to use access to the MLS for calculating ARVs and seeing if I can sell some houses to invest in more rentals. Glad I could provide some motivation.
@Erica Spears Thank you!
@Lamar Cannon Thanks!
@Atchut Neelam I appreciate the positive feedback.
@Jay Hinrichs I have some sales experience from years ago. Hopefully I can list some houses and represent some buyers, which I'm sure will take time to build up a book of clients. After a while if I make some money I can use that for investing and we will see where that takes me! I would definitely want to have access to more experienced investors and sales people as mentors when joining a team. I'm sure most of what I have learned so far from the book wont be applicable to writing contracts and winning listings. Your story is truly inspiring and hopefully I can work with you some day on a deal! I would love to have an investor or past client provide $500k for me to invest! That would have been a dream come true even when I was investing in equities 10+ years ago.
@Dylan Boesch Thank you for the positive feedback!