I wanted to see if there are any wholesalers/investors local to Philadelphia that have their Pennsylvania RE license, to discuss how you decided to select the broker you currently hang your license with.
I currently wholesale and purchase/fix/sell properties. I think that with my license, I will move away from wholesaling and focus on purchase/fixing/selling, however- I'm not sure at the moment and wanted to talk with some people to see the pros and cons I should be mindful of.
Please send me a private message or feel free to discuss on this thread. I have a few brokers in mind already, but want to see if there are any questions you may have asked or prevalent differences that came up when you interviewed with various brokers.
Can you please let me know if anyone sends you a private message? I would LOVE to hear about your findings, since I am in a very similar boat as you.
Although I'm not local to Philadelphia anymore (I grew up in the Allentown/Bethlehem area), I have my PA RE license here in Pittsburgh. There were quite a few important things to me and questions I asked when interviewing brokers such as:
- What are your annual and/or monthly costs?
- Do you provide E/O Insurance?
- What kind of mentor/coaching/training do you do?
- What sort of technological resources are available (I'm a nerd and love tech and love the ease of electronic signatures)?
- Are there any online training courses I could use?
- What are the commission splits?
- Is floor time required?
You and I seem to be in the same boat. I have my license to aid in my fix/flip and rental business. If I can do a couple of transactions for family and friends, then it's just an added bonus. I don't want to be tied to meetings, floor time, etc. and want to be able to run my business as I see fit.
I interviewed the household names - Coldwell Banker, Howard Hanna, Keller Williams, and Berkshire Hathaway.
I decided on Keller Williams because my broker and I hit it off immediately, the costs and commission splits are impressive, decent online training, and I have read a few of Gary Keller's books and feel that I have a similar philosophy.
I definitely suggest interviewing everyone and going with your gut. It's certainly not just about the money - you need to connect with your broker and make sure they understand you plan, your goals, and will work with how you want to run your business.
Best of luck to you! I think it's a great idea to get your license. It will save you a bunch of money and can add an additional revenue stream to your business!
Thanks for sharing that info. I can see the benefit of having a license as a rehabber, but initially felt that having a license AND wholesaling would be a disadvantage, thinking I'd have to stop my wholesaling business. However, I've been talking with my instructors and people in the business, and as long as I disclose that I'm an agent and am clear with my intention, then it shouldn't interfere with my wholesaling business. I would continue my marketing as normal, but would disclose that I'm an agent. My goal is to use my license as a means of listing properties that aren't wholesale deals. It's happened too many times where I refer a property to an agent and can't get anything more than a thank you (even a referral would be nice!) even though I'm the one who built the rapport with the seller.
Anna, I haven't received any private messages. I may post it on a different forum to see if I get any more responses that way.
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