HELP!! I passed the Florida Real Estate Exam! What do I do now?

Question

Hi Everyone!

I recently passed the Florida Real Estate exam (Woohoo) and I’m currently considering where to hang my license.

My experience has been in the Real Estate Private Equity space working as an Accountant/Financial Analyst for a global firm based out of Palm Beach Florida who primarily buys/sells large multi-family, hotel and residential development deals.  My goal is to take the knowledge I’ve accrued the last 10 years or so and apply it to my local area with regards to investing and fund raising.  I currently have 2 investment properties (buy & hold) and I’m looking to expand my personal portfolio as well.

Is there any advice or insight that someone could give me in regards to hanging my real estate license while working part time in the industry? There must be someone else who has done/is doing the same thing?

I genuinely appreciate your responses.

John Rogers · Answer

You are correct about desk fees and all that other drivel...

The agents pay their own license fees and MLS fees.

We as the Brokerage pay the required fees on that side.

Being registered, we can make offers on HUD properties anywhere in the State of Florida. Our agents have joined REIA's and established friendships with investors and make offers for them on HUD... If you wanted to be a "traditional" realtor and do that type of business, then we would need to discuss having the Brokerage join the local Realtor Association.

Lance Sager · Answer

Thanks @Michael Woodward and @John Rogers for the great advice!  I've been speaking with brokers all week and I have seen the "traditional" firms who want a full time commitment and I have also run into some firms who are open to allowing me to work in whatever capacity I need.  I have zero interest in selling SFR's or condo's to family's as my intention is to strictly work with investors to find them properties as well as build out my own personal portfolio.

John - You mention that you are a HUD brokerage with everyone being investors.  Can you elaborate on what you meant by you don't pay fees? Meaning no desk fees, etc.?  Obviously, you are paying for your annual access to the MLS, correct?  I appreciate any clarification.  Also, in regards to people hanging their license with your brokerage, do you guys only take investors who are local to you, or would someone like myself be able to hang my license with your brokerage?

John Rogers · Answer

Michael is providing some great advice.

If you want to spend your days in the bullpen, or driving couples and their kids around to countless viewings, then you need a "traditional Brokerage.

If you want to pursue investing and have a license, you need an "investor friendly" Brokerage...

We are a HUD Brokerage, all of us are investors,don't pay fees, and work from home.

If you are an independent self starter that doesn't need the corporate entity to succeed, traditional "sell what's on OUR truck first" global brokerages.

Michael Woodward · Answer

Lance,  You'll need to decide which real estate firms you would want to work for and set up appointments with their managing brokers.  They're the ones that will tell you how much flexibility they are willing to allow.  I've had my license for almost two years now but I only use it to support my buy/renovate/resell business.  I don't go to office meetings or do floor duty like the other agents are required to do but that's by special permission from the broker.  You'll just have to talk to a few to see what they will agree to.