I live overseas currently but I'll be returning to the USA in early 2017 and I'm seriously considering getting my real estate license and becoming an agent in the Baltimore area. My long term goal is to buy and hold property to generate passive income and I thought becoming an agent might be a good way to further that goal for several reasons:
1) As an agent I'll have access to data from the MLS which will help me to learn my market, and potentially areas outside the city too. 2) I'll likely make contacts with lawyers, CPAs, mortgage brokers and other professionals through my dealings. 3) I can write my own offers. 4) I need a career change anyways.
That being said I have some reservations. From what I hear everyone and their mom is getting their license now so there is a lot of competition. The market might be in for a "realignment" so-to-speak (i.e. bubble burst) in the near future; it has been mentioned on the BP podcast and it's also come up on more than one occasion on the Super Agents Live podcast. I'm also worried that if I am submitting low ball offers for potential investment properties it'll hurt my ability to work with retail clients.
I think my first concern can be written off because I know I am willing to hustle and learn more than other agents. For example I'm planning on taking all of the pre-license courses online before heading back to the USA so that I can take the test and hit the ground running as soon as I get back. I'm also reading as many books and listening to as many podcasts as I can to try and learn what it takes to be successful in this industry.
These are my thoughts but I admit that I am completely new to all of this and could use all the help I can get. Thanks.
If you actually want to be an agent, then yes you should get your license. If you want it just for the MLS acces, keep in mind between licensing fees, association fees, e&o insurance, mls fees and all the other required fees you are looking at almost $4,000 a year to maintain your license. So if its just to get MLS access, it isnt really worth it.
Thanks Russell. I was contemplating your reply and all I could think about was that I don't "want" to be an agent the same way I "want" to be a rock star. I want to be rock star because it speaks to me on some emotional level (e.g. it would be really cool). I want to be an agent because I need to earn an income but I also want to learn new skills (e.g. marketing and lead generation, negotiation, market analysis, etc.) and have some side benefits in the process (e.g. MLS access, contacts, ability to view houses on my own/write offers).
They say the best time to look for a new job is when you don't need one. I guess it's a good thing I'm thinking about all this now.
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