REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
9y
I'm in NY but from what I understand it is quite similar. I will default to an agent from there if they override my answers though:
Hi -
I am trying to get a license in NJ.
I've read it needs a 75 hour classroom course.
It doesnt sound too bad,
Before i go sign up - a few questions, appreciate your inputs very much.
1 - This is basically to buy and sell own flip properties.--- Or anyone elses property
Is this the right course - Sales Person Licensure ---- Sounds like it, they have online ones you can take.
Or do i need a Broker License..... Nope you will hang your license with a broker, find one who is not expecting you to be a retail agent
2- Can I represent myself as Buyer's Agent for myself?.... yes, just disclose
3 - Can I make an offer and buy the property that I was a Buyer's Agent for myself?..... Yes assuming you mean for yourself, some recommend you have another agent represent you (and you do it for them etc)
4 - Do I get buy side commission on this?... Yes... unless they specifically say no, then negotiate.. but disclose
5 - Can I sell this property that I own now as Seller's Agent, and represent myself?... yes, just write a line in the listing "Seller is licensed NJ Sales Agent"
6 - When selling, can i offer 1-2% for Buy side agents?... You could but we will hunt you down and beat you within an inch of your life.... heh JK you could but some will never show it and you may get a bad name and some agents will never take you seriously (Unless it is common in that area to see those numbers based on sales price). It is common around my area to see 2.5 on a low end and 3 as a more common number. You can offer what you want, but some agents will steer their buyers away from those.
Lastly - when I do take the classes and pass the exam -
1 - Can I go to Weichert and Coldwell and they'll register me with them?... Not familiar with them, but you can take the course anywhere you want.
2 - Give MLS access to buy and sell, and list?.... If you join the board as well and not just the agent. Agent is usually around 300, board is usually around 1800 a year. You get the MLS with board not license. You can do all of the other stuff except MLS with just a license (Find the right broker though)
Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes
9y
James, I don't know how different NJ is from TX, but here you don't need a license to buy and sell your own properties, only to broker the sale of properties in which you don't have a financial interest. The real benefit from being licensed in that role is access to the MLS and other great analytic, research, lead gen, etc. tools.
My brokerage allows me 3 sides per year where they take no split, but there are almost as many business models as they are brokers. Find one that aligns w/ your business strategy. If they're smart, they'll make a little money off you via monthly fees, min. commissions per transaction, transaction fees, etc.
Make sure you're not paying for things you don't value. If you don't plan on hanging out at their office, why would you want to subsidize fancy offices, furniture, etc. for those that do?
Jacksonville, FL · Member since 2014 · 58 posts · 3 votes
9y
I own a FF listing service here in Florida (FlatFeeHouses.com) and it definitely works! Make sure you pick a company that is the actual broker and not a sales agent that will be using your leads to build their own buyers list. We send 100% of the leads to the seller and do not compete as we do not do sales.
When selling a property you own as an agent it normally goes like this
Agent to Broker: "Hey Joe, I'm selling my house"
Broker to agent: "Cool"
I can't speak for all brokerages but mine doesn't take a piece of my own property. Now if I was moving enough of my own to make a difference we may end up having a conversation.
REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
9y
"I see some flat fee MLS listing services - as low as $400 - when I am actually willing to pay much more - but just not 5% !"
There are splits with a brokerage depending on your split it still would be no where near 5%
Example on 100K house (3000 buy side)
50/50 ($1500 for broker
70/30 ($900 for broker)
95/5 ($150 for broker)
That is if they actually charge you for your own house. Brokers and agents are not (boss/employee like in the W-2 world)
it does not cost you money to put a house on the MLS when you are an agent, it is part of your dues. So if you got your license I can't see any benefit of using a flat fee service unless you really want to pay someone else to do what you can do in 5 minutes yourself.
Property Manager · DeLand FL · Member since 2012 · 860 posts · 243 votes
9y
As Mike said, the ML is not free for agents, we pay almost $600 a year for it. The commission you pay is for alot more then just placing your house on the MLS, it pays for paperwork and time involved with the sale.
You talk about "offloading" the paperwork to the buyers agent but if you knew anything about the process, each agent involved has specific items and paperwork they are responsible for, I dont know many agents who are going to come in and do all the listing side work for you just for their buyers side commission.
The discount and FISBO companies out there provide paperwork and links to "how to's" just for this purpose.