Is becoming a real estate agent worth having access to the MLS?

Buffalo, NY · Member since 2018 · 86 posts · 30 votes

Hello everybody, I am brand new to investing. I am wondering if it makes sense to pursue getting my real estate license in order to have access to the MLS? my rationale is that 1) I don't want to be a hassle to real estate agents. GIven my personal situatIon, I may not pull the trigger on a property for 6-12 months. I don't want a real estate agent to spend time on me every week sending me properties and looking at comps, and essentially wasting their time if doesn't meet my strict criteria. 2) if I had my own access, I would be able to analyze properties at my own rate. I would not feel pressured into not wasting somebody else's time.

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Russell BrazilBusiness Member

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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

plenty of sites have all the information you need from the mls, and probably have it in a better format.

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Alex P.
Investor · Longview, WA · Member since 2015 · 94 posts · 176 votes
8y
I don't think it's a bad idea to get your license but you could just ask an agent to put you on a criteria based "drip". I don't think it's a huge hassle since it's automated. If you have the time and money to get your license though I say go for it, not going to hurt.
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Rob Beardsley
Rental Property Investor · New York, NY · Member since 2017 · 300 posts · 168 votes
8y
Hi Maxwell,
Although getting a real estate license is relatively easy, it is still quite time consuming to obtain. I would say it is worthwhile to pursue an agent's license if you believe you would use it for something else other than just accessing the MLS.
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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y
plenty of sites have all the information you need from the mls, and probably have it in a better format.
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Cody L.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
8y
Originally posted by @Maxwell Milholland:
Hello everybody, I am brand new to investing. I am wondering if it makes sense to pursue getting my real estate license in order to have access to the MLS? my rationale is that 1) I don't want to be a hassle to real estate agents. GIven my personal situatIon, I may not pull the trigger on a property for 6-12 months. I don't want a real estate agent to spend time on me every week sending me properties and looking at comps, and essentially wasting their time if doesn't meet my strict criteria. 2) if I had my own access, I would be able to analyze properties at my own rate. I would not feel pressured into not wasting somebody else's time.
I got my lic for one reason: To deal with agents less. SO for me, it was worth it. If you want MLS access for searching, then no. All that crap (or 99% of it) is available via sites like redfin, zillow, etc. But for posting rentals, having access to contracts, adding legitimacy when dealing with another agent, yes, it's been worth it to me at least.
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Maxwell Milholland
OP
Buffalo, NY · Member since 2018 · 86 posts · 30 votes
8y
Thanks @Cody L.
As far as actually getting the license, I know that I have to take the class, pass the course, and get sponsored. What else is there to the process? Is it something I can maintain while working a full time job? Or would I typically have to work with other real estate agents and try to sell homes
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Cody L.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
8y
Originally posted by @Maxwell Milholland:

Thanks @Cody L.
As far as actually getting the license, I know that I have to take the class, pass the course, and get sponsored. What else is there to the process? Is it something I can maintain while working a full time job? Or would I typically have to work with other real estate agents and try to sell homes
Not much. I got mine while I had a full time 'real' job. Every so often you have to take some CE classes. Pay a quarterly/annual fee. Nothing crazy.
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Maxwell Milholland
OP
Buffalo, NY · Member since 2018 · 86 posts · 30 votes
8y
thanks everybody!!!
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Kevin Lin
Member since 2018 · 2 posts · 0 votes
8y
Is it possible to ask for someone’s MLS access? Or that’s a big no no? I also want to get the license just to see the MLS, but don’t have time to work in a brokerage.
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Rami Dababneh
Rental Property Investor · Orange, CA · Member since 2017 · 18 posts · 17 votes
8y
@Maxwell Milholland I would also add that having your own license puts around 2.5% commission back to your pocket if you are the buyer and the agent .
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Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
8y
The only reason I am an agent is for MLS access.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Kevin Lin:
Is it possible to ask for someone’s MLS access? Or that’s a big no no? I also want to get the license just to see the MLS, but don’t have time to work in a brokerage.
depending on which MLS system that's a 25k fine in our system and loss of privilege.
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Eric James
Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
8y
Originally posted by @Russell Brazil:
plenty of sites have all the information you need from the mls, and probably have it in a better format.
An additional complication in my area is that properties can be on any one of several MLS. To have MLS access to all you'd need to subscribe to each of the MLS. There isn't 1 MLS.
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Rustam Uktamov
Flipper/Rehabber · Largo, FL · Member since 2018 · 13 posts · 9 votes
8y
You dont need mls for comps. Go to your county’s appraiser website - put the subject property address - look for nearby sales within 6-12 months - choose the ones within a mile with similar sqft, beds/baths, structure type and year built. Ignore the ones that were bought by business entities, as they bought them under market value. Choose the ones with the highest price, if the sales history shows prior owner bought it 1-12 months before selling it to current owner, that’s your best comp. If your looking for deals on mls, you dont need to be agent for that. Go to realtor.com, put your filters like 3/2, 950+ sqft single family house in $25k-150k price range in ABC county and save the search. Whenever something comes up the website will send you an email. On the other hand being licensed let’s you to list the properties that wont sell at discount and get commission. It also gives you access for narrpr.com which is the best comps website.
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Rich S.
Central, MN · Member since 2015 · 148 posts · 184 votes
8y
I think the part that is overlooked in this discussion is ability to view properties. I'm not sure if it is regional or not, but having your license allows you to go look at properties on your time... not waiting for agent to set it up, etc... I also think it helps you network with others which may mean more leads.
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Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y
@Maxwell Milholland Just find the right realtor . I get mls access with updates everyday sent to my email and have for a long tIme . Why pay for milk when the cow is free
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Maxwell Milholland
OP
Buffalo, NY · Member since 2018 · 86 posts · 30 votes
8y
@Ian Walsh I've heard a lot of people say this and a lot of people tell me it is not worth the hassle. I am inclined to think that the benefits to having the license far outweigh the cons. I'm curious though, if I were to get my license, do I just pay some fees and boom get access to the MLS? Or would I have to work for a realtor company possibly part time or something to get access?
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Maxwell Milholland
OP
Buffalo, NY · Member since 2018 · 86 posts · 30 votes
8y
@Eric James If I had my license, would I get access to all of them? Or would I have to pay additional fees for each one I wish to access?
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Maxwell Milholland
OP
Buffalo, NY · Member since 2018 · 86 posts · 30 votes
8y
@Rich S. My thoughts exactly!
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Eric James
Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
8y
Originally posted by @Maxwell Milholland:

@Eric James If I had my license, would I get access to all of them? Or would I have to pay additional fees for each one I wish to access?
In my state you have to pay separately for each MLS you want to join (through Realtor associations). They are not included with your license. If you are lucky maybe there will be one main MLS in your area and that might be the only one you'd have to pay for.
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Maxwell Milholland
OP
Buffalo, NY · Member since 2018 · 86 posts · 30 votes
8y
@Ian Walsh Hi Ian! What do you pay per year to maintain your license and access to the MLS? does it vary drastically by region?
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Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
8y
Originally posted by @Maxwell Milholland:
@Ian Walsh Hi Ian! What do you pay per year to maintain your license and access to the MLS? does it vary drastically by region?
I am not sure what my yearly MLS fee is. I think I pay maybe 160 quarterly. Every MLS is different. It's not even a thought on the expense.
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Martha Bueno
Miami, FL · Member since 2015 · 23 posts · 16 votes
8y
Maxwell, I’d say it’s not worth it just for MLS access. 1, you have to take a 40+ hour course and pass a test. Assuming you pass on your first try (in FL only about 40% of people do) that’s maybe 50 hours of your time, plus test and course fees. (Between your time/course/book and test fees maybe $500-600) 2. You don’t magically access the MLS once you pass the test. You must join your local realtor association. (In Miami it’s about $900/year). 3. In Fl you need a broker to work under as a sales associate. You can become a broker after 2 years and another course/test. 4. You must do recurrent learning and pay to keep your license current. So, unless you want to work in Real Estate, I’d say no. You’ll spend a lot of time and money that you can get for free from someone who is already an agent. If you (or anyone else) want any info off the MLS in Miami, let me know. I’m here to help.
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Karl Hinkel
Specialist · Columbus, OH · Member since 2018 · 117 posts · 35 votes
8y
Originally posted by @Martha Bueno:

Maxwell,
I'd say it's not worth it just for MLS access.
1, you have to take a 40+ hour course and pass a test. Assuming you pass on your first try (in FL only about 40% of people do) that’s maybe 50 hours of your time, plus test and course fees. (Between your time/course/book and test fees maybe $500-600)
2. You don't magically access the MLS once you pass the test. You must join your local realtor association. (In Miami it's about $900/year).
3. In Fl you need a broker to work under as a sales associate. You can become a broker after 2 years and another course/test.
4. You must do recurrent learning and pay to keep your license current.
So, unless you want to work in Real Estate, I'd say no. You'll spend a lot of time and money that you can get for free from someone who is already an agent. If you (or anyone else) want any info off the MLS in Miami, let me know. I'm here to help.
I think that is great input. I know a lot of people who have gotten their license just for MLS access, but after having the access and building relationships have said that it was not worth their time because the agents that they were able to establish strong relationships with would send them the properties that fit their property criteria. If you want to also work as an agent then I would say go for it, but to just get access to the MLS I would say it is not necessary as it does take a lot of time. In that time you could establish relationships and focus on your craft as an investor.
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Jeff Johnson
Real Estate Investor · La Plata, MD · Member since 2017 · 128 posts · 18 votes
8y
I'm taking the licensing class next month. I'm new to real esate investing and hope to have my first buy and hold next year. I just don't want to have to wait to look at any properties, as I'll probably look at many. I also think I'll sell my currently home in the next year or 2. It's currently appraised at 435k. I figure the commission just off of my house will even off the money I'll spend. If I also have friends or coworkers that'll move, I can be their agent. Also if you sell 1 house a year in my market, it'll more than pay for the fees involved.
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Mike CumbieBusiness Member
REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
8y
HI @Maxwell Milholland
Welcome!
IN Buffalo to be an agent you have to take a 75 hour class (You can do it online on your free time for about $100). When do$50 and then a state test for $15. Once that is done you find a brokerage that fits your needs and they sign you up. These will vary drastically on what they offer and what they expect. So Boom you are now a licensed agent in NYS. You can sell property for others and collect a commission. You are legally allowed to put up signs and all of that happy stuff.
The second portion is where the MLS comes in, in order to get on that in Buffalo you need to join the Board. Expect about a grand a year. That will give you membership to Buffalo/NY and NAR (local/state and national REALTOR boards). You will have access to the MLS. Some brokerages will require you are on the board, others will not.
Hope it helps some and good luck!
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