What are the benifits are having your real estate license?
What are some benefits of having a real estate license? Is it worth having ?
@David Greene had a great answer to this on the last podcast.
If you have the time to get it then of course it's worth it.
@Jonathan Rivera All depends on your RE strategy. I got my license because I was looking to increase my knowledge a bit, and was tired of dealing with other agents that didn't have my best interest in mind. If you can find a solid agent that is familiar with your investing strategy then you may not have this issue. Other reasons were commissions, MLS access, property access, ability to submit offers for yourself, and you can make a little extra income on the side if you decide to.
A few of the cons would be agent fees/dues and disclosure issues since you're an agent. There are definitely others but these are the biggest for me.
@Rylan Rock
Thanks for the feedback and I really
Appreciate it..
Do you need to work for a brokerage company or anything once you get your real estate license or can I work independently?
@Monica Lewis
I’m looking for pros and cons honestly.I do have time for many things. But because I have time for something doesn’t mean it’s worth it.
@Jonathan Rivera
You get the pleasure of having to disclose it on formal documents and receive more legal scrutiny. Oh and you get to maintain it and pay the fees and do mandatory education.
#2 Starting Out Contributor
- Specialist
- Mendham, NJ
You have to work for a brokerage if you don't have your broker's license. The biggest pro is property access. When you have your license you can see any home on the market and don't have to wait for an agent to get back to you. Another pro is that most of the agents you work with won't understand investing and will be working in their best interests, not yours because no non-investor agent wants to show you 10 dumps on a Saturday just so you can lowball 4 of them. On listings, pending your brokerage, you can save a lot of money, but only if you are a good agent who knows how to do a flip listing right. The cons are just fees, but the access is worth it. MLS fees, brokerage fees. Most investor-agents look for smaller brokerages where the splits are better, the costs are less, and they don't require much. It's definitely worth having.
I don't mind disclosing and use the license as a great alternative to homeowner who are unrealistic about their price. Like, oh you want market price for your property? I can list it for you to get you more offers, but to do that we will need to put a sign up, a lockbox on, have access all the time for showings, you will need to clean up, organize. They've already stopped me by now. Disclosure is just part of it, it's how you explain your license that sets you apart.
@Jonathan Greene
Thank you Jonathan! I appreciate what you said and it definitely painted me a bigger picture at this and gave me a different look.
If I join a real estate class/school. Do they actually teach you real estate or just the basics and than I figure things out on my own?
#2 Starting Out Contributor
- Specialist
- Mendham, NJ
Real estate school won't teach you much about investing. It will teach about transactions and many of the pitfalls of real estate so it is definitely useful. It all depends on why you are getting your license and if you will have opportunities and the will to use it for more than just investing as well.
There are plenty of situations where you don't need a license, but it does help to have more knowledge of the industry.
Helps to build credibility. Especially if you are new to RE. I recently passed my RE Exam last week.
Looking back, I should have done this long ago.
Good luck
I'm finishing the last of 6 courses to get my license in TX. I'll say, I would honestly recommend learning the material even if you're not interested in getting a license. There are so many gems that you get that I don't think the regular investor don't get.
