I recently passed my CA broker exam without ever having been an agent. (I applied for the exam before they changed the rules that require you to have agent experience). I worked for an investor/broker as a broker's assistant for a few years so I am aware that I can now get my own MLS access and Supra Key without having to work under someone else.
I'd also like to explore all possible other options that I can do with the license.
- 1. My previous boss just used his license to sell his own flips. He didn't buy or sell houses on anyone's behalf. I could do the same, just use the license for my own investment deals
- 2. I could work for a brokerage and buy/sell homes for others and earn commissions
- 3. I'm interested in commercial RE but know nothing very little - perhaps I could go into that field.
For items #2 and #3, does everyone just start at the bottom and work their way up, or are there ways for someone with outside business experience to come in sort of mid-career?
For what you do, would having a broker's license make your life easier? If so, how? What would you do differently if you had a license?
Congrats on getting your broker license before rule change! A lot of my friends/colleagues missed the opportunity and are now kicking themselves.
Have you managed transactions in the past and are familiar with the offer/sales process? If so, there is no need to join a brokerage as you'll have to give up a percentage split. You are already aware that you can work independently, so why not do so?
If you aren't too familiar with the transaction process, definitely offer to assist or play a part (no matter how minimal) just to gain experience.
May have some additional ideas as to how you immediately monetize your license, while gaining the necessary experience at the same time so that you can quickly transition towards doing your own deals in the future.
Good luck and happy to offer any insight.
Thanks for the reply. I've sent you a colleague request and a message!
@Mike L. What type of buyer or seller do you like working with? Residential is more personal, and people make their decisions based on how they "feel" about a house, an area, etc. In Commercial Real Estate, it comes down to the numbers, though of course other considerations such as type of property, location, etc. do factor in.
Maybe @Joel Owens will share some of his thoughts.
Personally, I have my agents license, though my husband is a broker. We use our licenses when buying land to develop and to list properties, etc.
@Karen Margrave Thanks for the reply. I have an engineering background so I am more grounded in logic and numbers, rather than emotion and feelings. That is one of the reasons why I may be a better fit for commercial. I'm in my exploration phase and I'm talking to professionals on both sides.
I would look at brokering HML to fix and flippers