Trying to decide if I should get my license or not. I buy and sell real estate, mainly flips on hunting and recreation land, and have been very successful for several years. I don't need it to do what I do, but thought I might be a broker one day, so I should get it now because it might be harder to get one day. What are some of the pros and cons? Have some of you guys ever received any negative feedback buying and selling being a realtor? I work with a lot of different realtors currently and I don't want to make anyone mad because I used someone else as a sponsoring broker. Thanks for your feedback.
@Justin Glass it will for sure not hurt you to get it
good luck to you
@Justin Glass I would recommend getting your license. It can only add to your tool box. You can use it to sell the properties you fix up yourself, comp the properties using MLS yourself, as well as find properties on the MLS without an agents help. I see only positive reasons to have it.
Realize that there are several fees associated with being an agent.
Once your license is active, there are certain disclosures you have to deal with that you did not have to before. When talking with buyers/sellers, you now have to tell them you're an agent and provide a separate disclosure sheet explaining that you are not representing them, etc. Plus in any direct mail ads or online ads, you also have certain disclosures to adhere to.
If your end goal is to be a broker, however, then there is no other route to take.
I have been considering this myself. If you only want to get your license to further your own business, not to buy/sell RE full time for others, how does that work when joining a broker? Don't you have to join one to gain access to the MLS? I assume they want you hustling houses for them, not just for yourself.
Can you join one with the understanding that you're only buying/selling for yourself, but the broker still gets some of the money when you complete those transactions?
Or, maybe I am over thinking it.
I am in your boat too. I really don't need mine for about 2-3 years when I will be switching from my full time job, but if I get it now and use it for some personal deals as well as a few others until then I will have worked through half of my time requirement of holding a Salesperson's license before I would be allowed to go for my Broker's license.
@Greg Carr the reasons you state are some of my cons, it complicates advertising and transactions sometimes.
@Andrew Stormer I actually have a broker friend that said he would stay out of my personal stuff. Although this is a nice gesture I woukd want him to have a small piece so there was no room for him to get mad later.
@Paul Ewing I compleltly agree with you, I would be working through my time to be a broker during the period I didn't need the license.
This isn't helping! Lol all good points both ways. That's why I go back and forth
If you have the financial means to throw away a few grand, and maybe risk your earnings this year, then go ahead and just do it. The only way to know is to find out (and, of course, post your results and opinions on this website for all of us to learn from your experience). It sounds like this will not significantly impact you personally, since you are already successful at what you are doing.
This is sort of like an investment in yourself. It could succeed, it could fail. But the only way to know is to take a little risk and do it.
I say: do it, and find out if it works for you. If it doesn't, then just inactivate your license. No big deal. If it does, though, then congratulations! Success feels good.
Besides the cons that @Greg Carr mentioned, are there any taxation cons?
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