Lender · Clarkston, MI · Member since 2016 · 2 posts · 2 votes
Hi BP family! I'm new to the forums and I'm working in getting my RE license just for my own use in scouting properties and to save on the commission expenses in selling the homes I am flipping. My question is this, are there agencies that allow licensed people to work under them if they aren't selling homes in the traditional sense (i.e. other clients)? I'm in Michigan if that makes a difference.
Has anyone had any experience with this? I would love to find one that would allow me to use their MLS for a fee without charging a % as commission.
Investor · Orlando, FL · Member since 2012 · 183 posts · 155 votes
10y
@Katie Foster I'm with one here in Orlando that charges a monthly fee of $200 plus $100 on each transaction. So, $2,400/year plus another $100 on each deal. It pays for itself with one deal. You just need to find an investor friendly brokerage. You also have to pay all of your own MLS fees but I think that's pretty standard.
If you can't find one similar to this then you can call around to all the local ones and see if they will set something up just for you. Just ask if they would be open to a 100% commission for a set dollar amount per transaction.
Phoenix, AZ · Member since 2015 · 17 posts · 8 votes
10y
My brokerage only charges a flat fee per transaction. So yes, you can specify in the purchase contract that you will be owner/agent and have your commission applied towards closing costs or reduction in price.
Same thing when you list it for sale - forgo the commission since you are owner/agent.
Real Estate Agent · Kalamazoo, MI · Member since 2016 · 223 posts · 26 votes
10y
I am sure there are Brokers out there that will work with you but all depends on volume and cost. But I do believe you will have to cover your own MLS dues as well as membership to what ever association the broker is a member too. As for commission slip thats all between you and broker. I hope this helps.
Real Estate Agent · Adrian, MI · Member since 2015 · 39 posts · 2 votes
10y
There are plenty of Brokers that will agree to letting you work for just your own deals. Just interview a few and ask. Start with the smaller local Brokers who already have people working for them. You will be helping them as they get their cut from your sales and you save on the rest or it goes back to you. You can also gain some contacts and knowledge of the area by going to the office or just talking to other Realtors at meetings etc..
It's working for me so far. I also recommend doing some kind of specialized marketing to potential clients instead of just working on your own. You might even find some new opportunities and contacts that will help you in the future.