Worth becoming an Agent?

Question

Hi all, relatively new investor here. Wondering about opinions from more seasoned investors on whether you believe getting a real estate license solely for MLS access, listing my own units, identifying pre-market listing opportunities, etc. would be valuable and worth the investment. I would not plan to actually work for others. Thanks in advance!

Bob Okenwa · Answer

@Jason Sensi

Pros:

Access to MLS, controlling your deals, commissions on deals or the ability to waive them to get a lower purchase price, and most importantly, access to properties without having to wait. For example: I saw a property with flip potential fall out of escrow late Saturday night and was relisted Sunday morning. Was there with my contractor at 9am on Sunday. Had my wife (she's a realtor too) write up a contract Sunday evening. The property is under contract and we're closing on Friday. There were other higher offers, but ours was the cleanest since we understood the importance of having the best offer, not just the highest offer.

Cons:

Money, continuing education, liability, money, and I think I forgot to add money.

Getting and maintaining a license isn't cheap and a lot of people fail to realize it may cost thousands to get licensed and hundreds or thousands a year to keep that license.

Steve Morris · Answer

I asked because I know of a few local investors that have gotten licensed solely for these reasons

Not saying you can't do it and in OR I know there are guys that'll take you on.  However, you're expecting pay for services (like MLS and the risk of screw-ups) that you won't be generating income for the principal for.

Call a couple of guys and just be honest on what you want to do.  Just giving you my perspectives as a Principal Broker..

Steve Morris · Answer

Well, if you can find a place willing to let you hang your license when you don't want to make them any money - Knock yourself out.

THere's risk in taking you on since they're as responsible for your bad behavior as you are.  In Portland, seen a couple of place burned by guys that just want to do their own thing.

Jason Sensi · Answer

Thanks Steve. This is helpful. I would not want to jeopardize others' reputation. I asked because I know of a few local investors that have gotten licensed solely for these reasons, and was always curious to the Pros/Cons of doing so. Your comments make a lot of sense.

Worth becoming an Agent?

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