Have any investors thought of/gotten a realtor license??

7 Replies

Hi everyone! 

I'm focused on multi-family complexes and I will be doing 1031s every 3-5 years. 

Can anyone tell me how much it is to keep a realtor license active annually in Washington state? 

I would primarily like to get it for my personal investment use; but id also love to help like-minded investors purchase properties part-time. 

Would it be worth me obtaining a license? 

Any feedback would be appreciated! 

Thanks

@Arissa Dahl I can tell you that, at least in the Chicago area where I work, most larger complexes do not go through the MLS. I am a realtor, and my license has definitely helped me, but I have only been able to buy one larger property off the MLS.

As to the cost to keep your license, I will let some folks in your state chime in. Here in Illinois the cost is not prohibitive, especially as I use my license regularly. 

@Timothy Tooker Tim, where do you get the $2,000? I can't find that figure listed everywhere. Is that from the state? Does it include CE classes? I take it that it is how much you personally pay, but could you share a breakdown of that? 

I've been thinking of getting one myself, but that hold cost seems crazy compared to my investment and insurance licenses.

@Robert Freeborn

First year:

Real Estate Course: $420 (Rockwell), there are cheaper schools out there.

Written Test: $125

Finger Prints: $30

Realtor's Union dues: $620 (Optional depending on Brokerage)

NWMLS dues: $480

Supra: $75 activation + $15 a month = $255

Office fees: $65 a month or $780 (Will vary depending on Brokerage and Model)

Total: $2,710 

Additional Cost:

Signs: This will vary depending on Brokerage and if you are on a team or not

Business Cards: Depends on what you want

Every two years after that you will have a certain amount of CE that you have to accomplish, but if you take advantage of free education hours put on by Title Companies and other outlets, you can reduce your cost. 

*** Fact ***

If you sell one house a year, it pays for itself... Just saying

If I were you Robert, I would go and join Ben Kinney's team up there in Bellingham and learn from an amazing business person and builder of systems. After a year or two, if you so desire, you can break off and go with a discount brokerage or start your own company.

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