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!
@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.
I started out as an investor and got my license about 3 years ago... Opens doors to additional streams of income.
Average cost for your license in Washington is about $2,000 a year.
@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.
Thanks for the info!
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)
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.
@Timothy Tooker Thank you for that breakdown. I was forgetting a TON of the little stuff. And wonderful idea about Ben Kinney.
If you would like, I can get you a meeting with the CEO for Ben Kinney's team to discuss if that is the right place for you?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you