I've been throwing the idea around for several months now and want to know what others have experienced. Is it a bad idea to work as a Real Estate Agent and Mortgage Lender?I know with FHA you're not allowed to do both on the transaction but are there any pitfalls to doing both otherwise? I've had my salesperson license for about 7 years now but have only worked as a loan officer. I'd like to hear from those that are currently doing both and get feedback
@Chris Salas That's a really interesting question. I'm curious to see what other's will say...
I think it is a great idea. I had the opportunity to do both for about 15 months during the super low interest rates of 2012-2013. I had been a real estate agent for 7 years and got offered a job working in a loan production center for a bank doing mostly refinances. I found that that experience gave me great insight to the lending process which ultimately led me to being a much better real estate agent.
I believe knowledge is power and as a younger real estate agent it can sometimes be tough getting clients (since everyone seems to know a few agents). So for me, being able to speak intelligently on loan options and fully understanding the loan process has been a great tool. I believe when potential clients see how educated I am regarding lending, it gives them comfort that I know the real estate side of the transaction as well. That is just my personal experience. And of course now that I'm not in lending, I always preface anything that I tell them regarding lending with, I'm not a lender so you should contact your lender to verify the information.
Lastly, my position at the bank was very flexible and did allow for me to leave to show houses when needed. Definitely consider what possible opportunities you could miss out on while working from 9 to 5 at a bank. It makes it very difficult to be an effective agent while doing both unless you have a very flexible schedule as I did.
Thank you @stevensatterlee I appreciate the information. The company I was researching allows me to be an independent RE Agent and LO. I would have free reign and would mostly be working from my home office. My biggest concern is how potential clients feel about it. The other concern is that I would be processing my own loans so in reality I would be taking on the job of a RE Agent, Transaction Coordinator, Loan Officer, & a Processor. I don't know how much work is involved on the Real Estate agent side of it, after the property has been located.
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