Best approach to DMV realtor license?

4 Replies

BP community,

I live in DC, own a duplex, and am planning to add to my portfolio. I have a full time job, so I'm looking for guidance on online or evening courses for the DMV real estate brokerage exams. Admittedly, I'm not sure if I need to take different courses for each, or if I just need to write the exam for each.

while I'm at it, I'll also ask if there are brokerages that only charge a nominal fee to hang your proverbial "hat" with them. I will maintain my full time job and this will primarily be to support my own investing. Hoping to get 1-2 multifamilies in the DMV andove out of my duplex into another in the next 5-7 years so would like access to mls and to make more compelling offers by avoiding buyers comssions. I do have a friend that will take me on, but I first wanted to assess options.

Thanks in advance,

Brad.

Keep in mind its a few grand a year to maintain your license. Your splitting the commission with the brokerage. The savings are unlikely to be as much as you think. I had a license for a decade before becoming a a full time agent, and that equated to about $30k in that decade just to maintain my license.

Hi Brad,

There are discount brokers out there where you can hang your license like Samson and FAIRFAX Realty. They pay 100% commission depending on the monthly amount you are willing to pay and a transaction fee for each deal. You may need to pay your own E&O insurance, Sentrilock fees and Association (NVAR or GCAAR) fees yearly.

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Suggest you work with a discounted realtor who will do it for less and save your high cost of hanging a license that does not translate to any dough.  Some agents will also credit your purchase toward lowering cost.

I personally think working with a "discount" realtor or trying to do it yourself if you aren't a professional yourself to save a few thousand dollars is a recipe for disaster.  I know my fellow colleague @Russell Brazil will agree with that.  

Having someone that knows the market and can advise, negotiate, and FIND you deals is going to be much more valuable long term.

Good luck!