Rental Property Investor · Prospect Park, PA · Member since 2015 · 15 posts · 2 votes
I live in an area in Delaware that is close to the Maryland border. In addition, my job has me traveling through DE-MD-PA-NJ-DC-VA. If I get my real estate license and hang it with a broker in DE, would I still get the same benefits if purchasing/selling a property in a surrounding state (MLS access, commission, etc.)?
@Nicholas Vitalo the MLS access for the DMV (MRIS) covers DC/MD/VA/PA/DE/WV. I concentrate in the MD/DC areas. The listings in PA/DE/WV I think mainly cover those areas as you say that are close to the border of MD. You need to see if there is another Realtor Association in DE that uses another MLS (other than MRIS) that covers DE exclusively and may include more or different DE listings. The key is to find a broker that also has a license in all of the states you want to serve. I have worked with different brokers at the same time(due to different licenses) and it is not fun, it's more easier and less complicated to work with one office. If you get the access to the MLS, you will have the information for VA/DC, etc and even if you do not have the license, you can always do a referral to another agent. Additionally, clients want you to be knowledgable about the area, and there is some knowledge you just can't get form just doing a desk study of the market. So it is also hard to come across as "knowledgable" in all of those states/areas.
@Nicholas Vitalo the MLS access for the DMV (MRIS) covers DC/MD/VA/PA/DE/WV. I concentrate in the MD/DC areas. The listings in PA/DE/WV I think mainly cover those areas as you say that are close to the border of MD. You need to see if there is another Realtor Association in DE that uses another MLS (other than MRIS) that covers DE exclusively and may include more or different DE listings. The key is to find a broker that also has a license in all of the states you want to serve. I have worked with different brokers at the same time(due to different licenses) and it is not fun, it's more easier and less complicated to work with one office. If you get the access to the MLS, you will have the information for VA/DC, etc and even if you do not have the license, you can always do a referral to another agent. Additionally, clients want you to be knowledgable about the area, and there is some knowledge you just can't get form just doing a desk study of the market. So it is also hard to come across as "knowledgable" in all of those states/areas.
@Sonya Stovall Thanks for the quick reply and helpful info!
I am looking to get my real estate license mainly for the benefits in relation to investing. If I am associated with a broker who has a license in a few states, would I be eligible for commissions when buying/selling in those states (for example MD or VA) or only in the state in which I have my license (for example DE)?
The idea behind the broker being licensed in all of those states is so you don't have to work for different people in different states. So if you have a DE license and a MD license, unless the DE broker is licensed in MD, you'd have to work under a different broker in MD. Can get a little complicated. If you find someone licensed in DE, MD, and VA, and you work for them, you'd get commissions in all 3 states. If you work for 3 different brokers in 3 different states, you'd still get commissions, but under 3 different brokers.
You can only receive a commission in the state in which you are licensed, even if your broker is licensed in multiple states. If you want to invest in VA, and only be licensed in DE, but your broker is a licensed broker in VA, then you can do a referral with your broker. Most referrals are 25%, and they come off the top. It is also up to the discretion of your broker, but he/she could offer you more than the standard 25% referral fee, so discuss it with them.