I am a newly licensed Broker in North Carolina. I got my license to study the business and represent myself in my new real estate investing business. I am looking to join a firm where I can access MLS. I am not sure if my first purchase will be a multi-family rental in the Raleigh-Durham area or a vacation rental in the Topsail Island area. I know that involves two MLS so I am open to joining two firms if it makes sense.
You don't necessarily have to join two firms if you're looking to join and access two different MLS associations. But if those are in different states you will probably need to get licensed in both states. You can always use an agent in a different location and just take a referral fee. Hope that helped, good luck!
@Kobe Xin Thanks for the advice. Both MLS are in North Carolina. The one local to me requires your firm to be registered with it before the agent can subscribe. It is hard to get information on the other one but if a firm registration is also needed, I know my local firm would not be a member.
My hesitance around referring myself and collecting a fee are 1. I would not have access to the MLS but only what the agent sends me. I am analytical so I want to study the markets I am interested in AND gain insight from local agents. 2. I am hearing the firm I affiliate with will want (I know it is negotiable) 20% - 30% of the buying commission but if I refer myself, I would go from around 70% of the commission as the buying broker to around 25% as the referring broker.
Please let me know if I am incorrect. I am here to learn so would love to hear what is possible.
Usually bigger national firms are registered with all the local MLS associations. It would be best if you can find a firm that's registered in both of the MLS that you're trying to access.
And no, you’re completely right, if you represent yourself you will be making the commission split with your firm (usually 70-80%) but if you’re just the referring agent you would only make 25%.