Getting a Real estate license or not?

9 Replies

Hello BP,

As a new wholesaler investor the thought of me getting my real estate license is appealing in that it can benefit me when it comes to pulling my own comps and researching properties, etc.  The question i have is once i get licensed, is it necessary to work for a broker or can I essentially be independent and use the license for investing research without having to "work as a real estate agent"?  

thanks in advance for the advice.

@Leo S.

You must work with a Broker. You cannot be independent. So you would want to find a broker who allows you to work independently without having to meet certain quota. Keep in mind you are required to disclose your status and position on each transaction.

in MD having a license is key. i don't like having to wait for my agent to do things, pull comps etc. i'm taking the class in august to get my license. having it gives you credibility with homeowners and the MLS has a wealth of information.

thanks for the advice Tyrus and Brendan.  I will try to seek out a local small broker that would be willing to accept an investor.

I was able to find one that doesn't charge any fees or anything for holding my license there as well. I could probably find better commission splits for when I occasionally do some Realtor work, but I enjoy having no office fees.

I'm an unlicensed assistant in about a dozen regions accross the U.S. That gives me full access to comps, tax data, lock box codes, CMA tools, archival data, expired listings, cash sales, and so on. The only thing I can't do is list a house, show a property or get paid a commission.

Hello Jerry,

I am not too familiar with unlicensed assistants…could you elaborate a bit more for me on what this entails (i.e. how do you go about becoming an unlicensed assistant, your roles and responsibilities, etc.)?

thanks

Hello @Leo S.

I know this post is sooo old but I was just going through the forums and was curious what you ended up doing?

I have my broker's license and it is wonderful to have. I can run comps and view properties immediately without having to wait in another broker. It will also be beneficial once I start doing deals in that I can negotiate my commission and do my own transactions which will save me thousands. It also helps me understand the market better than the average person. I found a great private brokerage that allows me to do my own thing... No quota and I retain 100% of my commission. Keep in Mind that there are some costs involved with becoming a broker. In addition to the cost of coursework and the state exam, you'll have a monthly brokerage fee and a transaction fee per closing. You'll also have to pay to be part of the MLS and to rent a key for the mls keyboxes. I only mention this as I wasn't completely aware of all the costs.

Get your license. Work for a very small broker who doesn't charge a monthly fee, but only per transaction. Having your license is a must in this business. 

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