I've decided I need to be a licensed Real Estate Agent

Investor · Tampa, FL · Member since 2014 · 6 posts · 4 votes

I'm really interested in wholesaling and maybe some rehabbing in the future. I believe having a license will help me in these areas. What route or (school/ course) did you take to become an RE Agent. What school is the best? I'd prefer in class vs online i'm looking at Bob Hogue right now any reviews or suggestions out there?

0 Reply

79 views

Most Popular Reply

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

11y

@Joe Villeneuve

that's a good question Joe... and one that I can answer I think !... Its regionalized in areas were if your goal is to buy SFR's and there are plethora's of them then probably not that important as agents will bring them to you and you will always have deals to bid on.

But if your in Very tight inventory markets were wholesaling is not nearly as prevalent as other areas. Then Access to the MLS is the key to being successful... The hot sheet comes out at 3am.. you need to be reading it by 5 am so you can make offers by 8am... your agent has not had their coffee or put on their makeup by then and your out of luck.

Plus in higher value markets being an agent is as profitable if not more than being a wholesaler and you LEGALLY need none of your own money when you sell a property to someone else.. Especially in states that are cracking down on non vested sellers, like Ohio an Florida.

As an agent you build a business that you can do for a lifetime.. Show me many flippers or rehabbers that have been in the business 15 to 40 years like many many RE brokers myself included..

But that all said just because you have a license does not mean your going to make a bunch of money selling RE.. its like anything else 20% of the agents make 80% of the commissions.. So you take my market here in PDX those 20% make 250 to a million or more a year all without having to ever buy one piece of property... I have had years were I made over 300k just on referrals and other deals that came to me and I was not even activiely in the business but I could take a commission because I keep my license up and current.. NOw I have to take my CE for California this month ..

Podcast Guest on Show #222

JLH Capital Partners51 Review

Website View Page

6 Reply

See this reply in the discussion

30 Replies

Jump to latestLatest

Sort by

Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
Why?
1 Reply
James Enright
Investor · Fairview Heights, IL · Member since 2008 · 189 posts · 62 votes
11y
Just to become real estate agent............you will get excellent training from
Keller Williams. They teach everything and how to work with investors.
Now why do you need a R.E. license..... maybe to have access to MLS.....just simply find a friendly investors R.E. Agent who is willing to work with investors..................
1 Reply
Victoria Winters
Laguna Beach, CA · Member since 2014 · 263 posts · 140 votes
11y
@Barbara Brown Hi Barbara. Excellent decision to get your real estate license! As an investor in real estate it makes perfect sense to have a real estate license. You not only gain access to the MLS with a license, but you also elevate your business to the professional level. You can also can add additional income to your investment business as a licensee.
You asked, "What is the best real estate school?" There are many excellent real estate schools in which you can obtain the course of required study. Community colleges offer real estate courses in a live classroom format. You can also choose an online course of study that may include a live class for the exam preparation.
Depending on your time frame for acquiring your license, you can find the school with the perfect solution for the way you learn. Personally, I have reviewed several schools and can recommend 3 that you may want to consider during your search.
As you pursue your license, begin at once in your investment activities. It is a continuous learning process and one that is fun and financially rewarding as well.
Best wishes to your success!
2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Joe Villeneuve
that's a good question Joe... and one that I can answer I think !... Its regionalized in areas were if your goal is to buy SFR's and there are plethora's of them then probably not that important as agents will bring them to you and you will always have deals to bid on.
But if your in Very tight inventory markets were wholesaling is not nearly as prevalent as other areas. Then Access to the MLS is the key to being successful... The hot sheet comes out at 3am.. you need to be reading it by 5 am so you can make offers by 8am... your agent has not had their coffee or put on their makeup by then and your out of luck.
Plus in higher value markets being an agent is as profitable if not more than being a wholesaler and you LEGALLY need none of your own money when you sell a property to someone else.. Especially in states that are cracking down on non vested sellers, like Ohio an Florida.
As an agent you build a business that you can do for a lifetime.. Show me many flippers or rehabbers that have been in the business 15 to 40 years like many many RE brokers myself included..
But that all said just because you have a license does not mean your going to make a bunch of money selling RE.. its like anything else 20% of the agents make 80% of the commissions.. So you take my market here in PDX those 20% make 250 to a million or more a year all without having to ever buy one piece of property... I have had years were I made over 300k just on referrals and other deals that came to me and I was not even activiely in the business but I could take a commission because I keep my license up and current.. NOw I have to take my CE for California this month ..
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
6 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
@Jay Hinrichs Over the years, I've been asked, and 've asked myself, this question many times. The only answer that makes sense, for an investor, is as you stated,
"Access to the MLS is the key to being successful... The hot sheet comes out at 3am.. you need to be reading it by 5 am so you can make offers by 8am... your agent has not had their coffee or put on their makeup by then and your out of luck...."
Having said that, what I have found, is as long as the RE Agent(s) I'm working with have me set up on an auto notification for the criteria I look for, I don't need to be a REA to get that instant MLS access. So, I'm still looking for that elusive reason.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Joe Villeneuve
The second part of the equation is the MLS lock box key and or the Code box numbers so you can run out the front door at 6 am be to that hot property at 7 am walk through it on your own.. back on your cell phone calling your agent or if you are an agent write up the deal and have it submitted.
the auto notifications you get have only the public info on it... the MLS data agents get has EVERYTHING a curious investor would want to know.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
2 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
Originally posted by @Jay Hinrichs:

@Joe Villeneuve
The second part of the equation is the MLS lock box key and or the Code box numbers so you can run out the front door at 6 am be to that hot property at 7 am walk through it on your own.. back on your cell phone calling your agent or if you are an agent write up the deal and have it submitted.
the auto notifications you get have only the public info on it... the MLS data agents get has EVERYTHING a curious investor would want to know.
You're right (but you knew that). That is a huge part of it. In my case, as it should be in all cases, that is a big criteria for finding an investor friendly agent.
0 Reply
Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
11y
I like the real estate professional status for taxes and the five to six figure commission checks working with clients.
Podcast Guest on Show #47
NNN Invest53 Reviews
Website View Page
3 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Joel Owens
Joel it is pretty amazing all the conversations on BP are basically how do I get wealthy at RE and they all tend to focus on the same things. which is having to buy the asset in some manner or form.
When the reality is A Veteran commercial or residential ( in a higher end market price area) broker. Will financially do better than 95% that try any other other methods of transaction Real Estate. why there is no more discussion on how one gets into your industry Joel really amaze's me...I do believe brokering any kind of RE is Germane to BP discussions.
I mean its the same thing everyone wants to talk about HEY I quit my day job... RE brokerage is not W 2 job your a free agent.
And with commercial especially those that maybe are not the greatest sales folks in the world but are better at crunching numbers and analytical can be very successful..
I wonder why that is?
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
@Jay Hinrichs I can answer that...I think. RE brokering/sales is dependant on the market at the time of the sales. Once you own the REI, the cash flow keeps coming...even if the RE market isn't producing sales.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
that's why you do both sell real estate and buy real estate most good real estate broker agents will also have their own investment properties or loan money or any other kind of the real estate related activity
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
2 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
@Jay Hinrichs I agree with the idea of multiple streams of income, and not leaving money on the table. I just think that, at least for me, being a RE agent takes too much time away from being a REI.
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Joe Villeneuve
but we are not talking about you who from what I can see is an established investor selling turn key and probably has a on going business..
I am talking about someone who is new ot the business and trying to find their way or is trying to build a personal portfolio... then you never know when one of these can become a rock star and be making 500k a year in commissions it happens.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
1 Reply
Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
11y
The RE market always produces sales. Now the volume of the sales and asset type can change with cycles and market dynamics.
There is always a bad partnership, bad investment bought, people retire, people die, tax reasons to sell, business problems, debt on loans coming due, etc.
So whether it is a hot market or cold market there will be sales. When the market is hot everyone eats even the people that are not that great at what they do because they get residual buyers and sellers in the marketplace.
When market sales volume goes down and many are in a hold position then you have less sales to go around. The top performers can sell and do great regardless of the cycle. The reason is versus someone who does an occasional transaction the active brokers can see market shifts way before others do and plan their business accordingly.
Having said all of this I am 40 now. I see record sales the next 2 to 3 years before debt gets more expensive.
I am investing my money into commercial properties that throw off cash flow. This way If I am not doing 30 deals a year but only 6 but I have 400,000 cash flow annually pre-tax from investments it will not matter. I will still do well even in a down market.
I do not do as many sales but the commission checks are very large. I would rather do 10 deals a year at 200k a pop in commission then 100 1 million dollar deals. My life is about working smarter.
Some of my older commercial broker friends in their 60's, 70's, 80's do not even take on new clients anymore. They own existing properties for cash flow whether by themselves or in partnerships, have long standing relationships with existing clients for transactions, and take the rest of the year off . They can pick and choose how hard they want to work etc.
It's all about creating the life you want for yourself and to do that takes vision and focus with a plan.
I do work some smaller deals around 1 million that are local buyers but can meet pretty easily. I have a higher threshold for out of state buyers and foreign entities because of the layers and time involved to complete a transaction.
Podcast Guest on Show #47
NNN Invest53 Reviews
Website View Page
3 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
Originally posted by @Jay Hinrichs:

@Joe Villeneuve
but we are not talking about you who from what I can see is an established investor selling turn key and probably has a on going business..
I am talking about someone who is new ot the business and trying to find their way or is trying to build a personal portfolio... then you never know when one of these can become a rock star and be making 500k a year in commissions it happens.
You got me there, but I would add this caveat to your statement of fact.
"It all depends on the market". If I were starting all over again in Michigan for example, I think I would avoid the REA part. I'm thinking I would be showing so many houses, that would never go through, that I wouldn't have time to be a REI...and, the returns on the REI side are better than the agent side here. I come across a number of agents that have become REI here that got tired of going to closings and watching their check, and the investor's check, and thinking, "I'm on the wrong side of the table".
0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
11y
Being an agent can only help to improve your investing.
Being licensed would only take time away from personal investing if you wanted it to.
Choice is yours who and when you want to work with clients.
1 Reply
Brandon SturgillBusiness Member
Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
11y
@Barbara Brown controlling the deal and access to MLS for deal analysis:
I can physically look at comp properties any time by notifying the listing agent.
I can physically look at potential deal any time by notifying the listing agent.
I can run complex analysis in MLS
I can cut out the third party when negotiating a deal
I can save 3% on every deal I sell
...the list goes on, but I think the simple answer is that there really is not a downside to being licensed.
937-979-7000
Realize Multifamily Group11 Review
View Page
1 Reply
Alvin Neal
Realtor · Detroit, MI · Member since 2013 · 278 posts · 114 votes
11y
Hey @Barbara Brown
Great question you asked. I have had my real estate license with Keller Williams for over 6 months.
As @James Enright stated Keller Williams does offer great training.
There are pros and cons of being an agent. There are lots of classes, training and meetings. You have to set up your websites and design your marketing materials. After a while you kinda get caught up in the "Realtor" side of it.
There is also your fees to your broker, the mls listing service and your local board of realtors. There's also the cost of the class, the test and continuing education credits you have to get to keep your license.
I got overwhelmed with it all and kind of lost focus for a while but I have renewed my efforts to work on my investing career.
It definitely works great for me to have my own license because i like to do things myself and on my own time.
As an agent you have access to the lockbox codes, the hud keys, the mls, hudhomestore and homepath.
As James Wise stated its a personal choice. It can help with your investing and it can also take time away from your investing.
2 Reply
Scott Pigman
Austin, TX · Member since 2014 · 139 posts · 89 votes
11y
This has been a great discussion; I'm really enjoying the back and forth between @Jay Hinrichs and @Joe Villeneuve in particular. For me it's solidified the thought I've had that one of my goals for the new year should be to get my license, not because Joe has the weaker arguments, but because my situation and market are closer to what Jay describes.
That said, frankly this thread has gotten off the original topic -- what licensing courses, particularly online licensing courses, do you all recommend?
1 Reply
Julia Rowling
Real Estate Investor · Greenville, SC · Member since 2014 · 76 posts · 23 votes
11y
The question of whether to get a RE license is something I've also been considering, so this discussion has been very helpful in bringing up some of the pros and cons and points to consider when making this decision. Can anyone tell me what the costs are to maintain the license year after year? I don't think I'd really want to use it to sell so much as to gain access to info faster....
1 Reply
Ryan JacksonPro Member
Rental Property Investor · Camarillo, CA · Member since 2014 · 80 posts · 18 votes
11y
Is it feasible/legal to be an independent licensed real estate agent in all states? I believe I saw some regulations for Virginia stating you had to work for a licensed broker or be one yourself, which required working as a licensed agent for X number of years. What are the disclosure issues if you are representing yourself as an agent in a real estate transaction?
And I personally believe we are still on topic as it is based on the assumption that you may need to be a licensed real estate agent to excel in REI. Just my rookie opinion.
0 Reply
Jon Deavers
Richmond, VA · Member since 2013 · 293 posts · 96 votes
11y
Hi Ryan,
I believe many will tell you it is definitely not necessary (nor is it even recommended in many cases, depending on your investing goals) to be an agent. By being a licensed agent you are held to a higher degree of accountability especially concerning property disclosures. The courts and the real estate boards of most states assume a licensed agent will be more diligent in disclosing material facts about real property than an unlicensed person just conducting a personal transaction. That's why most agents are required to obtain and carry errors and omissions insurance.
As for the first question, I think it comes down to defining what a broker is and what an agent is. A broker is one who conducts transactions on behalf of clients he/she represents. All brokered transactions are under ultimate responsibility of the broker of a firm. An agent is someone who acts on behalf of that broker in buying and selling. So even though you may work with an agent to buy or sell a house, the broker is who is actually conducting the transaction (legally). Brokers aren't hands on with the transaction usually (aside from review, etc), but they assume responsibility for their agents' actions.
So you cannot be an agent who only works for your self. You need to be a broker to conduct real estate transactions on behalf of others (with certain exceptions, i.e. executor/trustee of an estate, etc). The rules for getting your broker's license vary from state to state. In Virginia, you are correct, you need to have been working in real estate full time for at least two years before you are eligible to apply for a broker's license.
Hope this helps!
2 Reply
Barbara Brown
OP
Investor · Tampa, FL · Member since 2014 · 6 posts · 4 votes
11y
Hey guys, I've read all the comments, I think... I was hesitant to respond to Joes, Why?
Glad that I waited, I'm in FL and in my area I believe it's necessary for me to be a licensed agent. I really don't want to be a bother to anyone about emails, codes and paperwork. I'd like to understand the process in entirety as well and feel this is a sure way for me to do right.
As Julia Pinelo stated I was also inquiring of schools and so forth as in what was "your" experience becoming licensed. I think I've found an online option that I will do instead. I really didn't want the distractions at home but I'll make the time and make it happen.

Thanks to all that left all this great info!!!
0 Reply
Barbara Brown
OP
Investor · Tampa, FL · Member since 2014 · 6 posts · 4 votes
11y
Originally posted by @Jon Deavers:

Hi Ryan,
I believe many will tell you it is definitely not necessary (nor is it even recommended in many cases, depending on your investing goals) to be an agent. By being a licensed agent you are held to a higher degree of accountability especially concerning property disclosures. The courts and the real estate boards of most states assume a licensed agent will be more diligent in disclosing material facts about real property than an unlicensed person just conducting a personal transaction. That's why most agents are required to obtain and carry errors and omissions insurance.
Thanks Jon, this brings up some valid points I had not considered... about all those "as is properties"....
0 Reply
Julia Rowling
Real Estate Investor · Greenville, SC · Member since 2014 · 76 posts · 23 votes
11y
@Barbara Brown - thanks for getting all this thinking going! Although I keep going back and forth on this subject, I'm currently leaning more toward finding realtors/wholesalers to work with in my town initially (particularly since I don't know the are at all, so it's going to be a very steep learning curve all on my own!). After I get going and have more experience and knowledge of the market, if it looks like the license would move me forward faster, I'll go for it...
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.