Real Estate Investor · Albuquerque, NM · Member since 2011 · 156 posts · 20 votes
I'm wondering if it's better to get a licence just to have my own personal access to MLS. How long does it usually take? I'm getting kind of tired of having to ask a REALTOR every single time to pull comps for me, also you never know about these free sites. Is it worth it to get your own licence just so you can use it for your own personal comps etc..? If not than how do you pull comps and get a decent estimate of the house (ARV)? Also, let's say I am licenced, does that mean I have to work FOR somebody to have access to MLS or once you are licenced you automatically have access? Because I don't plan on actually being a "REALTOR/broker/agent" I just plan on getting licenced to have access to MLS? Good idea? Any suggestions?
In my state there is an agent license (96 hours of coursework) and a broker license (way more hours and 2 years of experience as an agent required). I am a licensed agent; therefore I have to be associated with a broker. I have found and closed on several properties that I would not have been able to close on without being my own agent...and I have saved thousands is the process. My classes cost me $600 plus the $100 to take the exam, $18 for an FBI background check. Our MLS also charges a fee for membership, but I saved well over my costs in just one deal alone. The education is bonus!
-getting your license is 1 expense. Most states require CE(Continuing education every 2 yrs so you stay up to date with the market.) You have to pay for these.
-as J. Scott mentioned, picking the right brokerage for you is key. My office doesn't care if I ever go there but I have to do a certain volume in order to "hang" my license there.
Bottom line, it's more than taking an exam, paying a fee and getting access to the mls.
There is only one “type” of real estate license, a broker license in North Carolina. There are however, several license status categories.
Provisional Broker: This is the “entry level” license status category. A person who has met all the license qualification requirements (including a 75-hour prelicensing course and passing the Commission’s license examination) is initially issued a broker license on “provisional” status and is referred to as a “provisional broker.”
Broker: – A broker is a “provisional broker” who satisfies all postlicensing education requirements to terminate the “provisional” status of such license becomes simply a “broker” and is NOT required to be supervised by a broker-in-charge in order to hold an “active” license.
According to this, its seems like it may be beneficial to get the license in NC. Initially, I plan to wholesale properties...at least during my broker classes.
If your not going to give up your day job down the road and just want to do a few deals a year to add to income or retirement then forget the license.
If your plan is full time real estate investing get the license it is well worth it. I was an investor for ten years before I got my license in 1965 and received the usual don't do it but I could see the advantages.
If it wasn't worth it do you think I would still have it today? Too many extra dollars over the years would have been lost if I had listened to the don't do it group. But aim for the brokers license so you can be totally independent if need arises.
@Brian P....Ha, unfortunately I don't fall into that category of people that DON'T want to give up their day job. In fact, thats exactly my goal. Thanks for the advice. I think I'll invest in the broker license after I get a few deals under my belt.
look up a blog written by Nick J. titled:WANT TO BECOME A REALTOR? It"ll give you some more insight on deciding.Whatever you decide best of luck :wink:
I haven't read all the comments here, but yes and no. There certain things you can't do anymore once you obtain a license, that seem infinitesimal but actually become quite a big deal just because you have a license. Obviously the connections, experience, certification, and access to MLS are all pluses but there not make or break in this game. A friend asked me yesterday if he was limited by his not having a license. I told him no but certain limitations are technically placed on me since I have one. Your only limitation without one is personal capital. Cash is king in this game license or not.
I'm in the middle of taking licensing classes. I plan to take the test but I am still torn on whether to get the license or not, mainly because of all the little things. For example, all my advertising needs to express that I am an agent. I also don't want to have to report myself to the real estate commission if I get a traffic ticket or worse. Basically, I don't like the idea of having to answer to the commission and a broker for anything. But I have a few questions about things.
1. Where do I find brokers to hang my license who don't care if I ever do a deal? I assume I can't just call Keller Willaims or Cenury 21 for this?
2. What's a ballpark figure on monthly cost for that if all I need is MLS access?
3. Do I need to have all my advertising(bandit signs/direct mail/craigslist/etc) be approved by the broker?
I can make a very good argument (as I've done before) for either yes or no. So, my reply is still yes and no- as to whether it is good to have a RE license. Rich
If you are in a disclosure state why not just get services such as Real Quest Pro or Site X data?
Those sites get their data from public records, which sometimes take weeks/months to get updated. So, it's quite possible when you look at the data from those sites you're not getting the most recent (and most important) information...
It seems like there is little downside and a siginificant benefit then...
As a landlord in Florida, would I be taking on more liability if I get a real estate liscense?