Should I become an Agent?

Are you considering becoming an agent? It is a big decision but if you want it YOU CAN DO IT!

Why I Did IT: I grew frustrated with agents treating me and my rental investment business as one of the many clients and giving incorrect comps (which can change a plan from a quick flip to a hold (rental)). 

Pros: 

• Access to the MLS - some properties are in the MLS but aren't publicly view-able (MLS Exempt). This may give you the one up you need.
• Access to properties without an agent - With your license comes permission to book your own appointments and view without an agent's help.
• Total control on research for comps and other 'insider info'.

Cons:

• Costs - there are costs day one and costs through out: Membership dues, etc (see below for details). If you see this as another form of income, add marketing costs to that as well.
• Broker expectations - some are nice but some want you to make them money. Some investors / agents have told me of bad situations because they were working on their personal purchases more than bringing in other clients.

A few fun facts to consider while making the decision to obtain the license:

1. To practice (which includes your own deals) your license must be held by a brokerage.

2. To work 100% for yourself, you can take the broker's exam (after 2 years as an agent and so many transactions).

3. Becoming an agent has costs to operate Day 1 which includes: additional car insurance (required to drive people around), licensing fees, dues (state and national), fees to operate a Supra key, to be on MARIS, etc. 

I highly recommend going with a bigger brokerage first to learn the ropes, contract language and tricks to the trade. Many new agents are enticed by the lower commissions at other places and miss out on the resources available at larger ones. Remember you can move your license at any time.

Maria