All Forum Posts by: Sonya Stovall

You can only receive a commission in the state in which you are licensed, even if your broker is licensed in multiple states. If you want to invest in VA, and only be licensed in DE, but your broker is a licensed broker in VA, then you can do a referral with your broker. Most referrals are 25%, and they come off the top. It is also up to the discretion of your broker, but he/she could offer you more than the standard 25% referral fee, so discuss it with them.

@Nicholas Vitalo the MLS access for the DMV (MRIS) covers DC/MD/VA/PA/DE/WV. I concentrate in the MD/DC areas. The listings in PA/DE/WV I think mainly cover those areas as you say that are close to the border of MD. You need to see if there is another Realtor Association in DE that uses another MLS (other than MRIS) that covers DE exclusively and may include more or different DE listings. The key is to find a broker that also has a license in all of the states you want to serve. I have worked with different brokers at the same time(due to different licenses) and it is not fun, it's more easier and less complicated to work with one office. If you get the access to the MLS, you will have the information for VA/DC, etc and even if you do not have the license, you can always do a referral to another agent. Additionally, clients want you to be knowledgable about the area, and there is some knowledge you just can't get form just doing a desk study of the market. So it is also hard to come across as "knowledgable" in all of those states/areas.

@Jesse Holmes Welcome to the area.  There is a group that meets in Bethesda also. Below is the link from June.  You can go to the site and get on the list to get announcements.  You will love Bowie.

http://www.eventbrite.com/e/wreia-june-meeting-creating-dollars-from-dimes-live-in-bethesda-mon-622-630-pm-tickets-17205172133?aff=cc2

I did both and you will find that a lot of appraisers are also Realtors. Talk to someone that has done both in your area. Both have tons of CE requirements and with USPAP you want to be aware of what it means to have both credentials. I was first licensed as an Agent, then immediatley took the appraisal classes and did my required work. It took all together 2.5 years ( you will not be able to do it much sooner). I did General, so I could appraise Commercial. As an apprentice, you may or may not be paid. Now you need a college degree, and the classes are not always local. Also, finding someone to work under can be very difficult. People do not want to take the time, it takes away from them appraising. Most of the small firms are family oriented and no desire to bing in someone. As an appraisal, I had full access to properties (just like realtors) because we belong to the same Realtor Association that grants MLS access, etc. So there was no need to contact agent for access, etc.

Once you get your license, it then takes time to get on Bank List so that you can be engaged to appraise properties(if you have a desire to go solo and not work for anyone else). It is a process, and sometimes you might not get paid. Agents are paid at the closing table, appraisers are paid outside of closing, and some people (individuals, banks, AMC, you name it)don't honor their commitments. Things have gotten better, but like any industry/retail, non-payment fees are an issue. This happens more often on the Residential side, not Commercial so much. I love having both and learned aspects I feel I could only understand having both and worked as both.

You have to decide what is best for you & your pocket. With CE, E&O Insurance, split fees, and marketing; it can cost a great deal. With TX being non-disclosure (like MS) I believe if you can work under a good appraiser, you will have access to commercial data & sales that will not be in the MLS and in pubic records. Good luck!

@Juanita Brazziel condos in the DMV are pretty common, and having no parking is also not as a big a deal as in other areas. Having it is a plus. In some areas, condos are highly sought after, so always, location is key. If you are not already aware, have your Realtor, give you some market data on the area your condo is located in and compare it to other areas in DC. Also, check to make sure, the condo is in good standing with FHA, you can check it out on their website. I hope it works out.

@Pavlos Kasselouris you can always close the pool (keep it winterized) and do not allow the tenants to use it.  Make it clear in your lease, that use of the pool is prohibited. I  know others that have done this with rentals and they do fine.  You as the owner still need to carry the extra liability insurance. A friend is currently doing this and has had the same tenant for 3 years, with young kids; no problems thus far.  She does maintain her insurance but the pool has a high end cover on it and it is not usable by the tenants. Like Daria said this may be too much trouble for you, depending on the cash flow & the property.

@Sam Sharata also FYI, I'm not licensed in VA so I'm not trying to get your lisiting; just trying to see if I can help and offer an outside opinion.

@Sam Sharata what is the property address? You can inbox me if you prefer. I would like to see your MLS listing to see if I see anything that suggests what your problem might be. Thanks.

@Ariam K. Welcome to the DMV.  I moved here in Fall 2010.  You can reach out if you like.  Currently licensed in DC, and hopefully in MD by the end of the summer.  Good luck.

@Brian Ky it depends.  Each state has it's own reciprocity rules.  I was originally licensed in MS, then moved to Maryland.  My MS License easily transferred to DC.  All I had to do was pass the DC Law portion of their test and take an additional Fair Housing class.  If I wanted to transfer that same MS license to MD, I had to take the National RE exam all over again, plus the MD State Law and additional Fair Housing classes.  So I opted to get the DC license first.  I plan to get the MD licesne this year.