All Forum Posts by: Terry Benedict
Terry Benedict has started 1 posts and replied 3 times.
Post: Getting a CA broker's license with minimal agent experience?
- Los Angeles, CA
- Posts 3
- Votes 1
Originally posted by @Marian Huish:
How long have you had your license @Terry Benedict? The fact that you never affiliated with a Brokerage is a red flag that may deter a Brokerage from bringing you on as that’s one of the most basic things you should’ve learned during your pre-licensing course. I would say getting your brokerage license is also a longshot! While eXp Realty doesn’t require min production requirements, they also do not permit property management under the eXp name. You’re better off going under a property management company. If you’re collecting fees for managing properties without being a Broker, that’s not legal- even if it is for family! You are also dealing with the public (tenants) so need to ensure they are protected and that you are not liable when things so South. Good luck!
I appreciate the honest info. I think you're right. Getting myself under a property management company is probably the only option that makes sense for me. Thank you!
Post: Getting a CA broker's license with minimal agent experience?
- Los Angeles, CA
- Posts 3
- Votes 1
Thanks for the replies. Regarding brokerages with no sales requirements, if I get 2 years under a broker but very few, if any, transactions, will there be any issues when it comes to meeting Broker License requirements in CA? My guess is yes...?
Steve's option sounds like it might be the most reasonable thing to do if I'm not interested in sales and want to focus on property management.
Yes, that's fair, and I don't necessarily disagree. I don't have any intention of managing for anyone outside of my family though, and I do try to manage ethically and fairly to all my tenants, and I try to keep up with CA tenant laws as best I can. There are a ton of licensed property management companies that treat tenants a lot less fairly than I do. My intention is not to try to do something more shady. I'm trying to do things less shady than I already am.
Post: Getting a CA broker's license with minimal agent experience?
- Los Angeles, CA
- Posts 3
- Votes 1
I'm in California, and I self-manage my own rental properties. I also independently manage properties for family members. I have my agent's license, but I haven't hung it with any broker yet. As far as I can tell, that's not so kosher... My family members want me to continue managing for them, but I want to be able to do it legitimately. The way I'd like to do this is by getting my own broker's license, which requires 2 years full time experience under a broker. The sticking point for me to hang my license somewhere is that I'm independently acting as a landlord and PM. And also, to be honest, my desire to act as an agent doing purchases/sales is pretty low. I'm starting to look into brokerages like eXp Realty that might not require a certain number of transactions per year, but just having time under a broker might not be enough to meet requirements. Does anyone have any advice/suggestions?