Real Estate Licensing
Hello, I'm hoping to get some opinions on the pros and cons of having your real estate license. I am just getting started in REI and have an idea on the path I would like to take (owner build SF and duplex homes to rent and resell later) and am considering getting my real estate license to make this easier on myself and to also do some part time listing (just family, freinds, etc) I have a great full time job that I want to keep for the time being and was wondering how others have handled getting their licenses to help in their REI ventures and handled a full time job till they were on their feet. How do RE Companies compare and how do they handle part time associates? What are the fees involved and is it beneficial over all? I took the pre licensing classes two years ago but never followed through with getting my license. Any suggestions or opinions in this area would be greatly appreciated. Just curious what others have done in their REI careers as far as getting started and if this is the best way to go or a waste of time and energy. Thank you in advance for the advice.
hey remington -
i've been at this site for the past 9 months reading everything i can, anticipating the start of my RE career. i have similiar RE goals and situation as you. i have a 6+ year old business (outside of RE) which is profitable and provides me with steady income, bankable resources, and a flexible schedule. i want to learn and invest in RE so i can diverse my investments and create another source of revenue.
after hanging out here for a while, i decided to take the 60 hour state course to sit for my license. the sole purpose was to gain knowledge and creditability to advance my RE goals. i never had intentions on working for someone but thought the license would allow me access to the MLS. after the second class, i realized i wasn't going to be able to work under a broker, have access to the MLS, and meet the usual requirements to be a licensee.
i'm currently 1/4 through the class. i think i'll complete the course and possibly sit of the exam (just to see if i can pass it). i'm struggling with how the license can help my RE career. i think the class is definately worth the time and can see how it'll enhance my RE career but the license...not sure. i'm looking forward to other replies to your posting.
I obtained my license about a year ago and worked full time as a realtor for about 6 months. I quit to relocate to another area and took a full time job in a different line of work to support that move. My goal now is pretty much in line with what your wanting to do. I would have to say that obtaining my license and working the field was a valuable education. I wil be hanging my license with a local broker here in the future on a part time basis. There will be continuing fees you will have to pay besides the cost of just getting the license (call your local realtor association for specifics in your area) but should be recovered if you do one decent deal a year. It is one method of making good contacts, does lend to credibility and is a good way to pay yourself even if your only doing deals for yourself. Different brokers have different pay schedules as well. As far as access to the MLS, most realtor associations are allowing public access to it in one form or another (at least here in FL) via the internet. Good deals do make it onto the MLS from time to time and if you have realtor access, the best advantage is you can set up searches for specific types of properties and get email notification when somethings pops and also you get more detail on the property than what the public is seeing. Also you can set up to go take a look at the property and have access with your lock box key. Being able to do this alone is probably the best advantage. Good luck and hope this helps.
Thank you for your replies! It definately helps to hear how other people have done this and whether it's been valuable or not. I'm definately going to check further into it but will have to take my classes over since they have now expired!
One part of the education of the license is networking with other Realtors. That can help you learn a lot. I decided to be a Realtor and when the money starts coming in doing REI also. I think a license and REI goes hand in hand.