Why Not Get A License??
I have an honest question for the bird dogs out there....What stops you all from getting your real estate license? It seems like you could make a lot more money and have access to more sales data, etc. I just got my license 2 months ago and put together my first deal with a developer...12 parcel assembly with a sales price of over $4,000,000.00. It is amazing how much I will make on this deal. Seems like bird dogs would make a lot more for themselves if they just went and got their license..?? Just curious....
From what I have been told its the initial cost and the liability. As they are they arent governed by the state licensing board. they can make some quick cash without having to go through the training, and also feel out the industry to see if thats what they would like to do. I know from my dealings with a lot of the realtors, it isnt a pleasurable experience. The few that will work with me I hold on to tightly. Some of the people in this industry will get there license because it fits there needs. I personally wont because of the liablity issues and I like to make my own hours. But I have seen some that absolutely love being one. I guess its a personal thing.
Kyle
Kyle is right, some don't want to have to deal with the legal aspects of being licenced. Once you are, you have to disclose that information to the seller, buyers, whomever is involved. Also, once licenced, you MUST obey all regulations with real estate. It just may not be cut out for certain people
woodsong,
Glad to meet you.
There are about 12,000 licensed real estate agents in Las Vegas, I can just about guess how many make more than $15K a year.
Sure you get luckiy once in a while with a deal like in any other profession if you are good I mean really good you will make money. Just ask around how many agents last over the long haul or make any serious money.
Some people like the freedom of not having to man the phones, call the FSBO's, your turn in the barrel this weekend, etc. or all the other things that go along with having a JOB.
There is nothing that any Realtor has that I cannot get myself in the way of information. As a matter of fact I have had some really top real estate agents in my workshops that did not realize the amount of information available to them or where to get it and how to use it for thier own benefit.
Some Bird Dogs enjoy what they do and stick with it, some move on to creative real estate investing, however they don't have to put up with the myriad of regulations that agents do.
Just the way I see it.
John $Cash$ Locke
Kyle,
I hate to say it but he is right. I must admit that when I took the license I did have to take the black patch off my left eye and set free the stupid parrot that sat on my shoulder. I still say Arrrh, but I no longer mean it
The real difference is that you must conduct yourself in a moral manner, no more dating escrow officer ladies to influence an early closing. No more standing in front of the falling down garage while taking a picture for the friendly inspector. No more helping the appraiser with his measurements and grabing a fist full of tape to add that extra ten feet of frontage.
I miss the old days, The Munchausen days are gone and with them a certain aura. But of course the pay is better and nobody makes funny remarks about my long ears and my mommy.
A Bird Dog no more, now just a simple law abiding goniff in sheeps (broker) clothing.
Cheers Lucius
John Locke is on the money...
I am a previously licensed realtor and loan officer...
Liability is no.1 issue.... The average time to regain your "ignorance" is 2 years after license expires...
Even with disclosure of licensing the liability remains and benefits are no greater...
I believe the national average for realtors is $7,500 a year in income...and less than 1 year on the job...
Its a job about self promotion and image... if you want to make it in real estate...invest...creatively...
How many rich realtors do you know?
How many millionaires made it investing in real estate?
Am I hearing right??. Being a Realtor means you have to be moral and not being one means you don'tt??
Being a Realtor means abiding by real estate laws and not being one means you don't???
Being a Realtor means no more deception and not being one means deceit is O,K.?
Too much liability? Ever hear of E&O insurance? Too expensive--nope.
I hope that those on this board don't think they are exempt for morals, ethics,and real propert;y laws. You may be the Attorney General's stepping stone
to higher political office. You could be your attorney's trip to Europe and the answer to his kids college education fund.
The primary reason it's no necessary to be licensed is that Realtors just work for tips. You can make more on one transaction than most Realtors make in a year. Obviously, there are a small percentage who make mucho dinero. Most just get by. The attrition rate is horrendous and the competiton is fierce. It's much more fun to do deals for yourself.
I hear what you all are saying and agree with some of it without a doubt. It amazes me that agents would waste time at a desk answering phones, dealing with tire kickers, etc. That is 100% why I do no not fool with home resales at all. Maybe I am at an advantage where I did development and building (still do some) for 5+ years prior to getting my license. But you want to talk about liability...let's talk about building new construction homes and subdivisions! Now that has some liability issues that are huge that I got tired of. I am having a blast though now...a $4,000,000.00 deal already with signed contracts that is truly a once in a lifetime property so the sale is inevitable and I will make more on this deal than I can imagine and I only have invested about 1month's worth of time on it and the cash I will walk away with is more than a lot of real estate investor's I know make in a year's worth of work.. I already have a few other big tracts lined up too.
I guess we all have our own niche, but it made me wonder why others spend so much time dealing with houses when there is so much money to be made in land. I would rather do one big land deal than 30 little house deals. [ Edited by woodsong on Date 10/14/2003 ]
I'm also toying with the idea mainly for insider trading (in RE insider trading is not illegal). What liability issues is there?
I don't like the idea of having to disclose every time i buy & sell, etc but is there more?
Or you're like me... 18, not going to school, no credit, $2000 in the bank. Dying to get into investing. Sure I could work my butt off to get one rental property giving me an extra $50/week, but then I will still have to work 40 hours a week making an hourly wage. Yes I would like to get into rehabs, but, as I mentioned above, no credit.
So.... I'm getting my realtors license. I do have some networking from my moms coffee shop. We have many family friends. So I'm going to do that, what better way to get STARTED in my REI career?
Chase
Chase,
If you get your realtors license keep me posted on any investment opportunites you come across particularly in Ankeny or anything on the Ames MLS. I'm primarily interested in multi unit properties (3-4 plex minimum) and rehabs built after 1960.
You can reach me via email **Please See My Profile** or 1-888-861-1370. Thanks[ Edited by myfrogger on Date 10/18/2003 ]