What should it cost to become a Realtor?

Wally · #1 01-26-2008, 10:24 PM

I'm doing very well as a Creative Real Estate investor in my niche. But I would like to expand out a bit now that I'm getting closer to retireing from the Army.

I have no desire to be a Realtor, most in my area are very frustrated and broke. But I would like to learn more about the industry.

What should it cost me to get the education here in the Texas?

I'm not sure I want my license as it may hinder me more than help but I would like access to the MLS. But what should it cost to get the training and get my license?

I know some Creative Investors have their Realtors license but only to have access to the MLS, they don't work as realtos, and they are not in Texas.

Thanks for your assistance.

Wally Carmichael

Carlidin · #2 01-28-2008, 10:38 AM

Not sure about Texas but here in Missouri it cost me about $1,000 to take the classes, take the test and then pay the MLS dues for one year. I do belong to two MLS systems in order to cover the area's that I wanted to cover. That would be something you would need to check into also. The MLS does not cover the whole state.

Carolyn

Wally · #3 01-28-2008, 09:25 PM

Thanks for the information Carolyn,

I did not realize the MLS only covered certain areas. Before I moved to Texas from Hawaii I worked with a couple of Realtors to get access to expired MLS listings. At the time I was only concerned with that area but now I'm expanding out of my area.

Again, Thanks

Wally Carmichael

carlam · #4 02-13-2008, 04:50 AM

If you are a big time investor and this is what you will be doing for income after you retire then it may be worth the cost. It is costly and there are yearly fees and classes to keep certification.

Here in FL you need to "hang your hat" with a broker in order to have an active license. The broker may charge monthly fees as well.

If this is just a hobby, find an agent you trust and feel you could have a working relationship with. This could save you big bucks in the end and if you plan on buying/flipping houses using the same agent they should be willing to work on a sliding commision scale. It benefits you both, you are free to work on the houses and the agent finds the deals and sells them when you are done.

PPorter99 · #5 05-09-2009, 11:39 AM

I have to agree with carlam. I have several clients who are in somewhat similar situations as you (i.e. wanting to do some investing and considering a RE license). They are just getting started and plan on doing a lot of renovation work on the properties they buy. My advice to them was that they would have their hands full as is, and would be better off focusing on renovation and working with someone who is already an expert in finding and selling properties. As carlam said, if you are going to do this fairly seriously with decent volume, finding a good agent to partner with could be an excellent option for you. So far, for the one client of mine who has moved forward with this and took my advice, he has been very happy with his decision. But... to each his own, right?

P. Porter, the Philly Refi Guy
Philadelphia Refinance Help
PhiladelphiaRefinanceHelp.com

REITrainingWhse · #6 05-09-2009, 10:52 PM

Wally,

I think you need to stick with your decision and not become a RE agent, as then you need to always disclose to your prospects that you are a licensed agent, even if you are just acquiring more investments for your self. Muddy waters. I know of several investor/agents that have to do this, and since you are just looking for a way to gain access to the MLS, and you are not intending to actually perform the duites of a RE agent for others, it is not worth it (my opinion.)

Like many before me said, find yourself a RE agent that you can work with... Yeah, I know that sounds A LOT easier than what it actually is, but there are seemingly an ENDLESS number of agents out there, so start interviewing as you procede through your RE career. It might take a while, but if you are honest to what you are looking for and what you will offer in return, you will minimize the time wasted, for some might tell you that they will not work with those terms (if they wont,) though even though I have done that in the past, I have found "firing" many of them, since they didn't follow what I needed, (even though I told them what I wanted before we even started... But that is another story.)

Besides, with the turmoil that is out there today, COMPS are about as good as toilet paper, as if they are not SOLDS within 3 months, within a very tight radius, who knows if they are any good (my opinion, and observation.) Before all this the MLS held a much stronger interest with me, now I don't know.

Anyway, again stick to your decision of not becoming a RE agent, since you are just looking to improve your investing career, and not become an agent for others. Let the army of agents out there provide you with the service they "signed up for."

Later!

luke8000road · #7 05-11-2009, 07:52 AM

MLS , a new word for me, i am learning it

First Time Home Buyers · #8 05-11-2009, 11:24 AM

Quote:

Originally Posted by Wally

I have no desire to be a Realtor

Then why do you want to know how much it costs?

My "dream" is to live off up assets, such as RE investments and rental properties. To get there, I decided to become a Realtor and learn the business from the inside.

Makes the most sense for me, even though my dream isn't to be a Realtor forever.

If you don't have the drive or right motives for being an Agent, don't do it.

kevin@BootStrapLearning · #9 05-13-2009, 12:00 AM

Quote:

Originally Posted by Wally

What should it cost me to get the education here in the Texas?

In Texas, your education should run you $400-$600 (online), licensing fees, Realtor Board fees will bring that up to ~$2000. If you plan on paying out more commission than this in a year it is probably well worth your while to get your license and write your own contracts. After the first year the annual costs go down as the education requirements are less and license fees are not due every year. Board fees are paid annually and MLS fees are paid quarterly and are tax deductible.

Quote:

I'm not sure I want my license as it may hinder me more than help but I would like access to the MLS. But what should it cost to get the training and get my license?

I am not sure how having a license would hinder you. It really depends on your level of involvement and the action you generate as to whether it is a cost effective choice for you.

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