Just Do It - Become a Realtor

[Bryan L.]

I feel like I've answered this same question a thousand times. Just go ahead and do yourself a favor and become a Realtor if you plan on doing any MLS deals at all. No, it's not essential, but it will make your life so much easier. And, if you do only 1 deal (buy a fixer, rehab, and sell retail) you will have earned enough commissions for yourself to cover all of your costs for a year of being a Realtor. I'll list out some of the advantages below, but before I do let me answer one common concern - No, you do NOT have to do any "Realtor" work. Let me repeat that - you do NOT have to do any "Realtor" work. And for those of you who say, "but I don't want to be a Realtor" - you do NOT have to do any Realtor work. Seriously, I never do open houses, I don't sit in the office and answer the phone, I don't drive people around in my car. I do take a few listings (my choice) because they are fairly easy money, especially when you set your system up to let other Realtors sell them. But still, you are NOT required to even take listings.

Advantages:

24/7/365 access to the MLS, customize it like you want it

24/7/365 access to vacant properties (those are the ones you will focus on anyway)

write your own offers, when ever and where ever you want to.

do your own negotiations

networking

opportunities to make referral commissions (this is REAL EASY money)

knowledge and education

access to the courthouse records often comes with the MLS access

earn a commission when you buy an MLS-listed house (that's cool)

save on commissions when you sell

access to state-approved forms

[James Park]

@Bryan L.

1. If you open up your own brokerage, you can operate as an "S - Corp" and have 50% of your profits not subject to FICA tax. As a real estate agent your entire profit is your income and you are not allowed to operate as a corporation which has many tax benefits.

2. You have more control and freedom. I used to be with a brokerage similar to Crye-Lieke here in metro Atlanta for the past two years, and it would really annoy me when they would call me and tell me upload the same document three times. Sometimes i wondered if they knew what they were doing. I would call several times and many times I would get put in the voice mail and would not get a call back for days. I have to run all marketing through the broker. I didn't have the freedom to property manage my own properties and for others as this particular brokerage did not like property management.

3. You get paid at closing every time directly. My previous brokerage allowed pay at close, but you have to follow all their rules, like submitting X, Y, Z contracts within 48 hours, and you have to use their preferred closing attorneys. That all goes away when you are your own broker.

4. I think clients perceive you to have more knowledge when you are a broker vs a real estate agent. I think it is really important to own the product and be passionate about the products that you sell to your clients. When i tell my clients that homes in this school district is the best, and I personally own several homes in this school districts. My clients also want to buy.

5. One great thing about being a broker is that you can build your own identity. You have to see yourself and your company as a brand like "Coca Cola" and "Nike". My second passion is graphic design which allows me design all my marketing materials, signs, and business card and become the Chief Creative Officer of my own brokerage.

Attached is a sample of my business card and sign i designed.

6. I named my brokerage after a new emerging city name in the northern suburbs of Atlanta which is city i am very passionate about.

These are a few that comes to mind. I will list more advantages as they come along. Before I was hesitant of starting my own brokerage and possibly joining Keller Williams as a associate broker, but now I know in my heart this is the right path for me.

Originally posted by @Bryan L.:
OK @James Park - I'll bite. What are the advantages of opening your own brokerage firm other than the obvious advantage of not having to split my commission?