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Updated about 11 years ago on . Most recent reply
Best way to go about getting MLS access
Well first I like to say i am very glad i found this site. Sooo much great information to learn. I'm new to real estate investing but, have read many books and try to soak up as much info as i can. I want to take a crack at flipping houses here in new jersey. And from what i gather having access to MLS listing will help alot for comp analysis. Here in New jersey we have to work under a broker for 3 years after getting are realtor license. I really have no interest in becoming a realtor i rather just work for myself.
So i am wondering is there anyway around this at all? Could i get my realtor license and just work for a broker part time buying and selling houses for myself? A friend of mine told me that you can also get access to mls by being a appraiser. I am sure there are people in New jersey that flip without having access to mls just wonder what they use for comps? I just hope i am not going about this all the wrong way. Any feed back on this would be great. Thanks!
Most Popular Reply
There are a few ways to go about it.
1. Become a realtor. Yes there are Brokers that will allow you to work part time. Here in Maryland there are brokers that require no quota, no desk duty, You could do a search for 100% commission brokers.
2. Work with a realtor. Pay them something for pulling comps for you. You would have to find a investor friendly realtor.
3. Partner with another flipper or someone who has a realtor on the team that you could utilize.
There are other ways but these to me are the simplest.
There are a few ways to go about it.
1. Become a realtor. Yes there are Brokers that will allow you to work part time. Here in Maryland there are brokers that require no quota, no desk duty, You could do a search for 100% commission brokers.
2. Work with a realtor. Pay them something for pulling comps for you. You would have to find a investor friendly realtor.
3. Partner with another flipper or someone who has a realtor on the team that you could utilize.
There are other ways but these to me are the simplest.
When you are a Realtor, you are working for yourself. You don't have to actually do any "Realtor work" if you don't want to. As long as you find a broker who will let you hang your license there. They will be making money off of you any way when you buy and sell your own stuff.
I am a licensed agent in NJ. I do RE part time and acquire clients only when I know I can handle there needs. I work a full time job with flexible hours and part time RE. It all comes down to time management and weighing your options. Is it worth paying $2k a year to have access to MLS but only sell 1 or 2 houses? That is a personal question, for me the answer is yes. Although I shoot to sell more, as long as I sell a few properties a year and offer high quality assistance my reputation builds, I learn the tricks of the trade and best of all I maintains a full time job (which makes qualifying for loan way easier). End game for me is work now, invest now, learn RE, quit job, be full time agent with passive investments.
- Shawn Mcenteer
- 9739753895
I would recommend finding an agent to work with. You will be a good repeat customer and there are agents that will pull comparable sales. Once you are licensed you are held to a higher standard and you can face a lawsuit even if you are acting legally.
Thanks for the quick reply's! I will get my realtor license for sure then. I would then get commission from my own flips. If i can just buy and sell my own stuff that is perfect. If anyone has any recommendations for real estate courses in central new jersey that would be great.
And thanks again Tyrus and Bryan!
I think the best if not easiest way to go is to get an Investor friendly Realtor. One that would be able to appreciate the reciprocal value that you bring to each other.
Michael do you think if i plan on doing this for a living it would be better to get my license? I'm working with a realtor now its just that i rather do the comp analysis myself. Then i could really put the work in instead of making someone else do the work for me. I plan on doing 3 flips my first year if everything goes well. I just need to find a broker that would be fine with that. I really have no interest doing the whole realtor thing. If i had more time i wouldn't mind doing it though.
I would suggest networking with various realtors to find that one that would be a fit for you and your business and in return provide the realtor with your leads that are looking for retail value. This is one way to give something in return to the favor needed. Hope that may help
I am posting from my phone and slightly rushed, excuse me if I am repeating anything:
If you plan on selling your own property through the MLS in NJ there may be rules and stipulations regarding how you can do that. I believe you would have to sell it through another agent in your office and then receive a referral fee for the sell. So technically you would not be selling your own house. An agent in my office did that, I do not recall if that is company policy or state regulation.
- Shawn Mcenteer
- 9739753895
Thanks for the reply Shawn. I think access to the mls is worth the 2k a year easy. It will help get the numbers right on point. I follow J Scott blog and i notice he get's some commission on his sales. He really recommends getting a realtor licenses. I just don't want to be "forced" to do anything since my time will be occupied.
I am working with a really great realtor at the moment and its working out fine. It's just i want to take the next step forward. And i think getting a realtor license will also give me a edge for sure. I would really like to know if i can sell my own properties on mls? As long as i disclose i am an agent i don't think it would be a problem but what do i know.
Wayne Fisher I'm from central jersey myself I live in Hamilton which isn't too far from you. I've been looking at real estate courses as well and I found 2 that seem to be good. Princeton School of Real Estate and West Windsor School of Real Estate. Both have day and night classes along with weekend sessions for whatever suits your schedule. Princeton School of Real Estate seems to be a little more expensive but you get a little more "bang for your buck." I was recommended both of these schools by a broker out of Princeton so they seem to be reputable. Let me know if you find any other schools in your searches?
@Christopher Giannino Ask for specifics on what the extra bang for the buck is. The teacher in the coarse I took literally told us the first day you will not use 85% of what you learn in this class, so far its more like 95% lol. With that being said I am only suggesting that you make sure the extra "bang for the buck" is meant to help you pass the class test and state exam. Additionally I signed up for a online study guide, which was not necessary if you simple read the practice book chapters and review them through out coarse, but it did help. I do not remember which site I used for that but the practice exams did have actual questions found on the state exam.
- Shawn Mcenteer
- 9739753895
@Wayne Fisher I had my license and though it was great to have the MLS access the 2k a year was to much for me. The biggest reason was that my volume of wholesale deals wasn't high enough to support it.
Another avenue you can get MLS access would be to get really friendly with an Agent (heck most of us already know a real estate agent) and see if they will sign you on as an assistant.
@Wayne Fisher - I just got an offer accepted on a HUD house yesterday. My share of the commission will be about $1000. Nice like extra there for being a Realtor.
You mentioned paying a realtor to pull your comps for you. I'm in a similar situation as Wayne Fisher and have been thinking about that approach. Do you know what a typical fee might be in your market for this?
Originally posted by @Scott Costello:
Another avenue you can get MLS access would be to get really friendly with an Agent (heck most of us already know a real estate agent) and see if they will sign you on as an assistant.
Just wanted to say that I read this idea of becoming a realtor's "assistant" on a blog recently, as well. At a local REIA meeting I asked an investor who has his license whether this was something he would ever consider. He had never heard of it before but agreed it would potentially benefit both parties, since he would get some help paying his MLS fees, as well.
Originally posted by @Tyrus Shivers:
I have seen anywhere from $15 to $50. It just depends on how much they are doing and if they have an expectation of future business with you.
Thanks, Tyrus. At that range I suspect it will be cheaper to pay for comps as I go, rather than pay to be someone's assistant, at this point.
I am a newly licensed realtor. If I were approached by someone who was a serious investor, it would be worth my time to help them, as it would bring the commission to my office. As long as their target wasn't an area I was committed to work with someone else, if it were, I'd pass.