Real Estate Sales License - Finding a Broker?

[Casey Andersen]

I'd like to get my real estate salesperson license (in Minnesota) for the advantage of our own investments.  I like the benefit of access to properties and saving commission for fix and flip properties.

I'm looking for advice on finding a broker to carry my license.

I don't intend to be a high producing / active salesperson, so I'm wondering if there are brokers that don't mind this relationship?  Are there any brokers that have lower fee arrangements to carry the license?  What should I expect in terms of cost?

Thanks!

[Account Closed]

good question I'm currently taking the 90 hour courses right now for the same reason. will you let me know what you come up with

[Jacqueline Carrington]

Start setting appointments to interview with 3-4 brokers, you can do a mix of local brokers and national ones to see which ones best fit your wants/needs. During this time you can search the brokers you may be interested in and start writing down questions you want to ask them.

[Matt Lennander]

@Casey Andersen I know a broker who offered to hold my license (if I get it) and he would charge $300-400 per transaction on any sales instead of a monthly rate. If you want his information send me a PM.

[David Cox]

I got my license in GA a year and a half ago, I found Keller Williams suited my needs because of the great training offered to me, and the fact I could have 2  personal transactions before I  hit my cap without paying company dollar. Every office is different, and may not have the chemistry that is right for you.I would recommend interviewing several brokers and ask about monthly fees and caps. Feel free to PM me if you like .

[David Moore]

When I was considering getting my license, I chatted with the owner of Fish MLS in Coon Rapids. He said they are very investor friendly, and will just do the fee per transaction. Very few meetings. Plus their signs are really cool looking.

[Casey Andersen]

Thanks for the the ideas.  This will be a good start to research.

[Eric Mayo]

@CaseyAnderson

If you are only looking at being able to do your own deals (not assisting anyone else) you can consider the Limited Broker license in Minnesota. I just replied to another post with the same info. Go to the Dept of Commerce website for some details (http://mn.gov/commerce/licensees/Real-Estate-License/index.jsp).

You don't have the 90 hours of classes, tests and continuing education requirements but it gets you access to the MLS and from what I understand, the commission you would have been paying someone else.

[Casey Andersen]

Eric, thanks for the info on the Limited Broker license.  I did a little more research on this and it requires no education, but you can only represent yourself or if the license is in the name of a company you can represent that company.  As I understand, if you want to purchase more than 1 property, and hold them as separate LLCs or entities, then you need to apply for a separate license for each entity.  It's a $180 license fee.

[Pavel Sakurets]

Originally posted by @Casey Andersen:

Eric, thanks for the info on the Limited Broker license.  I did a little more research on this and it requires no education, but you can only represent yourself or if the license is in the name of a company you can represent that company.  As I understand, if you want to purchase more than 1 property, and hold them as separate LLCs or entities, then you need to apply for a separate license for each entity.  It's a $180 license fee.

Casey, I would strongly recommend getting a re license and take CE classes. This is the best education I have ever had ( I also have BS in MGMT and MBA in finance), but still RE education and getting my license so I could be not dependent on anybody was one of my 10 best decisions in life. After you get your agent license, after 2 years you can get brokers license and you will not need to pay anybody except the state $180/license every 2 years.