Just obtained my Real Estate License, need some pointers.

[Dimas Espejo]

Good Afternoon BP!

Just passed the state exam yesterday. (Yippie for me) lol, I want to know some of the best ways I can use this for my advantage in the Real Estate Investor industry. Obviously I will have access to MLS, but are there any other benefits, to having your Real Estate License when it comes to Investments? It may sound like a dumb question, but being a newbie requires me to inquire. Thank you all for your time.

[Jennifer King]

@Dimas Espejo Congratulations! I don't have an answer for you, but this sort of question is pretty common, so if you don't get enough answers here trying searching the forums for past conversations about the pros of having a RE license. Meanwhile, I wanted to say "well done!" to you for passing your exam, and hope you get some good insight here!

[Dimas Espejo]

Thank you so much for your response @Jennifer King. I will definitely search the forums for more insight. I really appreciate your time.

[Chris Grenier]

Best way to do it is reaching out to other agents who have done business with investors and seeing who bought properties cash in the investment areas of your city! 

[Jonna Weber]

@Dimas Espejo - congrats!  It really depends on the type of investing you do.   I especially enjoy being able to get into properties right away, vs.  having to bother an agent every time I want to view a home. 

[Dimas Espejo]

Thank you so much for your response @Chris Grenier. I definitely plan on networking for sure. I am going to my next local REIA meeting.

[Russell Brazil]

MLS access, and the ability to see properties when you want to, and the ability to get a commission are the big pluses.

However there are also a number of minuses which many people often overlook. Being an agent comes with overhead. The costs, at least in the markets I operate in, arnt exactly cheap. There is also the fact that now you will be under the scrutiny of the real estate commission and other regulatory agencies. That means you need to be all the more careful about following the law, and laws you may not know exist...and while not knowing about them as a layman might get you a pass, as an agent it will not. Getting too good of a deal on a property too can sometimes come back to bite an agent in the but. Months later after you close, the previous owner files a complaint with the real estate commission, and now you have to go defend yourself, pay your E&O deductible and still likely get a large fine you can do nothing about. Ive seen this happen a number of times to agent/investors I know....but I am a much more highly regulated market as well.

[Dimas Espejo]

I agree 100 percent with you @Jonna Weber. That was definitely one of my top reasons for obtaining my license. Early Access is always a good thing. Not having to wait/bother someone to gain access is always amazing.

[Dimas Espejo]

I truly appreciate your great wisdom and insight on this matter @Russell Brazil.  I completely understand what you are talking about. In class they would always say that Real Estate Agents are like wolves, and to be careful, because agents are scrutinized heavily. I look forward to the benefits you provided here today, and appreciate you informing myself and others with some of the negatives that come along with being an agent as well. Thanks for your time.