Need Guidance on Licensing and the Future

[Andrew Davis]

I'm interested in real estate investments and have seen mixed advice on whether to get a RE license. Questions I have after doing some basic reading:

(I am in Dallas, TX and would plan to get my license there)

1. What are the costs associated with maintaining your license? I've seen courses to get the license so I have an idea of the initial cost, but maintenance is an unknown to me right now.
2. Is it possible to practice while working full time (by possible I mean practical/have you made a sale while also working full time)? While I'm starting out I'd like to be able to carry the maintenance costs during the year by making a few sales; however, I do not plan to quit my current job to practice full time.
3. How do you go about finding a broker? I had thought it would be simple to get MLS access with a license, but it seems after reading a few threads on BP that your broker will determine the MLS area you have access to.
4. Any recommendations for license courses?
5. Assuming I attain my RE license, what would you recommend as a next step for someone just starting out in terms of finding a broker to work with (ie, go for the biggest name like Keller Williams or find a smaller local company)?

Thanks in advance!

[Holly Baldwin]

@Andrew Davis

Hello! Although I am from Utah, not Texas, I thought I would answer your questions from my point of view in hopes of giving you at least one point to ponder on:

1. Maintaining license costs - Here's my example: I just went through online school ($609) and graduated. Then I took the state licensing test ($66 test fee) and passed the first time! I then went to the state division of real estate and paid my licensing fee ($152). Then I went to the local Realtor board and paid all my national and local dues to have the "Realtor" designation ($1155.00). That cost was prorated because I didn't have to pay for the entire year since it was February already. Then in October of this year, I will pay in advance for 2015 member dues ($795). Luckily I will get most, if not all, of my continuing education credits done for free through that local board because I am a member, among other perks.

2.Is it possible? - It is totally doable to keep your job and do RE on the side! It may take you a little longer to get up and going, but its your business, you decide. I work a part-time job and am a stay-at-home mom in addition to starting my RE career. Sometimes the scheduling can get tricky, but I'm not letting that stop me.

3. Finding a Broker - As I went through school, each course caused questions to pop into my head.....these questions were ones that my future broker would have to answer. So anytime I thought of a question, I would jot it down on a piece of paper. By the time I was nearing the end of school, I had a full page of questions to ask my future broker. (If you would like me to email you that document, PM me and I would be happy to share it with you!) About one month before I was to take the state licensing exam, I called different brokers in my area and set up appointments to meet with them. When meeting with them, I asked them my questions from that page and filled in their answers on the very same page. After interviewing six or more brokers, I had a good feel for what broker and what brokerage would best fit me and my personality and goals.

4. Course Recommendations - I can't help you there since I am not in your state. Make sure your state will accept the particular school you choose!

5. Finding a Broker to work with -(see answer to question 3) Whether you go with a local brokerage or a nationally recognized brokerage, it depends on what is going to fit you best. I was heavily leaning toward Keller Williams because of their training and systems. After interviewing 2 different Keller Williams brokers, I decided not to go with them after all because I didn't think they would relate to me very well or value what I value. My personality was the exact opposite of theirs. In the end, I went with a more local brokerage that more closely "fits" me. I have to say that even I am surprised at that outcome.

Well that was the long answer to your questions. Hope it helps you in some way. Good luck! -Holly :)