Obtain Indiana salesperson/broker license before July 1st or no?

Question

I'm looking for some advice from our investors and agents in the Indiana and Indianapolis market. I've thought it over and feel that obtaining my salesperson license (soon to be broker license) is the right move for me.

I have reviewed the scenarios via RECP's website (http://www.recp.org/RECP/Resources/FAQs/RECP/ContentAreas/Resources/FAQs.aspx?hkey=eeb3a5da-9d4b-4bff-bec2-70a512b96eed) and I'm open to feedback on whether or not I should wait til after July 1st 2014.

For those just curious, Indiana has made some law changes that go into effect July 1st that removes the salesperson license while moving to a Broker vs Managing Broker structure. As the link shows, I would have to pass the 54 hr pre-license course (by passing 3 tests), pass state exam, apply for salesperson license, pass a 24 hr broker transition course, pass 25 question exam, and apply for the new broker license (all before July 1st).

I'm not married, no children, 28 years old -- so I have time :-) If I can finish in 3-4 weeks, I would gain access to the MLS (BLC) about 2 months sooner.

Is there anything else I'm missing?

Cary Trusty · Answer

Thanks for the feedback guys.

It is a tough one or me. I'm a bit of a control freak when it comes to certain things. I love running numbers and assuming as much information at possible. I feel like I don't have enough control without access I suppose. Properties seem to be moving too fast and the thought of waiting to access a property when my schedule matches up with my agent just doesn't sit well with me. I looked for over 2 years before I bought my own home (searching online daily). I would probably drag a poor agent around to view every potential deal I find :)

I appreciate the advice though and will reconsider what my short term goals right now.

Ben G. · Answer

If you are new like it sounds you are, I would recommend following what Alan said and focusing your efforts on other areas.  What are your goals?  Are you wanting to invest, flip, wholesale, or just become a broker?  If you're wanting to be a realtor then by all means get your license.

If you're wanting to invest, then focus on finding deals, and before you know it you'll have a relationship built with a realtor who will give you access to the MLS.

Alan Depauw · Answer

@Cary Trusty 12 hours isn't much of an advantage to get the license early (perhaps at the cost of other things you could be spending time on right now). I'd put more weight on being sure you actually need the MLS to accomplish your short term goals and making sure the timing is right.

In my case, I'm just starting out and want to see if I can find and analyze deals without my license. Then as things progress, I see it as a necessary tool to get to the next level. Until then, I feel I should be putting my time into ramping up to that level where I need the tool.

Cary Trusty · Answer

@Wayne Brooks

Its essentially (54 + 24) 78 hours vs 1- 90 hour class.

@Adam Gerig

Good point. They haven't posted what the new class fees will be but given its more hours, I bet the cost will go up. Also, under the new law, it appears I would be required to take a 30 hour (post-licensing) course within my first 2 years but don't have to if I transition before July 1st.

I'm curious for those that have done it how long it took to apply for the broker license and get it returned.

@Shawn Holsapple - Have you transitioned already?

Thanks everyone!

Adam Gerig · Answer

I'm transitioning my license over to a salesperson and honestly if I were starting over I'd just wait.  It's going to cost you more money to take the 4 tests and 2 different classes then 3 tests and 1 class.  That being said if you can't wait go for it, but I hate to be rushed on things and with the 3 tests you have to pass(class, fed, and state) you have to schedule them out and it may rush you by the time you get to middle of May in passing a class.  Again, just my thoughts, but if you have any questions in the interim drop me line.  Be well!

Wayne Brooks · Answer

I didn't read the link, but I assume it more of a nomenclature change, more than anything else...salesperson/broker and broker/managing broker.  Is it more work if you get it now, or after the change?