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Updated almost 10 years ago, 01/31/2015
Passed Real Estate Exam in MD!!!!
Just wanted to thank the BP community for convincing me to get my real estate license. The past few weeks of studying were quite difficult, but today I overcame all those obstacles to pass my Maryland salesperson exam. Now I need to find a broker to hang my license with, any recommendations? Special thanks to @J Scott @Mark Ferguson whose posts I read and were pivotal in convincing me that in order to be a genuine real estate investor, you need a license. Maybe it wasn't that drastic but that's what propelled me forward. Since I couldn't convince my wife to take the test here I am!!!
@Tyrus Shivers Thanks for the quick response!
I know this is an old thread, but I started the real estate course the same time you passed. I'm just dropping by to let you know that I have passed as well.
So give us an update Anil, how are things going now?
@David Taylor I have learned a lot the past few months and I really feel it's just the tip of the iceberg. The fees to become a realtor are overwhelming. I would highly recommend going with a broker that provides a lot of training on contracts, showings, and other documentation. I went with a broker who is an investor so not focused on training. I have assisted with tenant placement, multiple showings, and in the process of writing various contracts for sfr and mutli. I have networked with many investors, rehabbers, realtors, property managers, landlords, and wholesalers over the past few months. So I think I am in a good position to connect investors to properties. The hardest part has been to get listing agents to respond to my client questions. Ultimately it has been a much slower process than expected but I think once you build momentum it will be like a wrecking ball. Just my opinion!
Thanks for the update. I found a broker and starting the process and you weren't kidding about the fees. This process is more than I thought it was going to be. Ill be pushing to make all of it back soon.
@David Taylor Which broker did you choose? An independent or a big brand name one?
Independent. Murrell Realtors, my dad knows the owner who will train me.
Congratulations sir! I am in the process of getting my license as well, so it's very encouraging to see someone else making progress!
Well done and keep us updated on your success!
@Andrew Davis Awesome, what broker are you going with in Orlando? Are you focusing on first time homeowners or just investors?
Haven't decided yet, but leaning towards Keller Williams. I definitely plan to focus on investors, but I will work with others as well.
What about you?
Anil, it may be a good idea to get some experience and make contacts with the bigger names. If you feel you are getting enough out of it, than paying up the 30% split is worth it. However, most times, after the first few months, it is not worth it at most big names ($3k on a $10k commission, and than you have to pay for all your taxes and fees etc) and a smaller outfit that does a 5% split may serve you better.
@Andrew Davis my focus has primarily been investors but I may expand that focus In the future depending on how much business is generated solely by investors.
@Sam Alpha I agree, everything really depends on your experience at the broker, relationships you build, leads generated, and how busy your office. I could join a different broker but that doesn't really mean I'm going to be any more successful. In General I would take a lower split if I got more transaction done. A part of me wishes my broker had more structure but I knew the focus was more for individual investments not first time home buyers.
@Anil Samuel I see where you are coming from. However, I will tell you that most times you will have to work your socks off to get to a good level. As I have mentioned earlier, joining a big name outfit will give you exposure to the best in the business. However, they will not part with their "secret sauce" as they know that you will be operating on the same ground and that means competition. You will have to dig and dig and you seem motivated enough to just do that. Persist and you will get there with time.
Wishing you the best.
@Sam Alpha Is there anything worthwhile where you don't have to work hard to achieve a really big goal? I have never experienced that myself. For 2015, I am really trying to push myself and record my goals so that I can be more accountable. I don't think anyone will easily part with their secret sauce unless there is a mutually beneficial relationship in place. I am definitely motivated to succeed. Hopefully I can continue to maintain my focus exclusively on real estate in the Baltimore metro area. Only time will tell.
@Anil Samuel I completely agree with you on your first statement. It's good that your motivation levels are high. Sometimes, it is just the determination of the person that gets them through.
I wish you the very best for this year and I look forward to seeing you achieving your goals.
I'm located in VA and just applied for the class to get my 60 hours training. So is the State and Nation exam on two different days? Is it all one big test? Thanks and I appreciate all the info you've provided!