Realtor Companies

[Charles Elfman]

BP Team,

Recently I just passed my RE exam.  

I want to be a Real Estate Investor, not just an Agent.  Primarily I want to find deals for me and think having my license is a good way to start.  I want to avoid paying for memberships to association (or figure out if they are worth it) and get on the investor track.  

I haven't signed with a broker yet and I have a few general questions before I jump in with a Broker.

• What should I be looking for in a broker?
• Are Realtor Association worth it?
• How important is MLS access?
• Should I do a few deals before I buy my own property?  
• What costs should I expect to pay?  
• Don't limit yourself to these questions either

Thanks,

Charlie Elfman

[Zach Sikes]

MLS Access is going to be a must - so by default you will need to join the associations. You'll need access to the homes you would like to sell.

The only reason I wouldn't join is if you were only doing property management. 

[JOAN DICKIE]

1. look for a broker that doesn't care that you are an investor and won't be closing 5 deals a month.  Tell them up front your plans.  Some brokers only want agents who will be high producing. 

Look for a broker with the lowest monthly fees and lowest takeout from commissions earned.

Also find out if they will charge you for personal transactions.

2. Realtor associations are the gateway to having the MLS. Most REAgents find no other use.

3. The MLS will not only help you get immediate notice of houses for sale, it will more than likely give you sold info so you can get more accurate values.

4.  Why not go ahead and buy.  If you do a few deals first, you are going to have to prospect, unless you have a large circle of family and friends Who want to use you to buy or sell a home.

5. I don't have any specific costs for your state, but here are mine. I pay about $700 for national, state and local dues. In many places, you have to belong to all three. I pay $45 a month for MLS access. I pay about $35 a month for office fees and about 36% of each transaction up to a certain amount.

You will also have continuing education you must complete every year or two depending on the state.  It can vary from about $10 on up per credit.

You really need to judge how many transactions you will be doing every year to know if it is worth it.  Maybe you want to do a transaction or two before deciding whether to get a license.

Good luck and keep us all up to date on your decision and future transactions!