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Updated about 9 years ago on . Most recent reply
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Being a RE agent, but also wholesaling deals?
Hey everyone,
Forgive me if this question doesn't make sense. I'm still very new to everything real estate. I am currently finishing up my real estate license procedure so I will be a licensed agent within the next two months. Like I said, I still am new to everything real estate whether that be agency or investments.
My question is this: Can you be a real estate agent but also wholesale deals to investors as well? From what I can tell, I, as an agent will be similar to an investor's "bird dog" when it comes to finding deals. Say that during my work as an agent, I come across a few deals that I feel would be easy wholesaling properties. I find these deals, put them under contract, and then assign them to an investor for a wholesaling profit.
Is this scenario profitable? Frowned upon? Encouraged?
Like I said, I'm still feeling my way in to this wonderful world of real estate so I won't be making any deals within the next 6 months or so. Thanks in advance BP community!
Most Popular Reply
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- Real Estate Broker
- North Richland Hills, TX
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Originally posted by @Brennan Boyd:
@Chris Soignier Thank you so much for your reply. That answered my question. I definitely would not risk getting myself and my broker in jeopardy because I did not disclose my license status. Somewhat of a side note: do you think it gives you an edge as an investor to also be a realtor? Or vice-versa, do you feel that it gives you an edge being a realtor who also invests in RE?
You need to do more than just disclose your license status - act like you have a fiduciary responsibility to the seller, and you'll stay out of trouble. Having a license has both pros and cons:
Pro:
1) Access to MLS, which includes much more than just comps. I also get an e-doc signing system, leads, and lots more
2) Greater opportunity to monetize leads, since I offer an extra solution (listing) than most wholesalers and can position my proposal to best meet their needs, vs. my needs if I'm a 1-trick pony
3) It's another way to monetize your real estate activities, w/o involving your own capital beyond reg. operating and marketing costs.
4) I pay 0% commission on my side of my MLS transactions. This might enable me to pay more or sell for less.
5) I can go look at any listed home I'm interested in, no waiting to align schedules w/ anyone else.
Cons
1) Being a REALTOR is expensive! Licensing, training, MLS, board dues, desk fees,etc. One decent transaction per year will pay for those costs, though
2) You're held to a higher standard, and can't pull the wool over little old ladies' eyes to "steal" their houses. Not really a con, but perhaps a comp. disadvantage at times.