How Do I Find a Broker to Hold my License?

Question

Paul Timmins · Answer

@Christopher Broussard

Check out the local REIA find the agent investors ask who they hang with and why.

Paul

Rebecca Meier · Answer

Hi Christopher,

You need to call Adam Kruse, he is the broker/owner of The Hermann London Group and he will definitely do this type of arrangement.  He actually holds my license.  Let me know if you have any questions.

Rebecca

Rolanda Eldridge · Answer

@Christopher Broussard...I got my license after 11yrs of investing.  Woop Woop!! I went with a smaller flat fee company, because I didn't need someone to hold my hand.(per se)..  However, our office does offer training and I attend those.  If you're not comfortable with that route, consider a larger company for 6 months...It's all about your comfort level...

Lynn McGeein · Answer

I interviewed several brokers before I took the exam as it didn't make sense to get my license again unless I found a broker offering what I was looking for.  You can check online, but also talk to members of your local real estate investment group, or if you know agent/investors, ask where they hang their license and how it's working out for them.  Come to your interview with a list of questions as far as commission split, mandatory office hours or meetings requirements, personal sales/purchases, what type of training or supervision is offered, etc.  If you do business under an LLC, ask them about whether you can buy or sell using your LLC as some treat it differently than personal.

Christopher Giannino · Answer

I recently got my RE license pretty much like you for investment purposes only.  As the others have said, start the pre-licensing course and then once completed reach out to a couple brokerages in your area.

My suggestion is sign on with an agency that offers a lot of training.  Although you learn the very basics of a transaction through the pre-licensing course, there is still so much more to be learned.  Even if you are doing this only to get a commission when buying and/or save a commission when selling there are still rules and regulations you need to abide by.  An agency with a good training program will offer classes on these rules and regulations.

Best of luck and let me know if you have any specific questions!

Jeremy Paschedag · Answer

I have thought about getting my license as well and have had the same concern, as far as where to hang my license.

From my understanding, if you are buying at least 2 properties a year, it might be a good idea to have your own license.  Assuming you are an investor.  If you want to be an agent, then that's a different story altogether.

As an agent you'll have quicker and more accurate info on property with your access to MLS.  Other online sources are not the most up to date.  So it could give you an edge to see a property before Realtor or Zillow are updated.  Then, of course you don't have to wait to get on an agent's schedule to see the property (still just need listing agent's approval of the time slot).

I think it's a good idea, in addition to the above, because it keeps you in the RE business.  Keep us posted on your process.

Jeff Keller · Answer

No first hand experience but I would guess an online search for "flat fee real estate saint louis" would turn up some names of people to talk to.

You might find the license offers little advantage to your own investment business. Generally you can find all MLS listings online without being an agent. You can sell and promote your property online without being an agent.

The only advantage that quickly comes to mind is being able to view properties that are vacant.

A possible disadvantage is that the if you are selling your own property, your broker will be legally responsible and will want to charge enough to more than cover the risk or may not want you to be under him.

Dillon Loomis · Answer

@Christopher Broussard call them, set up some appointments, and go interview them all! I am in the process of doing this in my town right now, as I passed the test last week. If you haven't taken the exam yet they may not be as willing to sit down and give you all the details about hanging your license with them, but I'm sure a quick phone call to each broker's office will give you the preliminary answers you want!

Most smaller brokers will be willing to hang your license with minimal fees (probably just an MLS fee) as they offer less marketing, advertising, etc. whereas some of the larger firms will have "desk costs" that you'll have to pay even if you don't plan to be an agent. Good luck!