Does it make sense for REI to purchase a RE brokerage company?

[Chris Martin]

I guess it's like the buy vs. build question. At some point, most investors think about getting their broker's license. There are advantages and disadvantages as pointed out in several places, including this blog: Investors: Should You Get Your Real Estate License?

For investors (or investment companies) that outsource their property management (PM) functions and are also active in purchasing and selling real estate, I'm thinking one option is for the investor to purchase, either entirely or a percentage (e.g. 50%), a brokerage company. My gut tells me it all comes down to numbers. If the commission (sales, rental, buyer's broker) numbers work in a way such that the investor can direct commission dollars to a "friendly" brokerage where the investor has some (or much) control, I don't see why an investor wouldn't buy a brokerage.

Has anyone else done this? Or have you considered this?