Become an agent for the benefits?

Question

I am considering becoming an agent primarily for accessing MLS and a bit of experience and networking. I dont particularly wish to quit my current occupation (I'm a Merchant Mariner, so I'm gone most of the time anyways), so I'm wondering if it is possible to work as an agent strictly in the couple weeks every other month that I'm home, or at least to keep my license and the benefits of it if I am not actively acting as an agent?

Jay Hinrichs · Answer

now Jim I love you and your point of view 99% of the time.. this one though is insulting to my wife.. who sells 10 to 15 million  a year in closed transactions and has done that for 25 years.. not that volume way back when because prices were not what they are today.

this is a stereo type I know many female agents that knock down 500k to 1 mil a year..  But certainly there are those that do it for something to do no question..

having owned 4 brokerages over a long 4 decade career and having probably 500 plus agents work for me over the years.. its much like any other endeavor  you have the top 10% and then the top 20% between them they make 80% of the revenue.. Huge wash out in real estate .. just like we see the wholesalers come and go on this site.. its the same business you putting two people together for expectation of a fee.. its a tough business.  And the good ones who can survive the apprentice years and or have a significant other than can allow them to live and work during the ramp up stage can go on to have multi decade careers and make a lot of money.

Now granted a lot of money is relative and it really depends on market.. in our market were average sales price is north of 400k

etc.. Unless my wife has a really really nice investment type buyer she wont work with investors.. typically waste of her time she loves the home owner owner occ.. that's her peeps.. and frankly she is very good at it.  And raised 3 daughters at the same time.  Mad respect for how she has done over the years..

Chris Mason · Answer

No, you can't be a Realtor two weeks here, then out of town for two months, than in town for two weeks, etc. MAYBE some "meh" income Redfin "associate agent" type work, basically an uber driver.

But, sure, every PTA mom is already a Realtor on paper, so go for it.

Lynn McGeein · Answer

My husband was a merchant marine, retired now after 22 years sailing, and I got my license so we had it available to do our own searching.  He was 4-on, 4-off, so we had plenty of time to buy and  renovate before he went to sea again.  I'd strongly consider it if I were you as your profession is geared toward having the time to make it work.  There are Redfin jobs, as stated, where you make your own calendar, just show property or Open Houses or something on your own time.  And you can save $$$ being your own agent when you invest.

Frank Wong · Answer

@Jim K. Thanks!  I try not to suck =).

@Donnie White

Based on your schedule its a complete waste of time. Could it work part-time? It's possible but it needs to be every weekend type of deal and work some weeknights.

Having MLS access is overrated not worth the $2,000 yearly fees for someone in your position. Just use all the free search sites they are capable of performing and delivering what you need.  You really don't need anything else.

Jim K. · Answer

@Donnie White

Sure, being licensed on paper is handy. But you can convince a hungry agent to give you some sort of MLS online access pretty easily and not pay a damned thing. In my area, I'm signed up for West Penn MLS updates on one zip code through an agent whom I've never even met, just talked to a few times over the phone. Sure, maybe someday I'll throw her a sale, but until then, it's a free service for me. And my MLS access isn't worth paying for over free Zillow.com. Any deals I would look at in my target area  at this stage in the business cycle come to me from my sources for off-market deals, not the MLS.

What kind of investor are you hoping to become when you talk about "market analysis"? If you need agents to analyze your target area, in my book you've got a bad strategy. Agents...well, agent by and large suck when it comes to running good, realistic comps that can match the sale and rental comps I can produce using free tools like my county real estate website, lovely Zillow again, Craigslist, and most importantly, my in-depth knowledge of my target area.

I've met two agents in real life who can make the rain come (one of them is @Anthony Angotti) and only a handful more very obviously competent people in far-off markets here on Bigger Pockets (@Frank Wong @Mike Cumbie @Russell Brazil and maybe a couple more) The rest are, to put it plainly, a waste of skin to me and not much else for the rest of the world.

I used to have an acquaintance who was a beginner agent and I felt like booting him one in the butt every time we talked. He simply didn't understand what it meant to be self-employed. He didn't enjoy it, he didn't need it, he didn't even want it. He was truly born to make some boss rich and whine every day about it -- that was really his greatest life ambition other than winning the lottery (and of course this guy played every day). But he wrote lowball offers for me and I took him to the buffet every once in a while so he got his free sashimi and he could convince himself he was doing something useful.

Jim K. · Answer

@Donnie White

As Chris mentioned, half the agents out there are PTA moms basically just pretending they have an actual job or are building an actual client base so they have some mad money and can lie to themselves that their husband, who brings home the W2 bacon, isn't the sole provider of their family.

Jay Hinrichs · Answer

Frank I think if your going to be in the business in a market actual MLS and supra key are a huge advantage.. you get to see private comments that the public cant see..  you get to see actual sold prices in non disclosure states..  etc. also some will post seller credits it helps U dial in on a market.

Like for me if I see most sales on sub 200k flips in a market have seller assist ( and most do) I know that I have to factor in 6 to 9k per deal as buyers expect it and wont buy if you add it to the price.. so little nuisances like that.   But being able to look at properties without another agent to me is huge.

Kyle Eckert · Answer

@Donnie White I have seen a few companies here in MO where you work strictly on referrals.  No representation, just find them and send them over.  Probably not as lucrative, but may fit your scenario.

I have my license and I really enjoy being able to do a tour of properties on my schedule, and if you’re buying 1 property per year, the commission from your sale will pay for your license fees.

Jay Hinrichs · Answer

its market specific too.. and Males dominate the commercial realm as well..

Chris Mason · Answer

Good for her.

I don't have any data to back it up, but yeah among full time Realtors it seems like the "glass ceiling" for women either does not exist, or at the very least a lot of women manage to shatter it. The majority of top performing agents I work with are female. By number of agents, I work with more male Realtors, but by $volume sold$ there is no question that females rule the roost, at least for what crosses my desk (15 Realtors out there for every 1 LO). You don't see women's earnings being right up there with men, if not past it, in virtually any other industry.

------> That being said, it remains true that >80% of people can't/won't be able to hack it as a full time Realtor, regardless of gender or anything else. <------

Become an agent for the benefits?

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