New Real Estate Agent Opp.

[Mickayla Smith]

I've decided to start studying for the real estate license test. At my full time job, I was asked to be the "go to agent" when they are looking for a house to flip and sell (They are investors). They are working on writing a contract for how much I would get each house I sell for them, etc. Does anybody have any experience with this? I know it is required to work under a licensed broker for 2 years (which they are not) but I would not be a full time realtor which I know is difficult to do. Really, the idea of it is, they find an abandoned house, I find the owner and we buy it, they flip it, I sell it. Trying to figure out if I need to start looking into brokers or if a broker will even let me do this as well as being part of their company. 

Thanks!!

[Jake Alger]

Hi @Mickayla Smith,

I can't speak to your state specifically, but most states require licensed brokers (agents) to "hang" their license with a brokerage (i.e. Keller Williams, Windermere, Coldwell Banker, etc) in order to represent clients. This typically involves paying a monthly "desk" fee to the brokerage, which covers your insurance, oversight, etc. Further, you may have Realtor association fees and MLS dues. You would not be an employee of the brokerage, you would be a 1099 contractor, small business owner. There are lots of real estate agents who don't practice full-time as it can be extremely difficult to create steady income. Some do it on the side, representing friends and family, and some become full-time investors.

In terms of how you would be paid, you would utilize the forms from your office, MLS or state which explain how you would be paid for representing your clients. Usually compensation is a percentage fee attached to the sales price of the home, regardless of if you're representing the client as a buyer or seller. Representing the investors would be not different than any other client in regards to the forms used. The only real difference would be how they identify good properties which meet their risk tolerance and objective.

I hope this helps in some way.