Should I get my real estate license?

[Mysonne Johnson]

How do you guys think about a real estate investor having a real estate agent license as well? I know some benefits to have access to MLS but what else?

[Erin Dorsey Robinson]

@Mysonne Johnson Go for it! What else is multiple streams of income, opportunity to build a team and generate income from the sales of your team members, the opportunity to sell the properties you don't want to flip yourself to someone else who might.  It's been great for us. We own property, we sell property, we buy property. I think the better question is why would you NOT get a license if you're considering it anyway?

[Mysonne Johnson]

@Erin Dorsey Robinson I definitely will. I appreciated!

[Cameron Tope]

Mysonne,

What kind of real estate investing do you want to do? How long do you plan on investing? 

You won't make any money from your license for 1-2 years and you'll have to find a broker to hang your license with. 

Building multiple streams of income sounds great, but it can be extremely distracting and cause you to be spread too thin between your businesses. 

Interview some local investor/agents you know and see what they say. You may be surprised. 

Hope that helps!

[Erin Dorsey Robinson]

@Mysonne Johnson what @Cameron Tope suggested may be true for SOME people. It may even be true for most. But, the best part about being an agent is that you determine what will be true for you. Yes, there are all kinds of circumstances that could make things challenging. But there is no rule that says you can't make money as a real estate agent for 1-2 years. That certainly is not my story or my husband's story and it doesn't have to be yours if you do the work. We are both investor agents and we have multiple streams of income. Thinking bigger and building a diversified business has been a smart move for us, not a distraction. Personally, I consider it a privilege to encourage others who would aspire to do the same. Please let me know if I can connect you with some other successful investor agents who can talk with you about what is possible.

[Steve Morris]

Well, if MLS is it, I think I'd call the service and see if they'll sell you an account.

Otherwise, it can't hurt, but it won't address the good/bad buy question if you're looking at properties.  You'd be better hooking up with a guy that specializes in what you want.  The value a broker adds mostly is who he knows and talks to.

[Cameron Tope]

Originally posted by @Erin Dorsey Robinson:

@Mysonne Johnson what @Cameron Tope suggested may be true for SOME people. It may even be true for most. But, the best part about being an agent is that you determine what will be true for you. Yes, there are all kinds of circumstances that could make things challenging. But there is no rule that says you can't make money as a real estate agent for 1-2 years. That certainly is not my story or my husband's story and it doesn't have to be yours if you do the work. We are both investor agents and we have multiple streams of income. Thinking bigger and building a diversified business has been a smart move for us, not a distraction. Personally, I consider it a privilege to encourage others who would aspire to do the same. Please let me know if I can connect you with some other successful investor agents who can talk with you about what is possible.

Erin,

I'm glad to hear you've had success as a realtor. The unfortunate truth is over 80% of agents don't renew their license after their first year. If you put the work into any business, you'll see results but it's hard to serve two or three masters if you have multiple businesses. 

I don't mean to discourage people from chasing their dreams, but to go into any business without a realistic idea of what to expect is setting yourself up for failure. 

[Erin Dorsey Robinson]

@Cameron Tope I agree. I only mean to suggest that the 20% is an equally important part of the reality. For people starting out how to succeed is where they should set their sites. Laser focus on what does work combined with action and constant adjustment to correct course along the way. 

[Joanne Eriaku]

@Mysonne Johnson, I'm an investor in NY, getting my license because:

I get to dig into the treasure trove called the MLS, having an in-depth look in there beats any property cards being handed down to me by a third party, my analysis is sharper and I can easily pivot without having to go and bother anybody for 25 more different types of searches.

When I have a property to sell, aka post rehab, I save my bottom line an extra 3%, that's not small money considering the cost of inventory in NY.

its a very small price to pay for a serious investor. You have choice of not getting it, but you better have someone on your team who is as invested as you are in your business with MLS access.

[Mysonne Johnson]

@Joanne Eriaku That’s another pitiably reason why I should get my license.

I haven’t build a team yet but nobody going to work as hard as YOU. Also doing the extra due diligence on your own so when you buy you know what you getting into and won’t be surprised. So I’ll definitely take it into consideration. Thank you for your response.

[Dee Heck]

As a small town known purchaser of RE I have had landlords who want to retire ask me to "run" their properties for them.

It's my understanding in Ohio I have to be a licensed RE agent to be a property manager.  I have seriously considered adding the license to generate another stream of income.

[Remington Lyman]

Originally posted by @Dee Heck:

As a small town known purchaser of RE I have had landlords who want to retire ask me to "run" their properties for them.

It's my understanding in Ohio I have to be a licensed RE agent to be a property manager.  I have seriously considered adding the license to generate another stream of income.

What part of Ohio