Dual Licensing Real Estate & Loan Officer

[Rob Carmody]

If I am dual licensed and act as my own Buyer's agent as well as Loan Officer at closing, would I receive both commissions (3-6% in total) for each scenario below? 
-- Purchasing a Primary Residence (Conventional)
-- Purchasing an Investment Property (Conventional)
-- Representing a friend/family member as both their agent and loan officer in a purchase (FHA or Conventional)
-- Representing a friend/family member as both their agent and loan officer in a sale (FHA or Conventional)

I'm in IL if that matters.

[Chris Mason]

Every single person I know that does this does significantly less business than if they'd just focus on one thing. Trying to be the jack of all trades is a great way to be the master of none.

The personality traits that would tend to make you good at one tend to make you bad at the other, to boot. Someone passionate with a high emotional intelligence will on average be a better realtor, for example, but those same things will make them a poor loan officer. That's merely one example. 

Husband/wife teams are the exception, since often one of the two spouses is already the yin/yang to the other, so assuming they do not get the roles backwards (both need to have attention to detail, the analytical person does the mortgages, the high emotional intelligence person is the realtor), that can totally work. 

The dual licensing thing isn't an "if" for me. I actually have my real estate license (example #152,111 of "California has silly regulations"). But I do exactly zero realtor things, even though I already have all the licensing in place to do it if I wanted to, and said real estate license is in fact already hung with a duly insured (etc) California real estate broker-owner. And yet I do zero realtor things, don't even have (or want) MLS access.

Also, more pragmatically, no one refers business to their competitor. If you go doing realtor stuff, no realtor is going to refer you mortgage business, no matter how good you are, because there are 100 other loan officers out there that they do NOT have to worry about stealing their clients, either on the front end, or in 7 years when they go to list. Similarly, there's a 0.000% chance I'm referring a buyer to a realtor that also dabbles in mortgage stuff. No matter what redeeming qualities they have, there's another realtor out there with those same qualities who isn't trying to swim in my swimming pool.

It's overall a great way to simply guarantee mediocrity as your best-case outcome. 

Now, if you REALY want a laugh, go talk to someone doing insurance, financial advising, realtor stuff, mortgage stuff, and dog walking to boot.