Should a Real Estate Investor Get Real Estate License?

[Jannelle Nevels]

Based on your experience, is it worth the time and money to get a Real Estate license to have access to info on potential properties? MLS?

[Account Closed]

YES

    yes

YES.......

There was a time when I'd say NO, don't get it. But time and  experience has changed my mind.

I am a real estate broker, when new investors ask me that questions, I say "yes", You can never have too much knowledge.

As an agent working for a company (keep in mind you don't want to act as an agent), you want to learn the culture, how agents think, what they do and talk about.

Don't display how smart you are and how much money you want to make investing in real estate, just listen, go along to get alone.

Yes you will have an opportunity to to access the MLS, that's a good thing.

Do this with MLS:

• program MLS to follow listings in neighborhoods you are interested in
• search for commercial properties, active and expired
• keep track of expired listing in the system
• make offers on expired listings
• don't try to compete with agents in the office for listings or sales -- REMEMBER you are an investor, do not work for pennies!
• read the listings remarks, look at Days on the marketed (DOM)
• look how many times the price has been reduced
• look for signs of sellers motivations in remarks (owner financing, must sell, seller motivated, vacant, needs work, estate sale REO etc)
• as an agent, you can talk to agents, not as a buyer but as a fellow associate; ask questions of the listing agent; why do you think it has not sold, is the owner flexible, can the seller take back some paper, what is their mortgage balance, are the payments current, will he consider a master lease, a delayed settlement subject to an assignment, will he do an auction hybrid, can he contributing subsidie payments at settlement, will he joint venture, will he repair the deferred maintenance, will he contribute to a repair allowance? Just to mention a few question that will smoke out the Seller's motivations
• As an agent you will have an "inside track" and be able to communicate with agents and learn how to better understand the culture of this business.
• When making offers to purchase properties, listed or not this is the clause I use "It is understood that the buyer is a licensed real estate agent/broker in the Maryland and that the buyers does not represent the seller in anyway by listing, verbal or written agreement, the buyer is entering this contract for the purpose of earning a profit."
• As a real estate agent you can refer listing to others in your office. DON'T TRY TO SERVICE THOSE LISTING --- REFER THEM. If you try to start acting like an agent in order to earn a few commission dollars....you will.....BUT you will miss the BIG pay day, that of a real estate equity profit. If you get involved in the real estate brokerage business, it will dilute your your time and divert your true motivation....that of getting rich in the real estate business.

They are my thoughts......... I love real estate agents.......when they are work for me.