Wholesalers to need a license in Oklahoma starting Nov. 2021

[Ben Scott]

Oklahoma Governor Kevin Stitt signed a law this week that requires anyone working who wholesales real estate - or anyone who seeks to publicly market an equitable stake in a property between a buyer and seller - must have a real estate license. The way I understand it, this will outlaw non-licensed wholesalers.

I'd be curious on feedback from folks in other states. If wholesalers began to need a license, how did that affect your real estate market. I can see pros and cons. Pro: wholesalers in Oklahoma City do a lot of work to find deals and put them under contract and pass those deals on to flippers/buy-and-hold folks for a fee. They provide value in that respect. Con: some wholesalers are locking up sellers in deals they can't fund or assign. Then they'll be non-communicative to the seller once they've realized they can't unload it. Also, the ARV and square footage on deals can be dubious.

Curious on thoughts from other markets.