Minnesota Limited Broker

[Carole Hilgenberg]

Hi, I would love some information from someone with experience. What is the benefit of obtaining a limited broker license? I understand that you can only transact as the principal, but can you collect commission when you buy? I used to have a RE sales person license, but currently it is inactive. I want to sell my own home and buy another and represent myself on both transactions to save money (no split or fees to broker). I probably won't do any other transactions. Is this the best route to take? 

I appreciate the help!

CH

[John Woodrich]

If your only goal is to have it for the purpose of the transactions mentioned it is easier and possibly cheaper if you do a flat fee listing through Home Avenue and find a realtor who offers realtor rebates.  

I don't know how familiar you are but signing on with the MLS, paying MAR fees, etc is higher as a limited broker but it would likely be under $2k to get the license, pay for a year of dues, registration, etc. There is some time involved also in waiting for the background check and it is largely a process you have to weed through on your own as there isn't much written on it.

I would recommend talking to someone like @Daniel Anshus to see if you can work some sort of deal for handling both transactions.  Maybe said agreement would have you pay the cost of a showing agent to open doors for you vs Dan wasting his time if you take a while to find something.  Only reason I am offering this is because you said you had a license and you may be looking for someone who may take more of a facilitator fee, not necessarily guide you through the whole process.  I don't know if Dan would be open to it but it may be worth a discussion.

I have a limited broker's license.