Have you gotten your RE license? Expectations from your RE agent?

Question

Quick background:

I currently work full time in the oilfield and starting investing in RE about 2 years ago. I've done several LTRs that have all required rehabs and purchased a new primary home that was a foreclosure. So I'm really not involved in the "business".

I had a RE agent for my first purchase but found out he was representing another buyer for the same property this is unethical to me). A few months later he advised me not to make an offer unless it was 15k over ask...property ended up selling for 5k under asking. I was planning to offer just a couple thousand under ask.

Used another for a HUD home purchase - she was very sweet and nice but signed me up for the MLS listings like most of them do. Had 3 others that did the same thing. These are all local agents. (I have had a different experience with out of state agents)

Then did a couple off market deals you could call "lucky" just by networking and meeting people. Turned my first primary house into a rental.

That being said - about the middle of this year I decided to become an RE agent myself - easier to put in frequent low offers and view properties on my own. The paperwork is fairly straightforward, the marketing, materials, vehicle etc is all deductible. Goal for 2023 is to start putting in 3 offers a week then get to where I'm doing 5-10 offers per week.

So my question really boils down to - Did you start out as a RE agent, become one, or decide to leave that part of the business to your RE agent? If you use an agent what's your expectation of them (as far as bringing you deals, timing, advice etc)? Do you think being an RE agent has benefits or negatives? Just your overall thoughts on using an RE agent vs becoming one.

Olivia Radziszewski · Answer

Hi @Jeremy H.- I became an RE agent along the way of my investment journey. I do end up using agents in my out of state deals. I have started to move more towards expecting them to bring me at least some deals. I did and still for the most part currently do most of the leg work myself and use them really just to show me the property over FaceTime and pull info that I do not have access to in that state.

I have started to see value in having the agent familiar with investing and able to bring me solid deals. In terms of timing-I do not need them to be in constant communication with me- as I am busy as an agent as well. However, if I have a timely matter i.e. wanting an offer put in- I do expect that it is done in a timely fashion.

Becoming an agent depends on how much effort I am willing to put into a certain area. When I am willing to become a market expert on a certain market then I would definitely get my license. Otherwise I am not sure it would be worth it to me. Good luck!