All Forum Posts by: Chris Farrugia

Yes, you absolutely should get your license for a number of reasons already mentioned on the site.  The basics though are that you can work on your own schedule, seeing listings hwen you're ready.  You can also handle all of your own deals, save the commission on both the buying and the sale of the property.  If you're truly going to invest in property, the cost to maintain your license is far outweighed by the savings.

Here's the requirements for a Washington real estate license.

Depends on the state.  Here in FL, I gave a client the one time gift of $14k and kept the remaining $3,500.  So in essence, I'm taxed on the full amount but I have that in the $3,500 I've been holding onto all year.  In Florida, it is entirely legal to rebate your commission but be aware of the gift tax limit.

As for the HUD, everything must be disclosed on the HUD. It also has to be disclosed to all involved parties, including the mortgage company.

Your deposit goes to your broker.  Very first thing is go over your contract with a fine-toothed comb and make a timeline!  When is the financing contingency waiver due for example?  Don't know?  Look at the contract.  It dictates all of the due dates for everything.

The #1 source of clients, in any business, are referrals from past clients.  Don't look at your client list as a source of a sale.  Look at them as a source of many, many sales.  Invite them to lunch.  Tell them you're never too busy to give their friends and family the same great service you gave to them.  They might not know someone right that second but mark my words--as soon as they hear someone mention real estate, they're going to think of you and send over a referral.  You know the best part about it?  It's no longer a cold-call at that point when you call the new client.  You're able to start your call with, "I was having lunch with Mark and Linda Smith and they told me you were looking to purchase a house and possibly list your current home."  That's a powerful intro to a conversation.

Second to that, contact your entire sphere of influence.  Maybe you haven't sold some of them houses yet because they're just an 18 year old friend of a friend, the guy you know from the golf shop, etc.  Well, guess what?  They have parents.  They come into contact all the time with others that may be buying and selling.  The main point here is that you have to constantly remind people that you're an agent and that you want their business.

You're correct about how many times it has been asked.  Do a search to read the other answers but really, it's just all about disclosure.  A licensed agent needs to disclose that everywhere possible.  Make sure it's on the contract.  If you're really concerned, even put it in an addendum that the seller has to sign!

If you just need some info on becoming a licensed agent, check out Real Estate License By State or similar.  I became licensed for the same exact reason (although I was also going to help my parents sell and rebuy) so it made a lot of sense.  I then realized how much I love the business and got "sucked in" so to speak!

Congratulations and welcome to our club!  I hvae two articles you should read since you're at this stage in your career:

How To Select a Brokerage

Study, study, study and build that sphere of influence.  You're going to have a lot of fun along the way!

Here are some things to look at when selecting a brokerage.  http://realestatelicensebystate.com/how-to-select-...

In your situation, fees aren't everything.  You're going to need broker availability in the beginning.  It is great having a mentor but I've found that even the top producers rely on the broker quite a bit as things come up.  After all, your deals are the brokers deals!

Are you going to Berkshire Hathaway because that's where your friend/mentor is?  If so, why not ask him or her?  I think the commission options are different by region.  One thing I would say is to not get locked into the idea of one brokerage.  You can still have a friend/mentor that works in a different office.

Very nice!  Best of luck!