All Forum Posts by: Maggie L.

I'd echo Russell's advice to take the listing, but make them pay up front.  You've given them your analysis and backed it up with comps, listing price is ultimately their decision.  Hopefully the invested time and money will cause them to change their minds on the price, but at the very least it's getting your name out there to compensate for your time.  

@Precious Thompson one option may be to become an unlicensed assistant to a real estate agent.  This can actually be a bit harder than becoming a real estate agent since you're finding an agent who is looking to expand their business and thinks you're a good fit for their needs.  

Becoming a salesperson at a brokerage, on the other hand, is pretty easy.  You're showing that you're committed enough to put up the money and time to get a license (not that much if you consider it entry into a new career) and since brokers get a percentage of your commission they are actively recruiting. 

If you're interested in becoming an investor you should look around for investor-friendly agents.  Spend some time here, on google, at RE groups, and find some agents or brokerages that look interesting to you.  Invite agents out to lunch/coffee and a chat about the business.  This will help build those connections, and you may even find a mentor.  Before I got my license I had a few conversations with Realtors about the business and what I wanted to do.  It really helped give me perspective.  I also interviewed at multiple brokerages, which I HIGHLY recommend.

A few things to consider.  RE agents have a high attrition rate.  Many people quit before their first year is up, and few people stay in the business longterm.  It is a business, and needs to be treated as one.  Figuring out your brand/niche/style is important.  

Investors have different needs than retail (people looking for a primary residence) clients and even if you want to invest longterm, you may find you do better working with non-investor clients and watching for deals to pick up as you see them.  Personally, I like to work with investors because I am a numbers person and picked up a few rental properties before I got my license.  I came into RE with an investor mindset, and it shows.  That said, there is also a touchy feely side to being an agent.  I like helping people attain financial security through long term investments, and I love seeing my community made better as old houses in disrepair are transformed into beautiful homes.

Regardless of the route you take, I think access to the MLS is a HUGE asset when you're trying to learn about real estate. You can get this as an assistant (there is a form for access for unlicensed assistants) or as a Realtor. There are a lot of websites that pull some of the data from the MLS, but it's not always accurate or complete.

Welcome Matt! I'm a buy and hold investor, as well as investor-friendly Realtor in St Louis. Always happy to talk real estate. Have you had a chance to check out any of the local RE groups in St Louis? Lots of RE groups in the area.

Welcome Daniel! I'm an investor-friendly Realtor in St Louis - are you KC focused or do you  work out my way as well?

I'd echo Eric's advise, it's about the experience you want.  Keller Williams has a large organization in place which includes training for new agents, whereas it sounds like you'd have a mentor relationship with this independent broker.  Both could be great experiences, depending on what you want to get from them.  

There are many things you should look for in an office but they vary from person to person so I'm speaking in generalities.  Through all of this you should also be considering the people you meet at the office and if you like the general vibe.

1) Support of new agents - do you want a lot of training, hands on management, or to be left alone to do your thing?  What is offered? What is required?

2) Type of real estate - does the brokerage specialize in a type e.g. investor, REO, geographic location and do you think you'd enjoy it? Any forms they don't allow - ask about agency types e.g. designated, transaction broker, etc

3) Fees - Monthly fees (E&O, desk, website, etc) as well as fees to use something e.g. printer, copier, mailing system

4) Commission - How is it split?  Do the brokers have a cap - a max amount that you will split, after which you keep 100% of your commission?  Are there any extras e.g. "coaching" fee, franchise fee, etc

5) Perks - Keller Williams has Profit Sharing.  Some brokerages cover some of your education costs e.g. earning certifications.

Hello from St Louis,

I can only speak about my perspective in Missouri, but here broker's take on more responsibility aka legal risks and time spent on the paperwork/legal side of contracts.  So, first I'd look into that and make sure that's something you want to take on.  

Starting as a salesperson gives you an opportunity to see how a broker runs things, and probably allows you to focus more on the RE market and less on the administrative side.   Are you able to test for a broker's license immediately? In Missouri you must be "active" for "24 of the last 30 months" aka have a salesperson's license for two years before becoming a broker.

If you can get a broker's license it may be worth your time, or it may be better to wait.  Are you highly detailed oriented and want to have a small one-person show from the start?  Or, do you want a brokerage that can deal with a lot of the paperwork, and be there to answer questions or provide training?  If you decide to hang your license with a broker, the type of broker will depend on what you want from them e.g. more training as well as what your goals are with the license e.g. just your own transactions or helping others buy, sell, or manage real estate.

I can't speak to Mass schools, but I got the classwork done to test for my license online in about a week.  I found Real Estate Express really easy (you can look at their Facebook for coupons, but I called and asked for the discount and got it) compared to 1st Choice Real Estate School.  I asked for a refund after having many technical problems (timing out, failing to load, not recording my answers) but also less than happy with how 1st Choice wrote their questions.  There are a lot of teachers in my family and I tend to notice grammar or spelling errors (usually I notice mine just after I've hit send) so the things that perturbed me about 1st Choice may not be an issue for you.

Are you looking for perspectives from agents as well as investors? As an investor I've picked up a fix as well as a near "turnkey" for rent through the MLS. I only own 4 doors atm, but as an agent I've also helped people looking to purchase fix and flips.

This is only my perspective, but for the metro area really should be broken down into smaller areas.  The St Louis City market is VERY different than St Louis County or St Charles County, yet are all part of the metro area.  The truism "all real estate is local" is especially important here.  In the City, where I specialize, the highly block by block market means you need a lot of highly localized information to understand the market dynamics.  It's one of the few major metro areas Zillow lists, but doesn't include any details about how accurate the zestimate is http://www.zillow.com/zestimate/#acc.

I would recommend anyone interested in working with investors spend a lot of time also getting to know the local law.  A few recent examples important to any buy and hold investors:
St Louis County has recent legislation important to landlords http://www.stltoday.com/news/local/govt-and-politi...

This year the City changed the law so Section 8 vouchers must be accepted as an income source http://www.stlamerican.com/news/columnists/guest_c....

This question is not out of line.  Realtors are supposed to recommend consulting an attorney when it comes to anything that may considered "practicing law" e.g. details of a contract.   A question like who will pay (seller or buyer) doesn't seem to fall into this situation, but I admit I'm a bit confused about this situation.  Might I request more details?

Hi from St Louis Adam!

I'd echo the sentiments to use BP resources and connect with local RE groups.  I know in St Louis there are some great groups that are active in person as well as online.  Meetup has some really great groups in my area.  I'm also an investor friendly RE agent and am always happy to talk local market and resources for investors to check out.

Hi,

I'd be curious to know you feel the gaps are in your E&O? When I give ARV, it's with comps at that price - and trying to include a range since they need to decide what to invest in finishes, layout changes, and other factors. Comps are approximations since there are so many variables to consider with only a few homes, and I also make sure to remind them that markets are not static creatures.

If you're recommending a list price and ARV with similar rationale, one would think E&O would cover both well.