Benefits of Real Estate Brokers license?

[CobraGoat]

I am an attorney and it would be fairly easy for me to obtain a RE brokers license less the costs and fees.

But, I am not really interested in being a weekend real estate agent or anything like that. Could the license save me money on my own real estate transactions? Does it open any doors or allow me to do anything i can't already do?

[spex x]

I think that you mean a RE agent's license, no? A broker's license give you agency rights and you usually need significant expertise and experience as an agent under a broker in order to become a broker. Different states have different criteria for brokers, but in all states you must have significant experience - like having been and agent in 50-100 closings, stuff like that. It'd take years.

I can't see what it'd gain you by having a broker's license. If you want to improve your RE prowess, you might get your agent's license and then get the CCIM designation. CCIM courses will give you lots of knowledge about commercial RE, and having those intials after your name would likely impress any serious RE investor clients, as well as improving your own investment skill.

[CobraGoat]

Spex,

Yes, i meant an agents license. Are there any immediate benefits to obtaining one? I suppose I would gain some knowledge from the materials I would have to look over for the licensing test. Is there a possibility it could save me closing costs in the future? Make me better equipped to sell FSBO?

What is the CCIM certificate? Thanks for the feedback.

[spex x]

CCIM = Certified Commerical Investment Member

Its a designation that and RE agent can get by taking several commercial RE courses. CCIM courses are excellent and will improve your RE investment skill regardless of whether you're an agent or not.

The agent's license is generally not worth much in terms of actual knowledge. As a group, RE agents are wholly incompetent. The classes are basically learning definitions and how to CYA (for the agent) in a deal. I don't know about closing costs. Maybe you could charge the seller a 3% commission and get a little check at closing? Not really sure.

In most states that I'm aware of, you can't list a home FSBO if you're an agent - and you wouldn't anyway. I mean, you CAN represent yourself in the sale, but you'd be part of an agency, which means that its your broker's ass if anything goes wrong. If you want to list a house FSBO, just get a book about FSBO, and you should be fine. Buying and selling houses isn't too hard, and you can easily do everything yourself.

I suspect that being an agent would only really benefit you if you want to sell real estate. Otherwise, its not really necessary, IMO. I invariably know a lot more about RE than any agent I've worked with, with the exception of some CCIM realtors that are also investors.

[Tien]

Aren't lawyers allowed to eat a commission fee if they sell a house like an agent?


In Quebec they are allowed to act as an agent on certain transactions given they don't do it on a regular basis.


There really is no point getting a license if you do not intend to be in the industry spending a siginificant amount of time doing transactions.


The money you save, 10 000$ say to buy your own home isn't worth the hassle of all the training time, the monthly fees, the yearly fees, the brokerage fees that you'd have to eat.

[Tien]

A real estate agent license isn't like having a lawyer's license.

It is essentially a legal house salesman and that's all.

[Henry17]

I'm pretty sure there would be ethics issues with acting as the real estate agent and real estate lawyer to the same transaction.

[gwhiz_612]

[ QUOTE ]
I am an attorney and it would be fairly easy for me to obtain a RE brokers license less the costs and fees.

But, I am not really interested in being a weekend real estate agent or anything like that. Could the license save me money on my own real estate transactions? Does it open any doors or allow me to do anything i can't already do?

[/ QUOTE ] One of the benifits would be access to the MLS. You could always try to work with real estate investors. Information such as new listings, expired listings, foreclosures, etc. can be valuable. Iv'e heard of scenarios where an investor will pay for lists of expired (unsold) properties monthly. You could also prescreen the listings for a specific criteria that the investor is operating in and present only those property types, with every purchase you rake in your commision. There are alot of interesting things that can be done to make money in the RE field. Just have to dig a bit to find something that will work for you.

[47outs]

You are asking about 2 different things.

To qualify to become a Real Estate Broker you need a couple of years as a licensed Real Estate Agent. Then you needs to take a bunch of broker courses.

As far as becomming an Agent. Unless you're going to go all out, then it isn't worth it. Brokerage fees, annual dues and licensing fees eat up any benefit to being an agent. Do the research yourself and then do FSBO deals. The only downfall is you wont have access to MLS, but who cares... it's only 1 advertising tool.

[CardMinger]

What state are you in?

CM