Benefit by having a RE license?????

I would definitely say that it benefits you a great deal to have your real estate license if you can.

You already know the commission benefits and there can be additional benefits as well.

Having said that however you don't need a license to do most of the things DG describes and sometimes owners who are doing FSBO will not even deal with you if you have a real estate license because they don't understand the process or think you are after their home...

but bottom line, if 3 months of studying and a quick exam dont' bother you go for it but don't let it stop you from taking action now....

that is my two cents..hope it helps...

I agree with the above post. However, you may find that in dealing on your own account, you may be required to disclose information about the property/finances that you wouldn't have to disclose if you weren't licensed. It all depends on the state laws, which you should read carefully.

That is one moby halibut.

cactusbob

See "Should I get my real estate license after yesterday" under Marketing to Buyers and Sellers as I was thinking same thing. There are a few responses from realtors there.

I have looked into classes which costs about $1,000-$1,200..3 weeks full time, 6 weekends or 4 months in the evening. I have not decided for sure myself.

I'll be watching to see what you do. Good Luck

Just a follow up:

I am a licensed real estate broker by the way so I offer that advice out of experience and from that perspective but I agree with the suggestion that you should look into the Real Estate laws in your state to see if you are bound by any limited restrictions but in general disclosures are there for your benefit....and I'm not aware of any real downsides to laws affecting real estate agents or brokers.

one thing I would definitely caution you on is NEVER spend 1K or 2K on your real estate training unless you are being mentored one on one by the best in the business.

There are hundreds of online courses that are most likely alive and well in your state and you should take advantage of the low prices of online real estate education. In california I could point you to dozens....In your state I might not be of as much help, but look at that option. It is just as viable as sitting in an expensive classroom without the expense.

bottom line, you want to pass the exam at the end and get licensed and you shouldn't have to pay 1K for that....

look into it..or ask for assistance

best of luck in your decision.

My lady friend at church is a realtor. She is wanting to go into investing because she is making no money being a realtor. She said her only problem is that her broker gets a big part of any deals she does even if it is not through the real estate agency...so she would even get a cut of wholesale deals my friend may do.

would that include properties she would be purchasing herself? Because technically she would be "buying" them and just reselling the property or the right to the contract. Doesn't seem like the broker could demand a cut of that. (I hope Al will jump in here).

Oh, and Kai, welcome to the DG family! It's good to have you here. And thanks for starting a thread on the subject. I know there are others, but I learn something new each time someone asks this question. I know the first "conversation" I read on the subject convinced me that I DON'T want my realtor license. But that's just me.

Rina

Right off the State's website.

"The requirements for a real estate salesperson license in Ohio include having a high school diploma or GED if born after 1950. All salesperson applicants need to be sponsored by an Ohio Broker. Applicants who were not licensed as either a real estate salesperson or broker within the four-year period immediately preceding the application, need to successfully complete 120 classroom hours of specific real estate courses within the ten-year period immediately preceding applying for their license. These real estate courses need to have been completed at a college or university that awards a degree in at least a two-year program. All education requirements need to be met before applying for the real estate examinations."

So, I guess there is one Caifornia advantange I have read. I need to check into the disclosure info though.

I believe in Colorado they do not have Salespeople. All licensed (agents) are Brokers. I don't know the cost of school, but in Arizona it costs about $400 and no sponsership is required. As far as paying your Broker on purchases of property for yourself, I would expect that to be negotiable. My Broker takes $400 from my commission for anything I run through the Brokerage for myself. Anything I do on my own, he has nothing to do with (I can not use the Brokerage name, or connect the Broker, in any way, on these deals). By law, I must disclose that I am a licensed agent on any Real Estate deal that I do. It costs me from $1500 to $2000 per year to maintain my license. As far as disclosure, I believe you can be liable for not suppling pertinete information, about the property, whether you are an agent or not. I have a friend who is a Broker in Colorado. He has helped me with investment purchases, and invests himself. He would probably talk with you about it if you are interested.

Al

Thanks for all your info. I definitely don't want to become a Real Estate Agent, I basically want to be able to run all the comps, search the MLS and pay myself commission. I can see though how it may turn some people off by having the license but you never know. I for sure need to do more research on it and in my area. I've only looked for a few short minutes on the subject but I plan to do more. Once I have made a few deals on my own, then I will be looking into it more though.

Al, I live in Fort Collins CO, I don't know what part of Colorado your broker friend is in but if he is in Northern CO, Fort Collins or Loveland area, maybe you could send me a pm with his number and info. That is if you want to share haha. Well thanks for all your advice. If anyone else has more to say feel free.

By the way Cactusbob, that halibut weighed 43lbs. I pulled it up from 280 feet down. It was a long way down! But worth it!!! it was my first one!