OfflineHi All,
Here's my first post. I've got Dean's Book '30 Days to Real Estate Cash' and have looked at some of the Rock Bottom Blue Print Materials.
I am a licensed real estate agent but I got burnt out by running around doing rentals in Brooklyn.
I am seeking to find a new office, one with a mentor and access to the MLS.
In Dean's book he talks about 'finding agents' to search the MLS for you but couldn't I do some of this work myself?
I understand I wouldn't be leveraging my time quite as well but I'm eager to get started and this seems like it might fast track me.
Any advice appreciated!
Best,
Matt
__________________
Being an agent gives you access to the mls and your states real estate transaction forms. (though a little secret is that some states / mls's allow public access to the state real estate forms if only you ask for them...)
But... what does your Broker allow in terms of making offers in which you are acting as a principle?
Every states rules vary, and in many states the actions of a real estate Broker or Agent are subject to the oversite of an Office Broker who may have policies in place you need to follow.
Learn, learn, learn Dean's strategies and techniques.
Evaluate if you can conduct the types of sifting and sorting with the proper analysis and knowledge of the market, or if having an experienced agent in the market who specializes in working with investors would do it quicker for you.
If you know Dean's strategies, if you can analyze the market, if you can interpret the numbers to the deals, if you are a strong negotiator for yourself, if you are able to navigate the issues surrounding having a real estate license and your states licensing guidelines that govern acting as a principle in a real estate transaction, having a license can be an asset.
None of what I am saying here should be taken without the due counsel of your Office Broker. There are legal issues surrounding having a real estate license in any state that must be followed when acting as a principle to a real estate transaction.
Once that is all sorted out, evaluate the efficiency of having a 'rock star real estate agent who specializes in working with investors' working for you, versus the increase in dollars you will realize if you do all the work yourself.
That commission money sort of looks good to keep, but by the time you split it with your broker, pay your transaction fee to the brokerage, pay your E&O on the transaction, and whatever split you are on with your company, that money is a bit or a bunch smaller.
THAT number is the number you evaluate against the hours you are trading using a broker, or acting as a broker/principle.
Again, none of this is meant to be legal advice or take the place of consultation with your office Broker. Agents must always follow their states guidelines for real estate brokers and that includes following the policies of their officce.
Happy Investing!
Think Less ~ Do More
Take Action = Results!
If it is to be, it is up to me.
Wow this was super helpful!
Thanks!!