Posted by Ronnie (Tx) on August 22, 2005 at 12:11:47:
I have a buyer’s agent. I am looking for a personal residence right now. I mentioned to him that I want to become licensed for several reasons and he encouraged me not to do it for one big reason; you can buy cheaper.
As an agent, you are held to a higher standard than “Joe Blow off the street” to quote my agent. He is also an investor, and tells me that if he knew then what he knows now, he would have gotten an education as an agent but never got licensed. He is held to a higher pricing standard than I am because he has official education to prove he knows.
I, on the other hand, can buy at whatever price I can get, and it is much harder to prove in court that I knew I was taking advantage of a seller’s circumstance.
There is one reason not to become one, and since your profit is mostly made on the buy, it’s a good one.
I?ve been trying RE investing full time for about 18 months, but I am not doing well. I?ve used up most of the money I have. I?m not the only one having hard time in the area. I?m in California. I think it is the market. Only ones who are doing well in my club are the ones who are speculating.
Yesterday, I have finally registered to take the exam for the license. I know being an agent is a J.O.B, but I need some money to live. I feel I have a lot better chance getting listing agreement than striking a profitable deal right now. My plan is to weather it out till current crazy market ends, then switch gear back to investing. I?m hoping this happens within next two years.
I feel defeated, but I gotta do what I gotta do.
I would like to hear from others who took the same kind of path. Anybody?
How is it working out for you?
Any comments?
I am an agent and an investor. I try to do 2-3-4 transactions a month which really just pays the bills, but it really keeps me up to date on the specific markets I work. Just going to the office sometimes is an update on whats going on.
But as an agent I run across deals all the time. Bird-dogging is kind of a risky way to do business, but not if you are an agent :). So if I find something I’m not intrested in I can always pass it on and i’m going to get paid and if I dont I can legally do something about it.
As an agent I have constantly updated comps for my purchases. I get a break on listing the property. I can easily pull expireds - especially the old ones - the new ones are not any good. You want the ones that didn’t sell that expired about 4-6+ months ago.
But the most important thing right now is I have a steady income ( or I consider it steady ) that is right in-line with investing in real estate and they compliment one another.
I read all of the posts about the pros and cons of being an agent and I can not see them. I have no idea why you wouldn’t want to be an agent
I started as agent and still an agent
now a broker.Good thing is you have a chance
to make some deals and earn commision
while learning.
Good to start at lending since financing
they say is the life blood of RE transactions.
You can always go back to real estate if needed.
I am in the Inland Empire.