Newbies heres some great Advice..... - Posted by Doug

Posted by Doug on December 17, 1998 at 10:29:36:

Yes… Glad you asked… You do have to disclose that you are a realtor when making offers as well as when listing properties… As far as the paying of a commission to your Broker you are working under, It depends on the broker… The one I worked for had me sign a piece of paper that said if I buy or sell a property without it being listed I would have to pay a commission to the brokerage… So I bought and sold under my wifes name to get around this… I then hooked up with another broker in a few weeks that was happy to have me aboard and didnt want any commission for my deals I did privately…I only suggest becoming a realtor if you dont have any cirlce of Influence in your area as it is a good opportunity to meet everyone in the Industry… I mentioned I turned my license in after I made the connections, that is the reason I turned it in, it was becoming a conflict of interest after a while…I am putting together a full lesson on the good and bad of being a realtor and will be posting the lesson here when its finished… But it is the best and quickest way for newbies to meet the people of the Industry in your area…As well as to learn more about the process of buying and selling real estate…I will try to get the lessons finished by tonite and post it here…
Douglas Timko

Newbies heres some great Advice… - Posted by Doug

Posted by Doug on December 17, 1998 at 04:35:03:

I have noticed alot of concern about where can I find the Investors in my area and where can I find the properties… Well I feel someone should give a good direction for these issues so I will attempt to offer some pretty good advice for all you newbies out there…
Ok in my opinion it would be a good idea if you are thinking of becoming active in the Real Estate Industry to take a part time job as a realtor…mabey weekends or evenings or whatever… You will not have a problem getting into a realty company since there are no salaries in most… straight commission so it isnt really costing the broker to employ you… Ok you will have to take a quick real estate sales course but think of the doors it will open for you… You can have access to the MLS in your area… You can also show yourself properties you want to see… But I think the best part of it all is you will learn alot about Real Estate from the course and you will meet Investors, Realtors, and Mortgage Originators… These are the most important things in the business… You can also learn about all the different Mortgage programs that area available in todays market… there are tons of resources available to you as a realtor… I myself turned my license in after I put together a good circle of Investors, Realtors, and Mortgage companies… Think about it… Its worth looking into…
Douglas Timko

Re: Newbies heres some great Advice… - Posted by Rob FL

Posted by Rob FL on December 17, 1998 at 20:13:31:

One thing you don’t mention is that even if you are part-time you will still have to pay annual realtor dues and errors and ommissions insurance. About $1000 a year for me and I do it part time. Most newbies may not want to pay all that money, I do because I make the money back on investments and commissions but when I first started I went in the hole and had to work my way out.

Re: Newbies heres some great Advice… - Posted by Dan

Posted by Dan on December 17, 1998 at 09:46:00:

Don’t you have many more restrictions placed on how you can advertise and purchase properties when you hold a RE License? For example: don’t you have to indentify yourself as a realtor when you advertise a property? Also, would you have to split any commissions on properties (your own personal investments) that you sell with the broker you work with?

Re: Newbies heres some great Advice… - Posted by Doug

Posted by Doug on December 17, 1998 at 20:32:28:

I didnt mention the fees as every Realtors board varies to my understanding… My errors and omission was 100.00 annually. But to me it was a small price to pay to make the contacts that are available as a realtor, also to have access to the MLS… Also keep in mind that your 1st commission check as a realtor should cover if not all, most expenses incurred in becoming a realtor…We all no people are spending hundres of dollars on Investing courses and even thousands of dollars on boot camps and mentor programs which is all great but if you dont have a circle of influence to utilize these tools they are worthless… So in my opinion the money spent on becoming a realtor is worth the expense and it will definately pay for itself with your 1st commission.