Posted by Ed Copp (OH) on June 19, 2001 at 20:29:23:
As a long time broker in Ohio, let me say this. Most likely getting a license would be what I would consider to be a smart move. Here is why. First off you will gain the knowledge that is specific to your state, and be able to stop your reliance on terms like “I heard” or “somebody said” for your legal information.
Incidentally you can sell anything that you own, yourself. Now that will pretty much cover your suspicions about selling your own property. In my state, and probably yours too; you will need to disclose that you have a real estate license, and the name of your broker as well. Your office (the broker) will need to keep a copy of the transaction on file for the required number of years (probably 3) after the closing. Any fee for this is a financial matter between sales associate and broker, and is not a requirement. So that is a lot different than saying “can’t sell” because of a license.
When one of my agents sells a house (even if they own it) I reccomend that they place a SOLD sign on it. When the sold sign is in place I suggest my “20” approach. That is I suggest knocking on doors near the property five on either side and ten across the street for a total of 20 neighboring houses. Give the neighbor a card and say Hi, my name is ED, and I just sold the house at (over there). Your new neighbor will be (**). Do you know of anyone around the neighborhood who may want to sell thier house, I still have a couple of good buyers? SHUT UP and listen for your next paycheck.
Most sales associates know other salespeople, even with other firms. All good sales associates have listings, and from time to time they will have a listing that must be sold fast and at a right price. So if you know 20 sales people chances are that there are a few really good deals there to be had right now. You (and they) need to network.
Often I hear people mention MLS, as a source of business. There are good and not so good things to say about this. Personally I consider it to be a good source for expired listings. If a listing comes into my offisc that is a really good wholesale type deal (and the do come sometimes), the public will most likely not ever see it until it has been purchased (by me, my associate, or an entity) and then re priced to be profitable. So as a listing salesperson there is an advantage that can not be had any other way.
After gaining the proper experience (two years in my state) you will then quality to become a Real Estate Broker. At that time you can have salespeople who are associated with your office (and share thier commissions with you). This is a form of duplication that can not be had any other way, and is very lucrative.
I would encourage anyone to become a real estate sales person for the education, if for no other reason. If you don’t like it after a year or so quit.