Posted by christine mendenhall on October 30, 2006 at 12:27:36:
Holding my license is an asset in all of the ways you have already stated… (access to the MLS, listing my own properties, contracts, understanding of my market place, and most importantly understanding of real estate law.) I have an agreement with my agency where as I pay $500.00 flat fee for all personal property, bought or sold. There are no splits, other than that fee.
I have just obtained my brokers license and will be moving into my own office as soon as I receive my license back from the state. So, that brings us to escrow accounts… As a Broker/ Owner, you are not obligated by law to have an escrow account. So, you can use the title company of your choice to act as escrow agent, or you can use the other real estate company’s (if there is one) escrow account. My choice will always be to use the title company, even when I will be dealing with an agency that has an established escrow account. I just plain don’t want the hassel of managing escrow.
My advice, go out an interview with some different offices, be straight with them about what business you will be doing, tell them you’re an investor and are holding your license for the following reasons (see list above). There is surly a company out there that will welcome you aboard, just as I was able to do with my company.
Another thought, if you’re just getting started and are not really familiar with investing (as a practice) You may want to consider working as a BPO agent. I have listed some web pages you can go check out. This will do two thing for you, actually more than that, but we’ll stick with two. You’ll get a better understanding of the foreclosure process in your area, and in doing the BPO’s you will most likly get the listings when the bank does foreclose. That will help you earn some commissions and get your business of it’s feet.
Here are the links…
http://www.protk.com/
http://www.rrreview.com/ (affiliated with Fairbanks Capital Corp.)
http://www.safeguardproperties.com/ (a BPO mill that doesn’t give listings in my experience.)
http://www.sourceoneservices.com/
Best of luck to you and please feel free to contact me if you need anything
C