Posted by DaveD (WI) on May 02, 2007 at 21:20:16:
Realtor boards are also some of the biggest supporters of the onerous laws regarding “investing”, home inspectors, lending, appraisals, et. al. So to me… that is a con… a big one. Mostly, they advocate self-serving laws to cover their butts, and restrain others trade. Just my experiance with that group.
Cons of being a licensed Realtor®? - Posted by David C. Cooper
Posted by David C. Cooper on May 01, 2007 at 15:33:12:
I was wondering what some of the cons are to being an investor with a Realtor®’s license. Feel free to list your favorite pros as well.
8^D
Re: Cons of being a licensed Realtor®? - Posted by Natalie-VA
Posted by Natalie-VA on May 03, 2007 at 14:31:11:
David,
Keep in mind that you can be a licensed agent or licensed broker without being a realtor. I have my broker’s license, but I do not belong to the trade group. It’s a very large, very powerful and very anti-trust organization. There, I said it!
–Natalie
Re: Cons of being a licensed Realtor®?-Many - Posted by JACK e
Posted by JACK e on May 02, 2007 at 16:39:05:
Its great if you want to sell other people’s property. If not it is useless. What you learn becoming a licenced relator will help you very little, if at all in investing.
It is two different mind sets. It may even detract from your free knowledge of how to invest. Some say, but it give you access to the MLS. There are many other ways to do that or get the same information. You have to disclose your license on every deal. This scares some buyers or sellers. Most relators don’t know diddly about investing. Some do, but be careful of them as if they are really relators they are looking out for themselves first and foremost. If you want to do both, do it, but don’t confuse them, because if you do it will work to your disadvantage. You will get several opinions to the contrary from so called realtor/investors. But keep in mind it might just be that they are trying to justify themselves.
Re: Cons of being a licensed Realtor®? - Posted by Eric (MI)
Posted by Eric (MI) on May 01, 2007 at 21:27:27:
I second what DaveD said. You will noticed that some are licensed and wouldn’t have it any other way, some use to be and never will be again and some never have been but wish they where. There is no “definitive” answer and is based on you more than anything. I personally don’t find disclosing my license to be an issue but it could work against you in court I guess, or at least some say. Anyway I am not worried about it and like having it.
Re: Cons of being a licensed Realtor®? - Posted by DaveD (WI)
Posted by DaveD (WI) on May 01, 2007 at 19:37:21:
This has been addressed ad nauseum over the years. Check out the archives with logical searches like “broker license, licensed realtor/broker, should I be an agent,” etc. Should keep you in literature for months!
Re: Cons of being a licensed Realtor®?-Many - Posted by DaveD (WI)
Posted by DaveD (WI) on May 02, 2007 at 20:21:50:
I agree. Access to the MLS is overrated. Few deals reside there anyway. If you think you need to be a Realtor and mine the MLS to get your deals (oh, yeah, save 1/2 of the commission too, I almost forgot :-P), you are still thinking in a retail mindset. Good deals are bought a lot closer to wholesale, don’t you think?
Re: Cons of being a licensed Realtor�?-Many - Posted by Eric (MI)
Posted by Eric (MI) on May 02, 2007 at 17:55:27:
That is just complete nonsense.
Re: Cons of being a licensed Realtor®?-Many - Posted by Rich-CA
Posted by Rich-CA on May 02, 2007 at 17:21:27:
That’s pretty harsh. I have several Realtor friends who have done so well investing that they stopped selling houses (for other people) years ago and in each case the spouse quit the day job to help with the business.
Re: Cons of being a licensed Realtor®? - Posted by bmeesh
Posted by bmeesh on May 02, 2007 at 21:07:58:
Realtors are bound by a code of ethics. I have never found this to be a problem when doing a contract. I like working with different people…ie. retail side and the knowledge I have gained via classes and seminars has been fabulous. Right now I am part of FAR and my board which are some of the largest groups fighting the increase in property taxes here in Palm Beach County. So to me…that is a pro.
Re: Cons of being a licensed Realtor�?-Many - Posted by Jack E
Posted by Jack E on May 03, 2007 at 17:45:31:
spoken like a true realtor.