My RE License? - Posted by Greg NY

Posted by Nate on February 21, 2001 at 11:52:36:

Wayne,

I don’t know where in MD you are, but MRIS (the MLS that does www.homesdatabase.com) covers a lot of the state. It may be useful in your area.

Good luck!
Nate

My RE License? - Posted by Greg NY

Posted by Greg NY on February 20, 2001 at 09:02:20:

Hello,

I was just looking through the archives under “realtors” and something crossed my mind. I have my NYS real estate salespersons license. How can i maximize this for my own personal use. Do i have to become a realtor and work under a broker to have access to the MLS?

I mean, since i do have my “license” (just not sponsored), is there a way that i can subscribe to the MLS without becoming my worst enemy, a realtor.

I’m having trouble finding a realtor to look for deals in the MLS (expires, handy’s, etc). They all want to be my buyer agent but they dont really know how they will get paid. And i dont know how to pay them. I’m just planning on flipping props to other investors. If i’m going to make, lets say, $1000 at the min. what should the realtors cut be (i’m not a generous person by any means so this is hard for me to swallow).

I wouldnt need a realtor if i was in this full time but i need one to work the streets since i am employed full time. Any comments or solutions are more than appreciated.

Greg NY

Re: My RE License? - Posted by Dave Mckee

Posted by Dave Mckee on February 20, 2001 at 16:09:38:

Greg (and others),
If you want to use the MLS to look for things, but don’t want to be licensed or pay MLS dues, etc. find a new, hungry, honest, agent. Explain to them that you will be generating small, quick transactions that will not make them rich, but will get some sales under their belt and teach them some valuable tricks. They also may get first shot at selling your other properties.They are not a buyers agent, so you can work with anyone else too. They bird dog MLS and in-house listings for you. If they work out, you have a valuable investment asset.

Dave

My RE License=Voluntary Inactive Here in FL… - Posted by Walt_FL

Posted by Walt_FL on February 20, 2001 at 10:53:47:

Hi Greg,

I am feeling that I should seek out an INVESTOR/Broker as I learn more, I find that most investors do have a brokers license (Thats where we want to be). Our license must be hung under a broker, I don’t want another JOB (Thats why I am here). Also I think it pays to be in & around the Business, apparently you did not just find that license in your wallet 1 day? I think its a control/time thing, however, I believe it has to be hung to complete the POST Licensing Course and That is something I need to get done. Hey, a little Commission check may be less nerve-racking than a Flipping a Junker in a War Zone…

Anyway, I’m learning…

Walt_Fl

Ps There seems to be about a $1k yearly fees to the Boards, MLS?

Re: My RE License? - Posted by John

Posted by John on February 20, 2001 at 10:52:03:

Greg,
In Maryland you need to be associated with a broker to use your license. Just a suggestion, you might want to contact some of the other licensees that were with your old broker. Or, try and advertise for an agent (realtor) to help you find property to flip. Try REI clubs in NY area? …

Re: My RE License? - Posted by Nate

Posted by Nate on February 20, 2001 at 10:48:47:

If you are putting a contract on a listed property, then flipping it to another investor, the agent would get paid by the seller at closing, the same as if any agent sold any property that was listed in the MLS. Don’t see what’s the big deal… :slight_smile:

Nate

My RE License? again - Posted by greg Ny

Posted by greg Ny on February 20, 2001 at 11:18:05:

Hello,

I guess i’m just running into a lot of agents that feel they should get a flat fee for doing all the work for me.

They dont feel that a commision on a “junker” is enough. especially when 6% becomes 3% becomes 1.5% if you follow:

A houses selling for $20,000 commision at 6%, $1200-split between firms, $600-split between firm and agent $300 to $350.

Why would an agent waste his/her time running around and spending his/her time on “pennies”. The buyer agents want flat fees, knowing that i might make an offer at 10k. I’m not sure how to be fair with them. I’m not concerned with what the sellers agent is getting but i want my agent to feel that he/she is getting paid for their work. Just wondered what others do, thats all.

Greg NY

i would be nice if i could get access to the MLS just by having my license :slight_smile:

Re: My RE License? again - Posted by Nate

Posted by Nate on February 20, 2001 at 14:09:34:

That’s a fair point, particularly when you’re making offers on such relatively low priced property.

To some extent I cannot relate, because here in the DC area even a total shell can sell for $40-50K, and a house needing significant rehab can be in the 75-100K range easily. So the commissions on that would be relatively higher.

I have a buyer’s agent I work with sometimes. I bought my personal residence with him (which was a nice big check to him, and worth every penny in that case, so he’s happy to do me a few favors now and then) but I generally do not ask him to “do all the work for me”.

I am fortunate to have public access to the MLS (admittedly, not complete listings with address and such, but it is updated in real time) here in the Washington DC area, so I can search for junkers myself and can make an offer directly to the listing agent. I have used the buyer’s agent to make offers on HUD owned properties where an agent is required.

Short of that, he understands that I will try to make it up to him on volume, and I do as much of the work myself as possible. I also would definitely use him to negotiate on any higher-priced properties I bought.

You might want to look into getting licensed as an appraiser. Requirements are some fairly easy (but time consuming) courses and a small fee. Then you can have MLS access without worrying about having a broker.

Another idea might be to affiliate with one of the desk-rental type companies like Re/Max, where your real goal would be to use the MLS for your own deals. Don’t know how the cost of the compares to simply paying for MLS access on your own (say, as an appraiser).

Finally, I think the suggestions of the others on this board – to see if you can get in good with a small local real estate agency – might be worth pursuing as well.

Good luck,
NT

Re: My RE License? again - Posted by Jarrett

Posted by Jarrett on February 20, 2001 at 15:10:29:

Nate,
I am also in the DC area and just getting started. You say you have access to the MLS, which web sites are you using to get access to the MLS.
Thanks

Hmmm, Appraiser, thanks(nt) - Posted by Greg NY

Posted by Greg NY on February 20, 2001 at 14:15:53:

nt

Re: My RE License? again - Posted by Nate

Posted by Nate on February 20, 2001 at 15:45:46:

www.homesdatabase.com

Also try www.realtor.com (nt) - Posted by WayneMD

Posted by WayneMD on February 21, 2001 at 07:36:24:

xxx

Re: Is there a site for other states?NY(nt) - Posted by Greg NY

Posted by Greg NY on February 20, 2001 at 17:34:39:

nt

Actually, don’t rely only on realtor.com… - Posted by Nate

Posted by Nate on February 21, 2001 at 09:43:43:

…for the following reasons:

  1. Cleaned-up infrequently. Many of the listings on there are months old and are already under contract or sold.

  2. Updated infrequently. It can take weeks before a new listing appears in Realtor.COM.

  3. Not comprehensive. Realtors get to pick and choose which listings make it ro realtor.com. The www.homesdatabase.com site has ALL of the MLS listings in the Washington metro area.

I speak from experience here…I will use Realtor.COM to get a sense of what comps are selling for in a particular area – but have found it next to useless as a source for houses to buy.

Nate

Re: Is there a site for other states?NY(nt) - Posted by Robert (N.Y.)

Posted by Robert (N.Y.) on February 21, 2001 at 06:52:54:

Have you tried www.realtor.com ? Its a little watered down and not as powerful as the “real thing”.Best is to locate a small local or new sales person thats hungry.

Money isn’t everything but it sure helps…

Re: Is there a site for other states?NY(nt) - Posted by Nate

Posted by Nate on February 20, 2001 at 20:56:41:

There may be, but since I do not work in NY I have no idea.

Anyone else? Anyone…? Bueller??

Thanks! Very informative (nt) - Posted by WayneMD

Posted by WayneMD on February 21, 2001 at 10:21:10:

xxx