Posted by Rob FL on September 13, 2003 at 07:33:18:
It varies by locality. Most MLS databases are on Realtor.com. As far as I know, all listings for a particular MLS go into Realtor.com. The drawback to Realtor.com though is that only about half the info from the true MLS shows up on Realtor.com. Also, Realtor.com is 1 to 2 days behind the true MLS. By the time any non-Realtors finds a deal on Realtor.com, most of the time all the investor-Realtors and their clients have already negotiated a contract with the seller. I know several people in my area that search through the MLS 3+ times a day looking for deals. Hard to compete with.
Re: Real Estate License yay or nay - Posted by Duane
Posted by Duane on September 13, 2003 at 14:09:37:
The thing I like about it is our MLS (probably like most) provides you the ability to do very detailed searches. I can search for certain remarks the agent may have entered like ‘as is’ ‘corp owned’ or whatever. We also have the tax records linked to our site as well as the ability to generate mailing lists for free and download them off of the site. The thing I really like is since I work for Coldwell Banker, they have offices all over the city. There have been several times that I have walked into a strange office, told them the office I was from and grabbed contracts, counter offer forms or used the fax. Not to mention the potential to market a house to agents without really listing it!
I think having your license is a definite plus. You have access to a wealth of info that other investors can’t even touch. The costs are minimal compared to the info you can get.
I actually work with an agency that allows you to create passive income through traditional real estate brokerage ala Rich Dad Poor Dad, very cool!
Re: Real Estate License yay or nay - Posted by Rob FL
Posted by Rob FL on September 12, 2003 at 20:42:43:
This has been debated a zillion times in the archives of this site.
For $1000 a year or so in dues, you can get a huge edge on all the non-Realtors. Say what you want, but the investors who have a license can sit at their darn computers all day long and pounce on every new MLS fixer-upper the instant its get listed.
All the Realtor-investors I know are doing double or triple the amount of rehabs and wholesale flips as the non-Realtors. The non-Realtors will say oooh you have to disclose your license to everyone. For some reason, motivated sellers don’t seem to care.
And one comission pays all your dues until next year.
I too am taking the agent path. My broker friend (who owns property himself) says the same thing, sellers don’t care about agent status, they just want a sale that will solve their problems.
I don’t want to sell property for other people but it’s best way into the business. My primary goal is professional investor. This is a means to that goal. I too have received great resistance from the business to creative seminar techniques.
I like Dave Whisnant’s philosophy: build reserves and do conventionial quick close cash deals as soon as possible. Who’s gunna get the deal - an all cash close in 5 days, or complicated lease/option or owner carry back offer.
Rob, I’m not a realtor, but I’m amazed at how much of the MLS appears to be already available on the Internet now for everyone in the world to see. For example, what percent of the MLS do realtors see that isn’t already on commonly available websites, for example, www.realtor.com? And does that portion available to everyone vary from city to city around the country?