How much would a real estate license save you when buying/selling homes?

[momopi_IHB]

If you were to get your own real estate agent license (not broker's), how much would it save you when you buy/sell property and do it yourself?



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[usctrojanman29_IHB]

[quote author="momopi" date=1253596982]If you were to get your own real estate agent license (not broker's), how much would it save you when you buy/sell property and do it yourself?



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Depends on the buy side commission and price of the home because the costs to obtain a real estate license is pretty much fixed (online courses, application/license fees, finger printing fee, testing fee, realtor association fees). It also depends on what the broker the agent works under would charge you in terms of the commission split and/or transaction fee. In most cases, the savings definitely outweigh the cost of becoming a realtor even for just one transaction.

 

[momopi_IHB]

I looked into the classes and it's only $200-$300, the exam is about $400. Seems to be a really good deal.



So um... what are the pitfalls?



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[usctrojanman29_IHB]

[quote author="momopi" date=1253606119]I looked into the classes and it's only $200-$300, the exam is about $400. Seems to be a really good deal.



So um... what are the pitfalls?



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Really it's just the cost and the time involved, other than that there are no other pitfalls. As long as you work under a broker, you don't have to worry the liability aspect of errors and omissions. Obviously if you represent people besides yourself you need to be sure not to be grossly negligent or the DRE can fine you. My broker is a great for folks that don't need a full service broker so let me know if you want me to pass his name along to you if you do get your RE license.

 

[EvaLSeraphim_IHB]

Why do you need a license to buy a property for yourself? You can represent yourself and a license would add little, if anything. I would like to think that using a Realtor would bring you knowledge or a skill set you do not possess - and a fresh set of eyes - and I'm not sure that simply getting a license for a one time transaction would get you that benefit.



Some folks here, not Realtors, have negotiated their own sales and purchases.



<em>Awgee, please pick up the white courtesy phone. Paging Mr. Awgee.</em>

 

[usctrojanman29_IHB]

[quote author="EvaLSeraphim" date=1253623303]Why do you need a license to buy a property for yourself? You can represent yourself and a license would add little, if anything. I would like to think that using a Realtor would bring you knowledge or a skill set you do not possess - and a fresh set of eyes - and I'm not sure that simply getting a license for a one time transaction would get you that benefit.



Some folks here, not Realtors, have negotiated their own sales and purchases.



<em>Awgee, please pick up the white courtesy phone. Paging Mr. Awgee.</em></blockquote>
You don't need a license to buy a property for yourself. It can come in handy if you are helping out friends and family. Being a realtor does provide you with certain data that you would not normally be able to get otherwise like MLS access and CAR real estate forms (or you'd have to pay for it or ask a realtor for). The total all in cost from start to finish is around $1,000 (not all that bad). It all depends on a person's circumstances whether they believe it is worth the time and effort to become a realtor vesus just completing their own transactions without being a realtor.