Should I Become a Real Estate Agent as an Investor?
I have been a licensed real estate agent since 1986 and I make a point of working with other real estate agents as an investor. I’ve also authored books, blogs, and articles about becoming a real estate agent. So, you know that I do think investors should be real estate agents.
Ask almost any investor and they’ll say full MLS access is the biggest payoff to becoming a real estate agent.
As a licensed real estate agent, you gain full access to properties only available on the MLS (Multiple Listing Service). This is your key to big commissions while increasing your network of professional contacts that help you as both a professional real estate agent and as an investor.
Becoming a real estate agent is one of the best tools you will ever have as an investor. If you’re considering getting your real estate license, either as an investor or as a career Realtor®, I’m offering my free book “Becoming A Real Estate Agent” to answer questions that you probably have.
You may need extra income or want a career that allows you great flexibility. You may want to learn how to better invest in real estate or have a passion for real estate, sales, and people. Many people decide to go into real estate after years of a career in another field or to do it on the side for extra money. Whatever your reason, this book will put you on the right track to success as a real estate agent.
After reading the book, these are the basic steps you need to take to make your dream come true.
Step 1: Choose Your Brokerage Firm. When you are first considering becoming a real estate agent, you probably don’t realize how important it is to choose the right brokerage firm. But this is where I believe you should start. We know that real estate is all about location, location, location. A career in real estate is about being an expert in the neighborhoods that you work in. So, you’re going to want a brokerage in a neighborhood that you are passionate about.
The real estate profession is constantly changing. Just look at what technology has brought us over the past decade or so. Virtual home tours, e-document signing, e-marketing, and aerial views using drones are just a few new developments. That means you want a brokerage that provides exceptional real estate training. You will also want an office environment that encourages creativity, investing, and entrepreneurship. Investing, and entrepreneurship are particularly important if you are interested in sandwich lease options and the other creative investing strategies that have proven highly successful.
Step 2: Get Your Pre-Licensing Education. Every state requires real estate agents to be licensed. Requirements in each state vary but generally require that you be a U.S. citizen, a high school graduate, at least 18 years old, pass a written test administered by the state, and not have a criminal record. You will also need to complete some pre-licensing training. This also varies by state but is typically only two or three college-level courses. The free book that I am offering includes links to the requirements in each state. There are several ways to obtain the training including online courses, in-house with a real estate company, and real estate training schools.
Step 3: Pass the Exam to Get Your License. Every state requires that a person have a license before they receive compensation for services as a real estate agent. In some states, attorneys are allowed to oversee real estate sales for compensation, without being licensed as brokers or agents. The exam includes questions on basic real estate transactions and the laws affecting the sale of property. By passing the exam, you are awarded your license.
Now the fun begins! I’ll be thrilled to help you find the best ways to use your real estate license.
Benefits to Becoming a Successful Real Estate Agent
The best part is that you’ll now be more educated about real estate. Along with that come these valuable benefits:
Access to the MLS. This is perhaps the greatest perk after becoming a real estate agent. The MLS is the single greatest source of on-market deals in the country. It is invaluable to investors and active real estate agents alike.
More Income Streams. Becoming a real estate agent opens more doors to earning commissions from clients and making personal investments. One place that you might not have thought about earning money is by avoiding paying commissions to other agents. In some cases, you might split commissions with other agents and in other situations you may earn full commissions, and in other situations you avoid paying commissions altogether. But always be ethical, there will be disclosure issues. When you get licensed, you must disclose to buyers and sellers that you’re a real estate agent. You won’t be permitted to take advantage of some situations.
Networking Opportunities are high on the list of benefits. Real estate is a people business, so the more people becoming a real estate agent brings into your network, the better. It will grant you more and even “preferred” invitations to industry events where you can meet and mingle with other professionals. These can include other investors with fresh ideas, other brokers and agents, real estate attorneys, loan and title officers, along with many other professionals.
New contacts may be the most valuable assets new agents have when all is said and done.
More Credibility. After becoming a real estate agent, both buyers and sellers are likely to view your investing deals with more credulity. It comes from the professional education and code of ethics. Remember, real estate transactions are rare for most people. Being a professionally licensed agent instills trust in an otherwise unfamiliar situation.
More Education. Education is a good thing. That’s why I offer creative real estate courses, blogs, and many other materials to my students. The process of becoming a real estate agent provides a strong foundation for investors to build their ethical and creative investing careers upon. Working with a broker also offers many continuing education opportunities to keep you sharp in your chosen profession.
A flexible work schedule. No more boss-driven, 9 to 5 work hours. Becoming a real estate agent means you are your own boss and can set the hours that you want to work. You’ll be out in the community looking for your investments and showing properties to clients. No more being stuck behind a desk, fast food counter, or in a factory.
Having the freedom to set your schedule and priorities is a beautiful thing!
How to Be a Real Estate Agent – 6 Habits of Success
In your quest to become a real estate agent, I want to share six tips that successful agents follow.
1. Be Passionate. It’s not really work when you’re enthusiastic. All top agents and investors are passionate about real estate.
2. Stay in Contact with Clients. When you have a lead, follow up immediately or that client may move on to another agent. This means following up on phone calls, texts, emails, and faxes at lightning speed.
3. Stay Current with Communications and Technology. You want to be able to take calls and retrieve data from anywhere at any time. Standing in line at Starbucks, the person in front of you might wonder out loud what the asking price for a home across the street is. Having data at your fingertips makes this person your next client. That’s how to be a successful real estate agent.
4. Be a Neighborhood Expert. Not just an expert on a house that a client is currently considering. You want to be able to ask an investor or client what they are looking for in a neighborhood and then rattle off four or five houses matching his or her criteria for schools, public transportation, shopping, etc.
5. Explain Everything to Everyone. This is about creating WIN-WIN-WIN outcomes. Most clients only buy two or four homes in their lifetime. They don’t know how the process works. Explain the process, possible pitfalls, and different scenarios. Keep clients fully informed about purchase or sale negotiations.
6. Have a Great Network. Becoming a successful real estate agent means not only having a great network of sales leads, but also means knowing the best contractors, inspectors, loan officers, and others in the industry.
Follow those six tips and you’ll be well on your way to becoming a real estate agent – a phenomenally successful one.
I want to help you continue your journey to becoming a real estate agent and/or investor.
I’m sure you still have questions and I want to help you find all the answers.
- Your Wealth Building Arsenal.
- Advanced strategies for Buying and Selling with Lease Options.
- Investing In Real Estate with Lease Options.
- Add Personalized Coaching.
- Cooperative Lease Options.
- Expand to Get the Deed “Subject To.”
- Round it all out by Working with Realtors.
By Wendy Patton
For more than 30 years, I’ve used the Sandwich Lease Option System to earn myself and my students millions of dollars. From my experience, I know there is plenty of room and opportunity in the real estate investment market for everyone wanting to participate to find profitable deals. It’s because of that fact and my personal success that I share the Sandwich Lease Option System with others.
If you found this information useful, please visit again soon at wendypatton.com.
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