Can I sell my own properties with a new Real Estate License??? (buyers agent, Realtor) - Real Estate Professionals - City-Data Forum

fabumom07 · 09-02-2009, 08:12 AM

A SAHM for many years , I have finally decided to go ahead and get my real estate license so that I can start my career. This has been years considering and I am very excited about my decision. All my children are off to school this year and now is the perfect time for me to do so. I will then be seeking employment, ideally in real estate, but I may have to take a job in retail/sales to bring in some income at this point in time.

My question comes because my husband and I may relocate near the end of the school year, we are not sure where. We have our main residence and a lake cottage that we would have to sell, but I am wondering if I could be the listing agent for my own properties, with other professionals to help, if I am not affiliated with an office at that time?

This would be ideal for me, of course, but can it be done in this manner?
Thank you in advance for all responses, I don't want anyone (locally) to think that I am getting my license merely to have the ability to sell my own properties, which is untrue.

Thank You! - Fabumom07

2bindenver · 09-02-2009, 08:59 AM

You can sell your own properties without a license.

If you want to put them in MLS for exposure and cooperation, then you must attach yourself to a brokerage, and pay all the fees associated with that.

Just because you have a new license, doesn't mean your brokerage won't take their split for helping you get your start.

fabumom07 · 09-02-2009, 09:18 AM

Yes, I meant on the MLS, not FSBO. Obviously my question shows how much I have to learn, and when my training is done, I will be far better informed. So it's the brokerage co. that allows you to use the MLS, not the licence?

middle-aged mom · 09-02-2009, 09:44 AM

Quote:

Originally Posted by fabumom07

Yes, I meant on the MLS, not FSBO. Obviously my question shows how much I have to learn, and when my training is done, I will be far better informed. So it's the brokerage co. that allows you to use the MLS, not the licence?

It's the combination of both. Your license needs to " hang" with a broker.
It's the broker and your own participation within the MLS that enables you to create a listing, within the MLS.

Be prepared for upfront and ongoing expenses, once you have passed the licensing exam. Cost include but are not limited to Errors/Ommissions insurance, Local real estate board dues, your MLS Fees, increased liability insurance for your car and if desired or required by your broker, National Association of Realtor Dues and State Association of Realtor Dues.

Business cards, cell phone, PC , software and business marketing are on top of this.

Be aware, as 2bindenver mentioned, that not all brokerages will allow you to list your own properties and/or do so without charging you a percentage of the closed sale price.

The big box national franchise brokerages tend to offer the best training for newly licenced agents. Depending on the area and business politics, small independent brokers may also be a good choice. There is no such thing as the " best" broker. Real estate is local and very much depends on the tone set by the managing broker at the office level.

Silverfall · 09-02-2009, 10:13 AM

The brokerage is the "member" of the MLS and you are allowed to access it with your association with the member. So for example I have my own brokerage. I paid a $2,000 membership fee to join. Agents that join my company won't have to pay that fee, they just pay the monthly access fee.

So if you want to be on the MLS and you aren't hung with a broker, then you can do it via a limited representation company as a FSBO, or you'll have to wait until you are associated with a brokerage.

Then, when you are associated with a brokerage, you will have to follow their rules about selling your own properties. Some out here, don't allow you to be the listing agent on your own property.

MMichelle · 09-02-2009, 10:31 AM

As you have read from the other posts you may need to work under a brokerage for a couple of years prior to operating as an independent broker. Here in CO the the time frame is 2 years. CO is a single licence state. All of this varies by state law and I'm sure you can find your state's requirements on line.

All that said and assumed - Once you are with a brokerage, yes - you may act as your own listing agent. Your brokerage (office) may charge you the the same fees / splits they charge you for any other listing. You will want to check your office policy. You office may offer a break - i.e. My office charges no fees or splits if the property sold would be my primary residence.

In CO when a licensed broker sells or leases her own property she must disclose that she is the owner. There is a menu item in the MLS. It's really not a big deal to add "seller is a licensed real estate broker" to the flyers. Also if a licensed broker buys real estate, it must be disclosed. Again this may vary by state.

Hope this helps.

fabumom07 · 09-02-2009, 03:23 PM

It all helps and seems somewhat obvious now that I think about it. I have never seen an MLS listing that shows Suzy Q, realtor, as the listing party, always there is the agents company or a larger brokerage.
I am aware of that my career will take time to develop, I was simply curious there was any way to list my own homes via MLS right away, with assistance. Also several people I know may be needing a realtor soon.

Thanks so much to all who took the time to respond, you were all most helpful.

Chuckity · 09-02-2009, 10:41 PM

If you have your license & hang it under a broker ... yes, you can be the listing agent on your own property. (I'm sure they're out there, but I've never heard of a broker that wouldn't let you list your own stuff.)

Some brokerages let you sell/buy your own primary residence without taking a cut - though you still might to send a small percentage upstream to the national office.

If you know you're going to be selling, I might negotiate this right upfront with whatever new broker you decide to go with. A better split, flat fee perhaps ... everything is always negotiable.

Rakin · 09-03-2009, 05:23 PM

A few years back our broker would not let you list your own home. Usually it would need to be in the name of a good friend from the office. They changed that policy where we can list the home but...

we still cannot represent the buyer on the purchase of our personal home. Would be a real conflict of interest if we were the listing agent, seller & buyers agent.

Too much liability toward the buyer.

Lacerta · 09-04-2009, 12:07 PM

As others have said, you are going to need to find a brokerage to license with before you start practicing. In my area, if you aren't signed with a particular brokerage, your license is technically "inactive" and you can't practice real estate.

There are a fair number of start up costs involved.

But once you get set up, most of the time, you can list your own home yourself. Your brokerage is probably going to want a percentage or flat fee, especially as it will be one of your first transactions, and you will have lots of questions.

Rakin brings up a good point. If your brokerage allows dual agency (where you represent both buyer and seller), you really shouldn't represent the buyer in a transaction on a property you own. In dual agency, you are expected to act in both parties best interest to the best of your ability. If you have an ownership interest, you can't be neutral.

And finally, ethically, you must state that you have an ownership interest in all advertising, in the listing and in the contract. For advertising and the listing, a simple "Owner/Agent" will most likely do. For a contract, ask your broker what wording to use.