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Annette, Other/Just Looking in Austin, TX

If I got a RE license, would any broker be willing to hold my license, if I'm really just wanting to buy properties for myself?

Asked by Annette, Austin, TX Sun Aug 14, 2011

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Hi Annette: It has been a while since you asked this question. Have you had luck finding a place to hold your license?

Best, Wishes,
Ron
0 votes Thank Flag Link Sat Sep 3, 2011
Most Brokers are definitely willing to "hang your license" for referall purposes. It is a great way to make money even when you are not inerested in actively serving as a licensed agent. In most situations though, you dont need a broker to hold your license to purchase properties for yourself, you just have to disclose to all parties that you are a licensed agent.
0 votes Thank Flag Link Sat Sep 3, 2011
There are many brokers out there who will let you hang your license with them even if you are only representing yourself. There are many pitfalls and extra liabilities that come into play when working with
the general public when one or other of the parties are licensed agents. Please research those and understand what those are prior to getting your license solely for purchasing and selling only a few properties. There are many business models that are low cost and I'm not sure the tradeoff would be worth it if you are only doing a couple of properties.

Another thing to consider is that it is not mandatory in Texas for brokers to carry E & O insurance so be sure they are carrying the neccessary insurance. It amazes me how many don't carry it. Many E & O carriers disqualify personal properties sold so be sure you have coverage and what that coverage would be in the unlikely event a buyer or seller decided that an agent representing themselves is a great target for a lawsuit. If you are unsure--you can as an agent purchase E & O as an individual. Try convincing a judge that you knew nothing--the judge will assume that the agent had a much higher knowlege base as opposed to the consumer.

Just some items to consider from a brokers perspective..
0 votes Thank Flag Link Sat Sep 3, 2011
Hi, It's quite possible because they will still make money whether you are buying or selling. Remember all commission money comes through the broker and you are paid a split.

Chris
0 votes Thank Flag Link Wed Aug 17, 2011
Annette,

When looking for a broker to hold your license, I would look for a small boutique style firm that does not require anything from you, like phone duty, desk fees, ETC. you have choices so just interview them and look for who will best fit your needs. Hope this helps your process.

Warmest Regards,
Vanessa Nunez
0 votes Thank Flag Link Wed Aug 17, 2011
I am a broker as well as an investor. You have quite a few responses to your question, if you find that you have more questions drop me a line or give me a call anytime.

Robert H. Nelson, Broker
The Associates Austin
512.517.4432
robert@highway290west.com
0 votes Thank Flag Link Wed Aug 17, 2011
Sure. Set up interviews with a few brokers and they'll tell you what it would take for them to take on your license. That broker is responsible for you, and you are responsible to that broker. Even when you are buying properties just for yourself, there are rules of conduct and expectations to be discussed.
Have a blessed day!
Ronda
0 votes Thank Flag Link Sun Aug 14, 2011
Annette,

Most definitely! I know my broker has agents that solely are agents for occasional friends and family deals but mostly work to find their own investments.

Warmest Regards,

Vanessa Nunez
0 votes Thank Flag Link Sun Aug 14, 2011
Dear Annette,
It's possible that business is differnent in Texas, but in California our brokers expect us to contribute to the company by working to produce income for them (as well as ourselves). I think you would be hard pressed to find a broker willing to take on the liability of an "agent" who is not actually working as an agent .
If you would be willing to contribute most of your share of the commission to the office, you might be able to strike up a deal. I guess the only way you will know for sure, is to make some calls and get some real committments from brokers in your area.
0 votes Thank Flag Link Sun Aug 14, 2011
You will not have a problem at all. There are lots to choose from depending on what you are needing as far as support goes.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Sun Aug 14, 2011
Getting a real estate license to buy properties primarily for yourself is not a great idea. Some pitfalls that are not to your advantage. Contact me and I will discuss with you.
0 votes Thank Flag Link Sun Aug 14, 2011
There are many kinds of brokers, many of which will work with agents who are not active in finding other clients. I would ask other local agents for information, then interview several to find the best fit. Of course you will want to look at financial obligations as well as services.

Best,
Ron
0 votes Thank Flag Link Sun Aug 14, 2011
Hello Annette,
You would be able to find a Broker and work something out.
However, I have a question for you, how much property are you talking about. You are about to embark on some substantial time and monies in order to get your license. You may want to sit down with an agent and really look at the commitment you are about to make and see if it is justified with your long term goals. In no way do I want to thwart your plans, just making sure you look at the big picture. There may be other ways to achieve your goals, give me a call if you want to talk.
Good Luck to you in your endeavors.
Sonia Roberts, Realtor
Canady Realty
512)709-1811
Sonia@CanadyRealty.com
0 votes Thank Flag Link Sun Aug 14, 2011
I wouldn't say any broker because some of them want experienced agents only. Afterall, they are responsible for you to an extent. I remember hearing about e-broker or something like that. You'll also want to consider is said broker going to want a portion of your own commission?

At my brokerage, you keep 100% of your own purchases. I do recruiting for our company so please feel free to contact me if you like. I'm at 512-466-8252 or you can email me. See below..

Angele Moyseos
Vox Real Estate LLC
acmoyseos@gmail.com
0 votes Thank Flag Link Sun Aug 14, 2011
You will have no problem finding a broker to hold your license under those terms. Just start advertising on Craigslist in Austin, Dallas, Houston and San Antonio and you will surely find such a broker.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Sun Aug 14, 2011
Annette as long as you disclose what your goals are there should certainly be broker who just hang listings, just ask abiout any requirements or costs such as if it is mandatory to jbecome a Realtor and join the local MLS.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Aug 14, 2011
By the way, I like Austin Real Estate Networking Club (RENC) best. Shenoah Peck and Phill Grove manage the group.

-J
Web Reference: http://www.crowehomes.com
0 votes Thank Flag Link Sun Aug 14, 2011
Annette, it's likely that a broker doesn't care who you are representing -yourself, included - as they're going to have a comp plan set up for that. Feel free to contact me about how we've set up our brokerage. Pippa at AustinDistinction dot com
0 votes Thank Flag Link Sun Aug 14, 2011
Hi, Annette.
You might contact the folks at the investor networking groups. A number of brokers belong and might be willing to arrange something with you.

Good luck!
Web Reference: http://www.crowehomes.com
0 votes Thank Flag Link Sun Aug 14, 2011
You would either need to get a broker to hold your sales person license and sponsor you or become a broker your self. You can find more info about that at the Texas Real Estate Commission website: trec.state.tx.us. Hope that helps! - Lizz Grimes
0 votes Thank Flag Link Sun Aug 14, 2011
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