Real Estate License Cons
Now that we know the pros to having your license when it comes to investing… Now let’s discuss some cons.
First of all, the cost to get your license in Ok and start working is around $3,000 up front. Classes run about $500, you have to pay for a background test, get fingerprinted and apply with the Ok real estate commission. Then you have to pay for and pass the test and get signed up and pay for the MLS fees and join the National Association of Realtors which also is a fee. Next is picking a brokerage and paying their monthly fee.
As you can see, it’s quite an investment. Another con is that just because you passed the test doesn’t mean you have the skills to do the job. The state test is largely legal information and doesn’t give you real world working knowledge of the industry. It may take a couple of years and multiple deals before you feel confident going solo. You also have to budget out of pocket expenses for everything you need for your business. Marketing, signs, key-boxes, print material, and the list goes on and on. Everything you do regarding your real estate practice is out of your pocket.
In the grand scheme, most investors are better off sticking to one or the other and finding a good, qualified real estate agent they can add to their team of professionals. That’s our area of expertise and we are glad to put it to work for our investors. Our goal is to help our clients make investments to grow their real estate portfolio long term or flip homes on the short. Thank you for following this two part series!