Becoming a Realtor

[househunting]

I am house hunting right now and it is not looking good. I am probably going to rent until more listing show up in the spring. Is it worth it to get my license to purchase my my home? What is the process and what is the cost? Would i have to pay monthly or yearly fees to a Realty Group or could i just get my license and buy a house without being under associated with a Realty Group? Let me know as i have always been interested in taking the course, not for a career but just something to do. I dont have much faith in realtors and would rather pay myself the commission.

[Lost Soul]

I am house hunting right now and it is not looking good. I am probably going to rent until more listing show up in the spring. Is it worth it to get my license to purchase my my home? What is the process and what is the cost? Would i have to pay monthly or yearly fees to a Realty Group or could i just get my license and buy a house without being under associated with a Realty Group? Let me know as i have always been interested in taking the course, not for a career but just something to do. I dont have much faith in realtors and would rather pay myself the commission.

You do realize that having a Realtor is not a pre-requisite to buying a place, don't you?

[househunting]

It is in my case. Got a realtor in the family that kinda have to use. Rather get my own license and do it myself.

[islandlandlord]

It is in my case. Got a realtor in the family that kinda have to use. Rather get my own license and do it myself.

Family is familiy. If he/she can't do the job then i'd cut him loose and find someone who can. Maybe things are different in your family, but i wouldnt hesitate to drop him.

Buying RE isnt a small decision; you need a professional that will help get the job done right.

[househunting]

I wish it were that easy. When it is your spouses immediate family it's a little hard. Any info on how long it takes to get a license. Are there assignments that need to be completed or is it understading the lingo and then writing the exam? Is there any classroom work required?

[MultipleOffer]

I took the course in '95 when i bought my first property. At the time it was the prelicensing and sub-mortgage brokers course. I wanted to learn about the process before I got into property ownership. It took about 6 months and was around $750 at the time, through UBC/Sauder. There were 20 weekly assignments and a written exam that you needed certain mark to pass. There are cheaply stenciled signs at major intersections claiming they can help you get your license within 5 weeks, which is likely intensive. After that, if you want to go on into practice, you will have to apply for your license and take another course through the BCREA.

The barrier to entry comes with the licensing fees, insurance, desk fees, franchise fees, Board fees, deal fees etc. when you get your actual license. The costs of your first year in business will likely exceed any commission savings from your own purchase. If, however, you can sell 10 properties in your first year, you can get by, and 20+ deals/year will bring you a good income. When purchasing property as a licensee there are conflict of interest situations you can get into, required disclosures and many ways to lose that license that you just worked so hard to get. Also, you are excluded from any insurance coverage when acting for yourself - in such a situation you should really have another realtor write the offer for you.

Hope that helps.

Since there is a realtor in the family, why not offer to split the commission with him/her and save the trouble?

[househunting]

Thanks for the response. It has nothing to do with the commission. If i could use another realtor i would. I just don't want to have to deal with my current realtor (MIL) and the only was is to be my own realtor without opening up a can of worms. I have many friends that are realtors that i could use, but that would cause a lot problems.

I read that the startup costs are about $4000 for the 1st year. Commission on a $750,000 home would cover that and i would have a little left over.

[Johnny Horton]

Go ahead and do it.
As many of the people have pointed out, realtors are far overpaid for what they have to do. That's why most of these people are realtors and are making huge amounts of money.

[MultipleOffer]

I just don't want to have to deal with my current realtor (MIL) and the only was is to be my own realtor without opening up a can of worms.

why not 'man up' and let him/her know it isn't working out. seems far less extreme of a solution that the one you are proposing.

[vreaa]

The delightful exchange above has been archived at Vancouver Real Estate Anecdote Archive as reflective of important activity and sentiment pertaining to the local RE market. Thanks everybody.

Bizarre Reason For Becoming A Realtor #47- To Avoid Insulting Your Mother-In-Law

[Austin]

The delightful exchange above has been archived at Vancouver Real Estate Anecdote Archive as reflective of important activity and sentiment pertaining to the local RE market. Thanks everybody.

Bizarre Reason For Becoming A Realtor #47- To Avoid Insulting Your Mother-In-Law

Geez louise. Can we opt out of your archiving process?

[vreaa]

Geez louise. Can we opt out of your archiving process?

Does it bother you that much?

[tqn]

The delightful exchange above has been archived at Vancouver Real Estate Anecdote Archive as reflective of important activity and sentiment pertaining to the local RE market. Thanks everybody.

Bizarre Reason For Becoming A Realtor #47- To Avoid Insulting Your Mother-In-Law

If I had that much free time as you do, I would volunteer at the food bank.

[vreaa]

If I had that much free time as you do, I would volunteer at the food bank.

You are clearly a superior form of human being.
Please forgive me.

And while we're on the subject, check out this anecdote, posted earlier today, relating to feelings of poverty and shame -
“We dare not dream to buy a home in Vancouver. We feel shame to be poor and working poor.”
It's the kind of story you hear a lot of when you're volunteering, or working with Vancouverites in any other capacity.