Does it save any money for a person to get the real estate license just to purchase a home for self?
- Christin KLv 71 month ago
You are going to spend quite a bit of money to get that real estate license, not to mention the time it will take--up to two years--and why can't you simply BUY a house? If you have the money to do that, you certainly don't need a license. And you don't have to buy the first house you look at or the one any agent recommends. You can shop for a house like you shop for anything else. You can also shop for an agent the same way.
- SlickterpLv 71 month ago
You don't need a license to purchase for yourself.
- SlumlordLv 71 month ago
I dont think so. You still have to pay commission to your broker and the listing agent gets their cut. The commission you'd get might be as little as 1 to 2%. In addition you have to take the class, pass the tests and become a member of a real estate association. Its just not worth all the time it takes.
- curtisports2Lv 71 month ago
Generally, no. An inexperienced agent would receive the least-favorable percentage split with their broker, probably 50-50, and that is on the 50% that goes to the listing/selling broker. In other words, you would receive 25% of the selling commission if you were the buyer, and if you were the seller, you would save 25% (pay 75% of what you would pay if you were not licensed). And then, that commission you received would be potentially taxable.
If that was the only transaction you ever conducted, you would probably lose money on the deal. Between the cost of the real estate classes required by the state, the licensing exam, and the big one, the fees you must pay to the local Board of Realtors in order to have access to Multiple Listing Service properties (just about everything is through an MLS these days), it would exceed that commission. If it was a 300k or more property, then you might see a small profit.
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- L. E. GantLv 71 month ago
Only in a surface way. A salesperson only gets part of the commission -- most goes to the broker(s), some goes to the listing agent and some goes to the selling agent.
So, agents buying for themselves can only work a small deal, basically not worth the effort to make it work, unless they are the broker with the listing AND the selling.
On top of which, there may be other restrictions about an agent buying for their personal portfolio, some of which is legislated
- Anonymous1 month ago
- 28AKOLv 51 month ago
No. U can purchase a house on your own with out using a realtor. It's not that hard
- Anonymous1 month ago
No. Buyers do not pay any commission. The seller pays the commission.