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Has anybody gotten their RE license just to handle their own transactions?

746 Views | 6 Replies | Last: 18 days ago by Red Pear Realty
GunRangeGal
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AG
I had my license back in Texas, didn't do much with it since real estate wasn't really for me. It did, however, save me bank when I sold my house, and then the house my husband and I owned.

We moved to Colorado January of 2018, and bought a house shortly thereafter. We're thinking of selling our house in the next 12-18 months, and I'm strongly considering getting my license just to handle the transaction on both sides.

We didn't use a realtor purchasing our current house at the height of the Denver buying frenzy, and the transaction was a breeze. I'm wondering if it would be worth it to get my license here just to handle our personal transactions?

Edited to clarify that we will be buying a house, as well!
Sasappis
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GunRangeGal said:

I had my license back in Texas, didn't do much with it since real estate wasn't really for me. It did, however, save me bank when I sold my house, and then the house my husband and I owned.

We moved to Colorado January of 2018, and bought a house shortly thereafter. We're thinking of selling our house in the next 12-18 months, and I'm strongly considering getting my license just to handle the transaction on both sides.

We didn't use a realtor purchasing our current house at the height of the Denver buying frenzy, and the transaction was a breeze. I'm wondering if it would be worth it to get my license here just to handle our personal transactions?


Why would you need a license to handle your own transaction? As long as you are not being paid a commission, just get the money back in cash back to seller or a lower sales price.
SteveBott
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AG
Agreed. You will need to give 3% to a seller agent but can just market it yourself. Or find a discount realtor to list only. Also try true FSBO.
GunRangeGal
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So we lucked out that the realtor that listed the house we bought was willing to negotiate on the commission, but the 3 other houses we tried to buy the realtors wouldn't budge. Some realtors didn't want to unlock the houses to show us since we represented ourselves. One even tried to tell is it was illegal...

We know we'll need to list it in the MLS, which is really the only benefit on the selling side for us. It's really the buying side that has me thinking about getting my license. When we dipped our toes into the market a few months back in our desired neighborhood, the listing agent flat out told us there isn't an agent in the area willing to negotiate away a potential 6% commission... which I completely understand. With that being the market standard (and basically getting laughed at for even broaching the subject), we decided to look into getting my license.

I guess I'm just wondering if there is any big downside to doing this other than the legwork/time?
Red Pear Realty
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AG
It's probably cheaper to just hire a flat fee realtor, especially after your broker takes their cut, which usually works out to 1% of the total sale price. We've had a couple of agents list their homes with us because we are cheaper than paying their broker.

I just googled "Colorado flat fee realty" and this company was the first result. Looks like they charge no more than 1% at closing. So you skip out on the time and money of getting a license yourself. And there are probably better deals out there.

https://coloradoflatfeerealty.com/flat-fee-listing-service/
Sponsor Message: Up to 2% Buyers Commission Rebates / $1,200 Full Service For Sale Listings / $500 For Lease Listings with Red Pear Realty. Also, contributor at Houstoning.
GunRangeGal
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AG
I guess I'm just struggling because I would be well out of a commission split after selling our house. I understand the benefit of selling with a flat rate realtor, but that isn't where my focus is. It's the buying side that we're focused on since that is going to be the much larger transaction in an area where realtors have already said they don't negotiate on commissions. The houses we're looking at cost just about double what we plan to sell our house for. I'm just trying to see if there is any potential downside to this other than the pain of the licensing process. I appreciate all the input and it's certainly given me more things to think about!
Red Pear Realty
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AG
Ah I missed that you were buying too. Go for it!
Sponsor Message: Up to 2% Buyers Commission Rebates / $1,200 Full Service For Sale Listings / $500 For Lease Listings with Red Pear Realty. Also, contributor at Houstoning.
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