Okay so I am a newbie here and just sent out my first mailer, not deals yet but some very interesting responses. I have a Real Estate License in Virginia and it is currently in an (inactive status). Is there any advantage to hanging my license with a broker (paying the fees). or should I just spend that cash on mailing for vacant lots? The one advantage I hear about is access to the MLS and also being able to get paid referral fees from other agents... Thanks in advance.
@bootstrapbill Good day, good question. In my humble opinion, it really all depends on whether you want to work as a realtor. Getting referrals is great and if you think that is going to be a huge part of the business then you should go for it. However, if you just want to hang your license with a broker for access to the MLS you better off paying flat fee MLS services and getting it done that way. Especially if you are not going to bu buying land in the same state as you are licensed. It costs me about 2k per year in fees to maintain my license not to mention all the continuing education in Georgia. Hope this helps.
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I think the whole "access to the MLS" benefit is a much bigger deal if you're working in a non-disclosure state (because in these states, you literally can't get access to sold comps unless you have access to the MLS).
If you're working in a full-disclosure state (which most of them are), where you can easily see sold comps on websites like Zillow, Redfin and Trulia, this benefit becomes a bit less impactful (not worthless, mind you - but a whole lot less crucial).
Not sure if you're in a non-disclosure state? You can see a map of how each state works in this blog post.
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@my706realtor Thank you.
@bootstrapbill You are welcome.