Many of you licensed real estate agents do not work as full time real estate agents. Personally, I have not spent much of my real estate career as a full time agent. I started as an investor actually, buying foreclosures, rehabbing them and reselling. I got my real estate license with the sole intention of minimizing my costs as an investor. One thing you don’t realize is that, as a licensed real estate agent, you can no longer play that naive guy who “doesn’t know” the law when something goes wrong. You are automatically expected to be a professional in the field and are expected to KNOW the law. I know, I went off topic up there. Thought I’d give a little intro as to why I got licensed.
Many real estate agents did get their license with the plan to be a full time sales agent. To live and breath all aspects of real estate sales. Some got it during the “hype” a few years back hoping to cash in on the easy commissions. Whatever your reason, the result was that you got your real estate license. Did you keep it?
I am NOT a fan of obtaining a license (for anything) and letting it lapse (I’ve done it before and regretted it. I AM a fan of education and continuing that education for the rest of your life, literally. I’ve got a few other licenses that I maintain although I may or may not actively participate in that specific field.
I just figure it took me a considerable amount of time and money to get that license and it’s easier to maintain it than it is to repeat from scratch. Specially since standards and regulations for licensing change every few years. Call me a license hoarder if you want, I’ll take it. HA! I understand that some may just see it as a waste of money, and if it’s something you plan on NEVER doing again or absolutely hated it, then I don’t see a reason to have it. I agree with that.
The way I look at it, with respect to a real estate license is that if you just find someone one house, or even one rental. Charge someone a small fee for assisting them with their transaction or just make referrals to agents you know, you can earn the cost of renewal and classes. Have you asked any of your family and friends if they are looking to buy, sell or rent a home? Maybe you just remind them you are a licensed real estate agent. Again, just one small deal a year can pay for the couple hundred bucks to renew and fulfill your continuing ed. every couple years. Seems easy enough and I think we really DO have more time than we believe we have. We are busier than we really think we are.
Hopefully you still have your license and can see that it is worth it to keep and it can pay off in the long run. Real estate is flexible and there will NEVER quit being business in real estate. You can bet on that. What you can count on, is that regulations WILL keep changing and it will be harder and more time consuming to be licensed. I say, keep it! Invest a little time and money every couple year for the sake of education and sell a house every now and then. You’ll be pleasantly surprised.