I've been investing in real estate for almost ten years, while working a W-2 job. I was layed off last September and have been working my investments...

... I think that I am ready to branch out and start a realty company, though I haven't gotten my realtor's license, which will get accomplished in about two more weeks.

So the question is, what is the process for finding a broker to help me open up my business? I already have 2-3 agents interested in making the transition as well. Also in Florida it's just one year as a realtor, before you can become a broker.

Thanks for the feedback

I don't think a broker will take on a new licensee with plans to groom you to open your own office in a year unless you are an investment wiz. If you are, why not continue to do that now? Lots of investors make more money than realtors.

By the way, I'm puzzled by something. How can you advertise at your website that you'll put homes on the MLS for 4% if you are not licensed yet?

I would never call myself a wiz, though I have had some nice success. I usually work from the buy and hold method, but am looking at the realty company for a more cash flow position.

I think what I am looking for would be someone that is not currently active, but would not mind making the extra income without a lot of strings attached.

"By the way, I'm puzzled by something. How can you advertise at your website that you'll put homes on the MLS for 4% if you are not licensed yet?"

Me too. Do you do this?

He would not be practicing real estate duties without a license, here in Alabama, as it's against the law!

Incidentally, you don't get a REALTORS license, you get a real estate license (associate or broker) and have the option to join the REALTOR Association. There is no license for a REALTOR.

Finally, you cannot obtain your Brokers license within one year of being newly licensed! Please read below (from Florida RE Commission):

http://www.myflorida.com/dbpr/re/frec_licensing_requirements.shtml

Florida Licensing Requirements for Real Estate

BROKER:

Hold an active real estate sales associate license and complete 12 months real estate experience during the 5 year period preceding becoming licensed as a broker or a licensed real estate sales associate or broker who has real estate experience in another state may apply the experience toward a Florida real estate broker license if the applicant has held an active sales associate or a current and valid broker license for at least 12 months during the preceding 5 years. If one is claiming experience from a jurisdiction other than Florida, attach to the application a current certification of real estate license history (not more than one year old) from the licensing agency of that jurisdiction. The real estate license must have been obtained from the real estate licensing authority by completing its education and examination requirements. NOTE: If the applicant holds a Florida real estate sales associate license (s)he must fulfill the sales associate post-licensing education requirement before being eligible to obtain a broker license. This method does not exempt a sales associate who holds a Florida sales associate license from successfully completing the sales associate post-licensing course.

Successfully complete a FREC approved pre-licensing course for brokers (Course II) consisting of 72 classroom hours and covering the topics required by the FREC. The course is valid for licensure purposes for two years after the course completion date. Applicants with a permanent physical disability as defined by FREC Rule 61J2-3.013(2) may qualify for a correspondence pre-licensing course if unable, due to a permanent physical disability, to attend the site where the course is conducted.

Submit a completed Application, fingerprint card, and appropriate fee (may submit this package prior to completing Step 2).

Pass the Florida Real Estate Broker Examination with a grade of at least 75.
Submit a completed RE 2050-1 form to activate the license, otherwise the license is issued in an inactive status. If you want to immediately begin working as a real estate broker, submit the completed RE 2050-1 form at the examination site. Otherwise, submit the RE 2050-1 form to the Division of Real Estate.

Successfully complete a FREC-approved post-licensing course for brokers consisting of at least 60 classroom hours prior to the expiration of the initial broker license.

Candler Homes:

Please read page 2 of this document:

http://www.state.fl.us/dbpr/re/forms/re-2200.pdf

Notice the first checkbox?

I could not find a real estate license or any type of license for you or your company in the state of Florida. You are/have been practicing and advertisng real estate services without a license!

He pulled the 4% MLS statement from his web site. It's cached though, so he can't hide the fact that he was offering this!

Someone such as JaxLady ought to check into this since it's going on in her area. Not very ethical IMO.

If it's cached -- print out a copy... may be more here that needs to be addressed. Alot of red flags on thier site.

Already saved his whole site as a PDF. It's cached on the net too, if you know where to look. He can't delete that! It is cached all the way back to 2004.

Give him a break guys... He doesn't even have his license yet, so he really might not have know better- and he made the correction right away. I'd like to give him the benefit of the doubt... for now. As for the discounting, a new agent probably isn't going to understand the problems with that any more than a new seller would. Once he has had some experience, has worked on the other side of discounters, has seen some shotty MLS listings and other tactics to help double-end.. he might not understand why a lot us of think they are slime-balls that are charging too much for their services even at 4%. We charge what we charge because we represent the property and our sellers in a way that brings more buyers and a higher final sales price. Sooo... having that 4% listed on your site would have put everyone on the defensive even if you were licensed. As a broker you have soooo many legal liabilities. If you're an investor I assume that you plan to have some property managment services, and a majority of the industry's law-suits are property managment related. I would have a serious talk with a good real estate attorney before you open an office with just 1 years experience. I don't know of a broker who would help prep you to open your own brokerage. What you might look for though would be someone who will allow you to market your own brand, and somewhere you can build a good team. Get your own business up and running first. When you have more business than you can handle alone, then you can start a team. After that you might look into your own brokerage.

You can hire a broker to run your office, but in may states brokers must own a majority of the office. So you would have to take on a majority partner, not just a employee. Not really worth it IMO.

What is a better option is to find a company that will allow you to build your own brand/team and then at some point down the road if you think you can make more with your own office go for it. It might be a good idea to go with Keller Williams as they have an open book policy and you can see exactly how much it would cost you to open and run your own office. There are other offices that will have a lower cost to you, but this would be a good way to learn the business and what it really takes to run an office.

Candler-

If you are operating a brokerage without a license, you are breaking the law, and you should be punished.

HOWEVER, if there is more than we know to your website stuff, then go find a broker to hang your license with for a year. Then get your broker's license. You could use the time to learn what is different between the investor side and the broker side. The experience working as an agent would be hugely beneficial to you.

Carla:

If he's only two weeks away from getting his license, he should already know better!

Unless, he's taking his courses from Carleton Sheets!

Compare it to driving a car two weeks prior to obtaining your drivers license. Would the police "give him a break"? Would the person not know why they need a license?

Well I'm figuring he could be 2 weeks away and not even started yet... I did my class in 8 days homestudy, and he probably just needs to get an agents license instead of associate broker. He might just be planning to do it in a few days... I admit that I probably give people the benefit of the doubt more often than I should.

Carla:

He's had the website since 2004! He has advertised the 4% MLS on & off for almost SIX months! In addition, the MLS numbers for the properties on his web site were not for the properties that he advertised. They were fake.

As for a brokers license.. he CAN'T obtain a brokers license for at least 5 years. Please read my post above for clarification.

"Planning" to do something does not give one the right to break the law.

I wish the guy luck and hope he'll see that our business is VERY serious. You just don't break the law and hold yourself out as something you're not. It's a bad reflection on all of us.

If you read the entire thread, I just don't see how you can give him the benefit of the doubt. Where did he go? After the 4% MLS thing was mentioned, what was his first course of action? To remove it from his web site. It's obvious that he came back to the thread and read it or he would not have changed the site. He knows he was wrong. I wish he would come back and explain.