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Old 11-08-2012, 01:59 PM
 
149 posts, read 281,258 times
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Hello:
I am considering to become a real estate agent, not for the sake of others. but to buy a house for myself. I am aware of the area where I want to live and the type of house I am interested. The reason for me becoming an agent is to a. have flexibility to see the houses at my convenience b. Save on some commission amount.
Any CONS/Road blocks one could see?

Can one suggest how to go about? What I know so far is that I need to take a course, but after that what I need to do? Please guide
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Old 11-08-2012, 02:11 PM
 
Location: Atlanta, GA
14,834 posts, read 7,432,490 times
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Sounds kinda dumb to me. If you don't want to pay a commission you don't have to use a buyer's agent (you still pay the seller's agent commission either way).
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Old 11-08-2012, 02:55 PM
 
1,971 posts, read 3,048,864 times
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Not sure if it's common in ATL, but a lot of people in NYC do this, for the same reasons you mention. A friend's dad who was a dentist did it, and a friend's wife has also done it. At least in NYC, it gets you a lot better info about the properties you are interested in. If it's not cost-prohibitive, why not?
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Old 11-08-2012, 05:24 PM
 
149 posts, read 281,258 times
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Quote:
Originally Posted by atltechdude View Post
Sounds kinda dumb to me. If you don't want to pay a commission you don't have to use a buyer's agent (you still pay the seller's agent commission either way).
Apparently not so. When you do not use a buyer agent, I am not seeing a reduction in the price. Also I am still dependent on the seller agent to show me the house.
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Old 11-08-2012, 05:27 PM
 
9,008 posts, read 14,079,491 times
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What atltechdude is saying is that even if you are your own buyer agent, you still have to pay the seller agent commission.

So while becoming your own agent may give you more flexibility to see the houses at your own convenience, it will not save you a dime in commissions. You do not have to be an agent yourself to simply not use a buyer agent.
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Old 11-08-2012, 05:38 PM
 
149 posts, read 281,258 times
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Quote:
Originally Posted by ATLTJL View Post
What atltechdude is saying is that even if you are your own buyer agent, you still have to pay the seller agent commission.

So while becoming your own agent may give you more flexibility to see the houses at your own convenience, it will not save you a dime in commissions. You do not have to be an agent yourself to simply not use a buyer agent.
Thanks ATLTJL. Let me understand. If I pay 100K for house. Out of this 3K(3%) goes towards seller agent commission and 3K (3%) goes towards buyer agents commission. If I am the buyer's agent (buyer being my wife and me) would n't I save the 3K that would have paid to the external agent if I hired one? Not sure I understood.
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Old 11-08-2012, 05:40 PM
 
9,008 posts, read 14,079,491 times
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Yes, but you don't have to be a buyer agent. You can simply not have one at all. All you have to do is work directly with the seller agent and you save the 3%. You don't have to be a licensed agent to do that.
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Old 11-08-2012, 10:04 PM
 
1,362 posts, read 4,323,348 times
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Quote:
Originally Posted by ATLTJL View Post
Yes, but you don't have to be a buyer agent. You can simply not have one at all. All you have to do is work directly with the seller agent and you save the 3%. You don't have to be a licensed agent to do that.
I dont think it necessarily works that way. Sellers agent is I think entitled to 6%, has to agree to forgo the 3%, but I am guessing that in this market it might be possible to get the sellers agent to forgo the 3%.

Only con I see: if there is something really important that the buyers agent does (such as review papers), you might or might not be able to do it with your limited knowledge. But not sure if there is anything such as this that buyers agent does.

I say go for it. At the very least, you can go around looking at houses at your leisure. Plus, may be there may be important info that agents get to see (eg. how ,much a certain house rented for)?????
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Old 11-09-2012, 04:40 AM
 
102 posts, read 219,637 times
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I see nothing wrong with this approach. Since the seller pays the commission you will not save. you will get a chance to earn it and reimburse yourself for the expense of the license and who knows you may end up having a nice side gig. Also I am an agent and it is nice to look at your leisure. There are lot of lazy agents out there that will send you to look at the house and not go with you if they can get away with it. I also find many sellers agents do not return calls. Just the other day I called one for a lockbox code and have yet to hear back. I wanted to show to my buyer. This happens quite a lot. So it will be nice for you to be able to skip this frustration. Of course there are a lot of good agents, but I like the flexibility of showing myself and occasionally being able to help my friends and family when the time comes.
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Old 11-09-2012, 09:47 AM
 
Location: Atlanta
738 posts, read 1,379,250 times
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I'd say the first thing you need to find out is how much it currently costs for the classes, study materials, exam, background check, licensing or certification fees, etc. My former spouse went through the process back in 2004 and I seem to recall the cost was several thousand total. Here's a link with info: Obtaining a Real Estate License

The other thing to consider is the cost of your own time. If you have nothing better to do and you're genuinely interested in the industry, it might make sense. If you have a day job and a lot of other things going on, or if it bores you to tears, I can't imagine the cost savings would be worthwhile.
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