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Real Estate Agent - Buying own home

Hello everyone-

I'm a real estate agent in NJ, however my license is currently not held at a specific broker (went inactive).  I can hang my license with a referal agency for a nominal fee, or bring it to a broker for a good bit more.

My question is:  I'll be buying a home within the next year, and I'ld like to use my license to help me recover some moneys at the closing.  Given that status of my license, what do you other real estate agents advise I should do to maximize my return?  Should I just 'refer' myself to an agent for 20% of the 3%, or should I hang my license and work directly with a broker?
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March 20 2012 - Chesterfield
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Answers (8)

Point 1 CE started with the new 2 yr license cycle that started this last yr.
Point 2 no 
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March 21 2012
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Thanks for the responses so far.

Just to clarify, my license became inactive (not with a broker) last year, so it hasn't been that long.  I'ld be surprised if i needed to take CE courses but again I haven't been involved directly in the business lately.

I basically became an agent and never actually sold a home, so i'm not necessarily comfortable representing myself 100%.  Do any of you think a broker would be willing to go 50/50 on the buyer's cut if I asked them to help me through the process? 
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March 20 2012

Depending on the price range you are buying, it may not suit you to hang your license, pay the fees, take the courses required to activate the license, etc.  by the time you do all that you may not have made any gains.  I do not know how you hang your license with a referral agency without having a valid license?  I can't see how you can be paid a commission without having a valid license, really? 

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March 20 2012
The biggest problem to doing what David said is that if you don't hang your "hat" somewhere, you won't have a legitimate way to enter houses to look. And I wouldn't count on being able to ask the selling agent to show you a house, as many can't seem to find the time when they don't think it is their job. (I am finishing up my license, and planning on buying a home... and am running into that).
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March 20 2012
You have to be a fully licensed realtor with your licence at an established broker.If you do that it will cost you in the region of $1,000 by the time you have become a member of the local board which is upward of $400 paid your Errors and omissions insurance - At least $700 joined the mls and so on.
Also you would be required to undertake the mandatory continuing education courses that came into effect this year
Guess that answers your question - and by the way you will be lucky to find a listing that pays out 3% these days
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March 20 2012
As a buyer you can negotiate the anticipated agent fee split the seller won't have to pay, off the price of the house.  No reason to pay a referral to someone else.
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March 20 2012
Do you plan to do any other activity, or just buy your own home?

I suspect different brokers would do different things....
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March 20 2012
my be easyer just to hang it with a broker
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March 20 2012
 
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