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Message
Real Estate....
Posted on 4/20/09 at 11:12 am
Posted on 4/20/09 at 11:12 am
I have been thinking about going into this business for a long time, and would like to start a career in it on the side of my full time job, see where it leads, and maybe make a career change out of it.
I do not have my Real Estate Licesnse yet, but would like some Rec's for where I could get it in the BR area.
Also, I have heard in Real Estate, you cant open your own business right off the bat, you have to work for established companies for a while before you can go out on your own if you would want to. This is what I would eventually like to do. Are the things I am hearing correct?
Thanks
I do not have my Real Estate Licesnse yet, but would like some Rec's for where I could get it in the BR area.
Also, I have heard in Real Estate, you cant open your own business right off the bat, you have to work for established companies for a while before you can go out on your own if you would want to. This is what I would eventually like to do. Are the things I am hearing correct?
Thanks
3
Posted on 4/20/09 at 12:03 pm to BomBayTiger
quote:
I do not have my Real Estate Licesnse yet, but would like some Rec's for where I could get it in the BR area.
It's a two week class if you do it full time. Burk Baker is pretty popular.
quote:
Also, I have heard in Real Estate, you cant open your own business right off the bat, you have to work for established companies for a while before you can go out on your own if you would want to.
This is true, you have to be sponsored by a broker for X number of years before you can apply to be a broker yourself.
Posted on 4/20/09 at 12:09 pm to BomBayTiger
If you want to get your real estate license, check out Donaldson RE School. They have lower tuition rates than the other schools and a higher passing rate on the state exam. That's where I went and it was awesome.
As for the other companies, there is a state law where you have to work for another company for at least 4 years before you can start your own. But most people need this for the training/experience anyway.
LINK
As for the other companies, there is a state law where you have to work for another company for at least 4 years before you can start your own. But most people need this for the training/experience anyway.
LINK
Posted on 4/20/09 at 12:53 pm to Shankopotomus
Donaldson is definitely the best in Louisiana hands down. The state used to publish pass rates for the schools but Donaldson had a pass rate in the high 90's and the other schools were in the low 70's so the less fortunate schools lobbied the LREC and now pass rates are no longer published.
Posted on 4/20/09 at 1:14 pm to BomBayTiger
Posted on 4/20/09 at 1:44 pm to Shankopotomus
quote:
Shankopotomus
quote:
MrLSU
you guys have it right, if you want to save money and pass your test the first time I would suggest Donaldson
Posted on 4/21/09 at 3:12 pm to 19thHole
Shank, how is business rihgt now. I know it's gotta be tough. I am also considering getting my liscense and doing it part time. I wonder how painful the 8 week night class is.
Posted on 4/21/09 at 4:00 pm to The Word
Just take an online course :) , I hear pro-educate is good too
Posted on 4/21/09 at 6:42 pm to Shankopotomus
quote:
As for the other companies, there is a state law where you have to work for another company for at least 4 years before you can start your own.
Wrong! Unless it changed recently and I wasn't aware of it you can apply for your broker test after two years of being licensed. If you pass the broker test you can start you own company.
This post was edited on 4/21/09 at 6:43 pm
Posted on 4/21/09 at 7:20 pm to stout
quote:
Wrong! Unless it changed recently and I wasn't aware of it you can apply for your broker test after two years of being licensed. If you pass the broker test you can start you own company.
Interesting.
Anybody else know anything on this?
Posted on 4/21/09 at 8:48 pm to BomBayTiger
Law changed this year,,, unless you were an active licensed salesperson prior to January 1, 2009, you are now required to be a salesperson for 4 years...
..... www.lrec.state.la.us
(2) (a) All applicants for an initial individual real estate broker's license shall have first served actively for four years as a real estate salesperson and shall show evidence satisfactory to the commission that they have satisfactorily completed at least one hundred fifty hours or its equivalent of instruction in real estate courses approved by the commission prior to licensure. Satisfactory completion includes passage of an examination on course contents. [Note: Any person accruing time as a real estate salesperson prior to January 1, 2009 shall serve actively as a salesperson for two years prior to application for an initial real estate broker's license.]
..... www.lrec.state.la.us
(2) (a) All applicants for an initial individual real estate broker's license shall have first served actively for four years as a real estate salesperson and shall show evidence satisfactory to the commission that they have satisfactorily completed at least one hundred fifty hours or its equivalent of instruction in real estate courses approved by the commission prior to licensure. Satisfactory completion includes passage of an examination on course contents. [Note: Any person accruing time as a real estate salesperson prior to January 1, 2009 shall serve actively as a salesperson for two years prior to application for an initial real estate broker's license.]
Posted on 4/21/09 at 8:53 pm to DieSmilen
forgot to teach you the way around the law,,,,
1.) Step one go to the Secretary of State and create an LLC (Tigerdroppings Realty)
2.) Step two go find a licensed broker to sponsor your LLC
3.) licensed broker goes to the Commission and registers your Paper entity
4.) get your personal salesperson license
5.) wait four years get your brokers license and make a corporate resolution to kick the qualifying broker out.
P.S. this is what I will do when I win the lotto
1.) Step one go to the Secretary of State and create an LLC (Tigerdroppings Realty)
2.) Step two go find a licensed broker to sponsor your LLC
3.) licensed broker goes to the Commission and registers your Paper entity
4.) get your personal salesperson license
5.) wait four years get your brokers license and make a corporate resolution to kick the qualifying broker out.
P.S. this is what I will do when I win the lotto
Posted on 4/22/09 at 8:19 am to DieSmilen
quote:
Law changed this year,,, unless you were an active licensed salesperson prior to January 1, 2009, you are now required to be a salesperson for 4 years...
Thanks for that. So I guess all the brokers, who also happen to rule the state board, finally got their way. Doesn't bother me though. I have been licensed since '03 even though I have it as inactive right now.
Posted on 4/22/09 at 10:07 am to DieSmilen
quote:
4.) get your personal salesperson license
5.) wait four years get your brokers license and make a corporate resolution to kick the qualifying broker out.
your plan has flaws, not the least of which is the right of your broker to terminate your sponsorship at any time - including the LLC - and also there are possibly Anti-Trust violations inherent in this plan as well
I dont understand what's the big deal with the 4 year law, considering the main reason the LREC passed the law was likely the lack of experience gained by agents in only 2 years and they felt 2 more years were warranted to prevent issues with new licensees
Posted on 4/22/09 at 10:13 am to The Word
quote:
Shank, how is business rihgt now. I know it's gotta be tough. I am also considering getting my liscense and doing it part time. I wonder how painful the 8 week night class is
Well I mainly work in Commercial, but I do work with some residential investors also. Business has held pretty steady, especially in Baton Rouge.
If I were you, I dont think it is a bad time to get into the business of real estate. Since things aren't selling themselves like crazy right now, a lot of people are getting out of the business. All this means is that when the market recovers, there is that much more business for those of us who are left. If you get in now, you can be one of those people!
As for the night class, that's how I did it. it wasn't painful at all...we did it two nights per week and it was actually pretty fun. As previously mentioned, the school I went to is a local family-owned company who really know their stuff. If thats the option you are looking for, Donaldson has a great program it really did well for me.
Posted on 4/22/09 at 10:25 am to Shankopotomus
There are a few Licensed companies out there that have a non licensed person as the sole owner of the LLC and a broker that sponsors it(mostly property management companies). Also the ones I have seen have agreements in play that state once the owner is licensed he can/will elect to fire the qualifying broker all listings and agreements are with the LLC and not the Qualifying broker. Most of these are done where the qualifying broker is say from Shreveport and the owner of the company is from New Orleans. Both parties are fully aware what’s going to happen, when the owner has met all the qualifications to become a licensed broker, granted you usually have to give that qualifying broker some sort of compensation for the liability.
Other thing you could think about if you know a resident broker in Mississippi, is to become a non-resident salesperson in Mississippi for a year under that broker, then 12 months later make application for a Brokers license in Mississippi, once obtaining a Mississippi Brokers license apply through reciprocity with Louisiana for a broker license. Just things I have seen done.
Other thing you could think about if you know a resident broker in Mississippi, is to become a non-resident salesperson in Mississippi for a year under that broker, then 12 months later make application for a Brokers license in Mississippi, once obtaining a Mississippi Brokers license apply through reciprocity with Louisiana for a broker license. Just things I have seen done.
Posted on 4/22/09 at 10:28 am to DieSmilen
quote:
There are a few Licensed companies out there that have a non licensed person as the sole owner of the LLC and a broker that sponsors it(mostly property management companies). Also the ones I have seen have agreements in play that state once the owner is licensed he can/will elect to fire the qualifying broker all listings and agreements are with the LLC and not the Qualifying broker. Most of these are done where the qualifying broker is say from Shreveport and the owner of the company is from New Orleans. Both parties are fully aware what’s going to happen, when the owner has met all the qualifications to become a licensed broker, granted you usually have to give that qualifying broker some sort of compensation for the liability.
Now this makes more sense, you simply have to hire a Qualifying broker to run the company who does not necessarily have to be the owner. True.
quote:
Other thing you could think about if you know a resident broker in Mississippi, is to become a non-resident salesperson in Mississippi for a year under that broker, then 12 months later make application for a Brokers license in Mississippi, once obtaining a Mississippi Brokers license apply through reciprocity with Louisiana for a broker license. Just things I have seen done
you really know how to skirt the loopholes don't you? I guess I am too much of a straight edge, I'd rather do things the right way and not risk further troubles....
Posted on 4/22/09 at 10:33 am to Shankopotomus
I do not use loop holes, but I have seen it done before. I to question why the rules have not been changed to handle things like this.
Posted on 4/22/09 at 10:51 am to DieSmilen
I hear you, I didn't mean to accuse
I agree that this goes on all the time, and I think the LREC does a fine job of addressing these issues when they are brought to their attention. Sometimes, though, these 'loopholes' are not really causing harm to the people of LA and therefore no reason for the LREC to take action.
I agree that this goes on all the time, and I think the LREC does a fine job of addressing these issues when they are brought to their attention. Sometimes, though, these 'loopholes' are not really causing harm to the people of LA and therefore no reason for the LREC to take action.
Posted on 4/27/09 at 4:28 pm to Shankopotomus
how would one go about finding a Real Estate Company to work for in the BR area to start off with? Im looking at going into commercial personally. Where would I begin?
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