Good work on the Rehab! I’m actually licensed now. I’ve been working in Boston from mid June leasing Apts, but now want to take it higher with the investment part of it i.e. wholesales etc.
I’m just wondering if I’ll have to always disclose the fact that I’m a licensed agent on contracts and if that will make doing deals more or less difficult…
Congrats on getting your license! Now you can be sued. Haha, just kidding. Kinda.
1. Do you have to disclose?
YES. Absolutely, per state law. But you don’t have to do it in a way that makes it BAD you are an agent – in fact, it’s really a benefit to your homeowner, right?
Now you have TWO options for your motivated seller.
“Hi John, I am a licensed real estate agent in Massachusetts, but I primarily function as a buyer, with a team of people I work with that also buy homes, just like yours. We will be checking to see if this makes sense, both for us and for you, and if it doesn’t, there’s no hard feelings. But the added benefit is that being a licensed agent, I can also help you sell, even if it doesn’t make sense for me and my team. I DO promise though John, that if we cannot make a win-win relationship for BOTH of us, there will be NO added pressure from us, on anything we offer. In fact, I’ll immediately put you on my do not contact list, if that’s what you’d prefer. Is that a deal?”
2. Has it ever hurt my business?
NEVER. For the reason you now see above, and also for the fact that when dealing with motivated sellers of property… do they really CARE? So what – you have access to the MLS and can check the value of their property. So can half the state. Use it as a BENEFIT to them, and make everyone happy.
As always – it’s always about structuring the win-win, and solving problems. If you do that effectively enough, disclosing you are also an agent WILL matter – but in a good way.
To Your Success –