Wednesday, February 28, 2024
When I first became eligible to apply for my Maryland Real Estate Salespersons License (Feb. 2022), I began in earnest to research the costs associated with maintaining the license as a practicing buyers or sellers agent.
The first decision I made, interview with area real estate teams to be a licensed transaction coordinator rather than a buyers and/or sellers agent. Factors involved in my decision included:
- Legal protection for my Maryland small business, QiSoftware.
- Acquire valuable hands-on experience with real estate sales in a team environment.
- Avoid some of the costs associated with being a real estate salesperson, i.e., insurance, MLS fees, membership fees, etc.
- Paycheck lower however guaranteed.
Though I interviewed with two area teams for the transaction coordinator position, they really wanted me to sign up as a full-fledged buyers/sellers agent.
In my case, I felt it pointless to continue interviewing for the licensed transaction coordinator, so instead, I decided to become a referral agent with a local brokerage.
The actual costs to maintain my active real estate license as a referral agent?
Below, a snap shot from the Microsoft Money Business software I use to track all of my financial transactions (both business and personal)- for the activity associated with my Amazon Signature Visa since last November (2023). The related transactions have a green arrow in the margin.
Though I do not need a website to renew my real estate license, I did register the domain reginathomas.studio to maintain a web presence for this service area and the related marketing efforts.
The current yearly cost to renew the domain registration is shown below.
Why pay about $200 biennially to renew the license if you are only looking to refer clients? I wanted this professional license and want to keep it. I hope some day to be in a better position to use the license as I originally intended, however right now my legal concerns outweigh my desire to actually assist clients with their needs in this area.
Home ownership is perhaps one of the most expensive purchases a couple or individual will have. Legal issues can and do come up. I have done my research. Right now, I cannot afford any legal issues- I could have avoided.
Tuesday, February 13, 2024
Over the weekend, I finally completed all of the continuing education requirements to renew my Maryland Real Estate Salesperson's license.
As noted in the graphics for this post, I completed most of the courses between January 26 - 28, 2024, however came down with a stuffy nose and cold on January 30, 2024. I did very little for a whole week.
Finally, Saturday, February 10, 2024 I took the last course- (Legislative-A) DL/Maryland Legal Update.
These courses renewed my interest in doing more with real estate, however, the last course especially, renewed my concerns with the many legal actions that can be brought against licensees working in this area.
See this related post.
