Real Estate License & VA work

[OnlineOfficeLink]

I'm wondering how many REVA's are licensed real estate agents? I'm just starting my VA business and currently have my RE license. I need to make a decision about what to do with it. A potential client would like me to keep it so that I can fill in for her when she's out of town (show homes or sit an open house).

My questions are:

How to avoid conflict of interest while keeping your license and working with agents from different companies

Is it worth it to keep up with all the fees involved to keep my license if I'll only use it occassionally? (when I worked as an in-house assistant, my fees were paid by my employer)

Should I focus on strictly working as a VA and not take on the additional tasks that require a RE license?

I know most of this is personal preference but would like to hear from anyone who has any experience to share. Thanks!

[MegBarberVA]

I am a licensed salesperson here in NJ, and I hang it on referral basis only just to keep it (Weichert Referral Associate). I got my license for the education and as a "just in case" sort of thing, in case I wanted to be an active agent myself... But I have firmly decided that I NEVER want to be an active working agent. LOL

As it applies to my business, I have made it my policy that if I work with clients in my own state of NJ, I DO NOT work with them in a licensed assistant capacity. (Currently, I do not have any local clients right now, all of mine are out of state) I think when the license is in play, that definitely plays into a conflict of interest if you decide to work with more than one agent in the same state you are licensed. Basically, when you work as a licensed assistant, your license is then under the supervision of the Broker of your agent. So if you work to help other agents in the same market area (or state) that could definitely be a potential conflict of interest because you are technically under a different supervising broker. That, and I believe in most states, you can only hang your license under 1 broker at a time, so that means you can probably only work as a licensed assistant to agents that are only with that broker. There just seem to be so many gray areas involved with this. So I choose not to be a licensed assistant to anyone, so it leaves the possibilty open for me to have clients in the same market area or state without much conflict of interest.
Does that make sense?

Really, as a REVA, I don't have much of a use for the real estate license. I don't think it has brought me more business by the mere fact of having it. No agent has ever said they decided to work with me because I have one. But I do think the education I got from it was valuable. And I felt I worked hard enough to get it that I might as well keep it, even if it is only in a referral fashion. And luckily here in New Jersey, I don't have to worry about taking continuing education to keep it (totally backwards I know, but this is NJ after all) so I only have to pay a yearly fee to keep it current. And I can give referrals if I want to anybody in any state, like refer my family members to an agent, or refer people to my own clients if I ever have the opportunity (i never have though).

That is just my $0.02. Hope that helps!

[Administrative Partners]

I have gone back and forth with this for a while. I have a real estate license and do still sell real estate to my friends and family and their referrals only. I do not market real estate at this time.

I tried to hang my license but my broker decided that I wouldn't have to pay fees or anything for a year.. Well now the year is up and I'm trying to decide what to do. I told him that I wasn't actively selling real estate but he won't listen. My intent was to deactivate it (which you can do for up to 18 months without having to retake everything). I really enjoy real estate and would love to come back to it later in life when the VA business is running itself.

I think thats an either way situation in terms of reception of it.. Some might fear it as competition, some are happy that you have it because you actually understand the transaction and what needs to get done with out much direction.

[OnlineOfficeLink]

Thanks for your in-depth replies which are very helpful! It sounds like I may be limiting myself if I decide to keep my license active due to potential conflicts of interest. I'm now leaning towards keeping it in a referral company so that I don't feel like I'm losing a credential.

I'm pretty sure in PA I'd still have to keep up with continuing ed which is the main reason to keep it. Like you Megan, I've never wanted to be an active agent -- I totally understand that!

I also think I have to decide what I want to do and stick with it. A realtor who wants a licensed assistant is going to want me to do everything.... and I really don't want to. I like to do the "behind the scenes" work. I have to learn to be firm about what kind of work I will accept which is hard for me to do right now because I'm just starting out.

It's a lot to think about. Thanks for your help!

[MegBarberVA]

Thanks for your in-depth replies which are very helpful! It sounds like I may be limiting myself if I decide to keep my license active due to potential conflicts of interest. I'm now leaning towards keeping it in a referral company so that I don't feel like I'm losing a credential.

Look into Weichert Referral Associates. I'm pretty sure that Weichert is in your area or close to it (the closest Weichert office to me is like 35 miles away, but that's still ok). You don't have to pay to be in the local board or NAR since you aren't active. You just have to pay them a yearly fee.

I'm pretty sure in PA I'd still have to keep up with continuing ed which is the main reason to keep it. Like you Megan, I've never wanted to be an active agent -- I totally understand that!

I believe New Jersey is one of the only states that do not require their licensees to do continuing education to keep their license. I think that is absolutely crazy as I think that education is very important to keep them current and abreast of the new real estate laws and trends (I used to be licensed in another state). It keeps coming up for discussion, but they keep voting it down here. Nuts!

I also think I have to decide what I want to do and stick with it. A realtor who wants a licensed assistant is going to want me to do everything.... and I really don't want to. I like to do the "behind the scenes" work. I have to learn to be firm about what kind of work I will accept which is hard for me to do right now because I'm just starting out.

This is YOUR business, and because of that, you get to do business the way YOU want to on YOUR terms. So if that is not what you want to do, you don't have to do it. And don't worry, some agents might not sign on because they want a in-house licensed assistant, but other clients will come along that will accept your terms.
Sometimes being an in-house licensed assistant like that can also be a slippery slope between employee and independent contractor status... I mean if they want you there all the time and dictate your hours and what you do when, you are more of an employee of theirs than an independent business owner.
$0.02 more from Me.

[OnlineOfficeLink]

Megan, thanks for the suggestion about Weichert referral. I worked in a Keller Williams office and I think they just started a referral program there. I need to find more about it but I'm thinking of doing that and I'd still have access to all of their classes (they have a lot!) and keep in touch with all of the agents there.

I know what you mean about the slippery slope of becoming more like an employee. In my last position I was paid as an independent contractor but really worked as an employee in most ways. I don't want to fall back into that again.

Are you able to reassure me that there's plenty of business out there for unlicensed assistant work? I think I'm just afraid if I say no to my first potential client regarding my license that I'll lose her. Right now I'm feeling the pressure to line up some work asap and have an income again. She's in need of 20 hours a week and I'd hate to lose that!

[MegBarberVA]

Hi LoriAnne,

Believe it or not, there are more agents out there that need virtual assistants than there are virtual assistants to fill those positions. Seriously. I think every agent needs a VA, whether they know it or not. There's a saying that we like to tell Realtors, "If you don't have an assistant, you ARE an assistant". <--can't claim credit for coming up with that, but I think it's genius.

Are you willing to do some subcontracting work for other VAs to help get your feet wet in the business until you build your own clientele? It is something you might want to consider to help get you off the ground.

[OnlineOfficeLink]

Subcontracting sounds like a great way to get started. I'll look into it. Thanks

[SharLynn]

This is a very interesting discussion. I'll throw in another question. What if a VA doesn't have or ever had a real estate license? Can they still be a VA to a realtor? If so, what kind of work would they be doing? I've always loved real estate and probably know the market in my area better than any of the realtors. I'm just wondering if realtors would hire a VA without a license and if so, what kind of work would they be doing? Thanks!

[MegBarberVA]

Hi SharLynn,

It is not a requirement nor is it absolutely necessary to have your real estate license in order to be a VA to Realtors. In fact, only a handful of REVAs even have their real estate license. Most do not.

There are all sorts of things you can do for Realtors as an unlicensed assistant... Much of the same stuff you can do for any other business. You can help manage their email, manage their incoming leads, maintain or design their websites, help them market their listings with flyers or postcards or on the web... the list goes on.

But there are certain things you CAN NOT do as an unlicensed assistant. Basically it comes down to you cannot act as a licensed sales person by working directly with buyers or sellers, cannot divulge information on listings to the public, cannot do cold calling to try and drum up new business for the agent... things of that nature. This post here, has some great information that goes state by state.

What is necessary to be a good REVA is a general knowledge of the business, good admin skills, and how to be effective in real estate marketing.

[Remote Synergy]

This is a great discussion...and I am struggling with a similar situation. I have found everything you all are discussing very important. I too am trying to figure out what to do with my license as well and am just breaking into the VA business. I am a licensed real estate agent in Florida and have been selling for 7 years. I have just come to the realization that my strengths are in the behind the scenes work (marketing, listing coordination, mls input and maintenance, contracts, etc.). I currently sell on a team with my mother. She is better at the sales side and I am good at everything else. It is a great match. Unfortunately, the market is pretty slow now so I have been trying to pursue other avenues. I think with my connections and relationships with other Realtors in town, I will be a great REVA.

It seems there is a slipperly slope here though. I would love to still help my mom out and keep my license with my current company so I can perform the activities that require a license, but then also perform the unlicensed activities for other agents in the area. I am not sure that is allowed though (by licensing standards). Nor am I sure anyone would give me any business if they know I am still selling for a real estate company as well (might see me as a threat).

I doubt I can have my cake and eat it too....huh?

You all are such a great resource. So glad to have found you all!

[OnlineOfficeLink]

It's funny that this discussion came up again. About 2 weeks ago I finally made my decision to put my license in escrow. I had my license for 7 years and have always worked as an assistant never as an active agent and have only earned a commission on one transaction (my own home! lol)

Wouldn't you know it that as soon as I started the process to escrow my license I got 2 calls within 2 days with people asking me for realtor referrals! I've since changed my mind and am now putting my license in a referral company. I feel good about this because I'm technically a licensed agent (and have to keep up with education) but I'm not permitted to perform any licensing activities. I think it's the best of both for me and I'm glad it all worked out this way.

I asked a few agents how they would feel having a licensed VA work for them and they each said it wouldn't matter to them. But these are people who know me personally. I think it all depends on how comfortable YOU feel as you are the one to market yourself. If you don't see it as a conflict, new clients probably won't either.

I know it's a difficult decision to make but the answer will probably come to you if you give it some time. Good luck with whatever you decide!