Michigan Real Estate License Guide

If you are here, you are probably interested in getting your Michigan real estate license. And you have found the right site. But before you go any further, let me take just a minute and share with you some of the benefits and drawbacks to getting your real estate license.

Michigan Real Estate License – The Benefits

There are two great benefits that you will be able to take advantage of when you get your Michigan real estate license. The first is commissions! Now, you probably already know that, but did you know that the typical agent fee is about 6%? Now often, that may be split by as many as 4 ways (you, your broker, another agent and their broker), but you will very likely at least end up with 1.5% of the deal.

So let’s say that all you get, and you sell your first house for $190,000. At 1.5%, you will earn $2,850!

That’s a really nice first check! Now, let’s say that you find the buyer as well, and you split the commission only with your broker. Well in this case, you will earn $5,700.

Now that’s much better!

OK, so the commissions are great. What else do you get?

Well the other major benefit to having a Michigan real estate license is the opportunity to get access to the MLS (multiple listing service). The MLS is a service, usually web enabled, that will allow you to comb through the entire local real estate market (except for FSBOs), to do market analysis, and get instant updates when a property comes up for sale.

This is really powerful. I mean when a great deal hits the market, you can instantly jump on it, and get it. You don’t have to wait for someone else to spot the deal and bring it to you. You’ll have the option to check whenever you want, and often even save MLS searches (and even have new listings automatically emailed to you) so you can quickly and easily find new properties for sale.

Michigan Real Estate License – The Drawbacks

The downside to getting a Michigan real estate license is the fact that you have to jump through the hoops to get one, and take continuing education. You’ll need to complete 40 hours of real estate education, pay a state fee and submit an application in order to get your license.

But considering that first deal where you made $2,850, the little bit of time and money required to get your license will be WELL worth it.

I have been in real estate for quite a while now, and I have made and saved thousands of dollars due to having my license.

Trust me, it’s worth every penny, and every minute spent getting your license!