Wisdom Needed
I am looking into starting a commerical development firm in georgia and I am interested in knowing if there are any licenses that may be required to develop properties and start a development company(commerical and residential) in georgia? I do not have a realtor license but would team with a realtor for their services. I can not think of anything outside of that as to why I would need a license. Also does anyone have their own due diligence forms that they use? If so can you PM me? And can someone explain to me what exactly is the difference between a broker and realtor? Thanks!
I am not too far from you over in Norcross.
You will have to get a business license but that is about it. You will have to hire licensed subcontractors for certain parts of your work, i.e. underground trenching, HVAC/plumbing/electrical on the buildings, etc. but that is about it.
A realtor is someone who is a dues paying member to the national association of realtors. One can be a licensed broker or salesperson without being a "realtor" since you are only a "realtor" if you are a member of the NAR organization. The first step to getting into real estate sales is to get your salesperson license. In GA you have to take a 75 hour class and you must have a broker that is willing to let you work under his license. By themselves, salespersons are not allowed to be involved in real estate transactions (except as a principal) without working as an agent to a broker. In GA you cannot take the real estate broker's test until you have been a licensed sales person for 2 years. You cannot actually receive your brokers license until you have been a licensed sales person for 3 years though. Look at a sales person license as getting your undergraduate in college and look at a brokers license as getting your masters or Ph.D. A broker license allows you to set up your own real estate firm and you work under your own authority, within the legal and moral guidelines of the profession.
As far as due dilligence forms, every property is unique and as such I do different due dilligence work on each different property. It all depends on the site conditions, neighboring and historic uses, etc. etc.
Hey Woodsong,
Are you into commerical development in this area? If so what kind? How did you start out?
My background is primarily in residential development but we are doing a lot of mixed use communities when the location is appropriate. I started on the home building side of things and worked my way up. It's a fun process but a lot of work!!!! Lately I have also been doing 3rd party brokerage as a licensed agent. I am doing so well at that though I am considering dropping my development work and just focus on that....we shall see.