Working in main stream real estate can become an extremely expensive proposition. Association fees, desk fees, maintenance and office expenses not to mention advertising costs can amount to thousands of dollars per year. There comes a time in everyone's career when we consider slowing down and we need to determine the time where the cost of being in real estate outweighs the reduced income due to the fact that we have chosen to low down. At the same time we have worked very hard to have obtained our licenses and we are very relevant just to let it go. Below are some scenarios – If you find yourself in one of these categories then sometimes it time to give serious thought to parking your license.
A husband and wife both licensed and part of main real estate. One of the partners may wish to park their license to minimizeize association and desk fees.
If a principal registrant's main activity is buying and selling property for personal speculation it may be to his or her advantage to park their license.
If you are just getting into real estate and you are considering becoming part of an established team you may want to consider parking your license to give you a chance to become oriented, before committing to the costs of becoming part of that team.
If you are considering taking on a licensed assistant it may be to everyone's advantage to have the assistants licensed parked.
If you have just obtained your real estate license and you do not wish to make a long term commitment you should consider parking your license.
If you are a "marginal producer" because you want to slow down towards retirement; or because real estate is only a part time activity then you should consider parking your license.
If you just need a break from main real estate you should consider parking your license.
If you fall into any of these categories it's time to seriously consider a license warehouse.
Please note that once your licensed is parked it is still assumon upon you to meet all of the requirements to allow you to continue to renew your license. This includes meeting all of the educational requirements (Currently in Ontario this numbers to 24 hours of courses in each 2 year cycle). Further you are required to maintain your errors and omissions insurance.
You may also wish to note that you can definitely continue to earn real estate statements on your own terms either directly or by referring business to any broker of your choice.
I personally struggled with the decision as to whether or not to park my license however once the decision was made to proceed; with each passing day I know it was the right thing to do, and it is my wish to be able to work with other agents n the same type of position.
Source by Anthony Smrke