Can You Work At A Bank And Be A Real Estate Agent?

Real estate is a profitable and fulfilling career that can provide you with an excellent annual salary. Not only that, but you can fix your own schedule and choose your clients. The job is pretty flexible, and it may be interesting, but still requires hard work and engagement.

Also, there are many license levels you can choose from in the real estate industry. Getting a real estate agent license is just a first step. You can continue with your training and upgrade to a salesperson, inspector, appraiser, consultant, realtor, or independent broker. 

Everything here depends on your ambitions and how much time, effort, and money you are willing to invest in your career. However, some people like it when they have certain benefits that companies offer, such as health insurance or its pension plan. In addition, they opt to retain their job as real estate agent, and that’s where the confusion may kick in. 

Therefore, can you work at a bank and be a real estate agent? Are you going to have a problem with a bank you’re working for? Is there some way you can do both jobs at once?

We’ve done extensive research and came up with some interesting and important information. Let’s get started!

Can You Work At A Bank And Be A Real Estate Agent?

Technically, yes, you can. But not in every bank. Even though you can definitely retain your real estate license while working at a bank, you can’t always provide real estate services to clients. That’s because such things differ from bank to bank. 

Thus, if you’re a newbie in a bank and are planning to hold your real estate license and provide real estate services to the bank’s clients, you should first speak to the bank’s management and inform yourself. We advise you not to work like that before you are absolutely sure it is acceptable to do it that way.

Also, the fact that you have a real estate license doesn’t mean you are an active salesperson. In some states, your status will remain inactive if you don’t have a sponsoring broker for your license. You see, it is a real question here whether you can even engage in actual real estate transactions in situations like these.

Bank’s Clients

Clients don’t just show up out of nowhere. Banks spend a lot of money every year on expensive marketing campaigns, and a sales team spends a lot of time and effort to increase the number of clients. 

Now, if you offer a bank’s client your real estate services, that could be a problem. The clients may think that a bank is the one that provides real estate services, which could lead to misunderstanding. Also, if any problem arises concerning a real estate deal, that could potentially cause issues to a company or damage their reputation.

Having all of this in mind, banks should think twice before allowing employees to work as a licensed real estate salesperson. That is because bank agents such as loan officers, bank tellers, branch managers, or financial agents work with clients every day and access their highly confidential information.

On the contrary, if you’re going to work in a bank as an investment analyst, internal auditor, compliance officer, or processing team, you shouldn’t worry about your part-time real estate job.

Conflict Of Interest

Rdl Can You Work At A Bank And Be A Real Estate Agent

Some banks won’t allow licensed real estate agents to work for them because there could often be a conflict of interest between employees. Let us explain this. 

So, suppose you get a job as a real estate agent in the bank. In the first few days, you decide that it is a great idea to find new clients within your colleagues. But most often than not, that is a big mistake many real estate agents make.

The thing is, you would often be tempted to deal with real estate work during office hours. You would also have to write a performance report and determine your colleague’s year bonus if you ever try to sell a property to someone in your team. Besides, it is never a good idea to mix business with pleasure. You would have a hard time staying objective and would probably be biased towards your colleagues.

Can Real Estate Agent Also Be A Loan Officer?

Who Is A Loan Officer?

  • A loan officer is someone that determines whether you are eligible to proceed to underwriting. The loan officer will evaluate the client’s creditworthiness and assist borrowers in applying for a loan as they will recommend them for approval if they see fit. 

Can A Real  Estate Agent Work As A Loan Officer?

  • Yes, you can be a real estate agent and a loan officer. However, if you’re working both as a  salesperson and a loan officer, you will need to follow some specific rules and comply with the RESPA (Real Estate Settlements Procedures Act).
  • There could also be some conflict of interest if, say, you are working as a loan underwriter. That’s because the loan approval is up to you. If you’re the one who will approve the mortgage and the sales agent simultaneously, the bank could question your intentions in approving the loan. In addition, if the mortgage application is approved, your client may purchase a property.

Can You Work At A Bank And Be A Real Estate Agent? – The Bottom Line

Although there aren’t strict regulations that prohibit a licensed real estate agent from working at the bank, it isn’t always the best idea. Also, a bank policy may not allow such dual professions.  

Furthermore, if a bank allows an employee to work as a real estate salesperson on aside,  they are sometimes at significant risk. They could expose their company to conflict of interests, compliance risk, liability,  etc. That is precisely the reason why so many real estate agents don’t want to be any part of it.

On the other hand, if you really want to do both jobs as you think it would fit you well, you should go over the bank’s employment contract, confirm with the real estate regulatory board, or check with a licensed attorney first. That way, you will be sure whether it is allowed to do both jobs in one place, protect yourself, and avoid future problems.