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I'm almost finished with my Texas Real Estate Courses... how in the heck do I choose which brokerage to go with? Do I choose Coldwell Banker at a 50/50 split, but with great mentoring/training and tuition reimbursement? Or.. do I choose Remax that I heard charges you a monthly desk fee, but your commission split is a lot higher? Or, is there a better choice out there? I want to make the right decision right off the bat.. that way I can bloom where I am planted instead of switching brokers throughout my career. Any advice would be greatly appreciated.
I am not in the real estate field, but I would go with Coldwell Banker. I was a stock broker, and faced the same problem. It may cost you money if you make a sale, but sales in the beginning are hard to come by. The help getting started is the greatest thing you can get. Mentoring, Training, and tuition reimbursement will pay more than the loss of commission. You need to develop a game plan. I would suggest (1) identify what the average property buyer wants. (2) Ask everybody if they want (what is #1). (3) Tell those answering "YES, that this is what you give". This approach develops a book of potential home buyers, if that is the market you are in. Whenever there is a open house, you can have 2 or 3 buyers to the open house. If one puts in a bid, you get paid if the bid is accepted. In the event that someone wants you to SELL a house, you get the property ready for a open house (2-3 days) and INVITE YOUR ENTIRE BUYERS LIST. Invite each person on your buyers list that came to give your business card with the address of the property to a friend, relative, or acquaintance so they can see the property at the next open house. Most real estate people I have met are too passive, when it comes to MARKETING.
I read through the answers you were given before answering and I myself used to work for a very large company And can assure you branding is not everything that is brainwash talk for people who need a crutch to sell real estate,My wife and I have been twice as busy since we started up our own company and left the "BIG" Brand company . Your first move should be to visit with multiple brokers and tell them you are looking for a place to start your business , Ask about lead generation ,desk fees ,mls fees ,commission split or per transaction fee , Ask what the agents working in the office make a year this is important to know . Also what kind of advertising does the broker do. And it is o.k. to change offices if your not happy ,Check over any contract overnight before signing with a broker. It is truly important to work for a broker who knows how to change with the times and who demonstrates great leadership abilities. Stay positive and good luck !
In this biz, BRANDING is everything! Meaning, if the general population hasn't heard of the real estate company, chances are they will not look to them for their needs. Having a name and a logo to back up your business is a very powerful boost to your newly found career. But, newly licensed agents need a home where they can get valuable training and/or mentoring. If you can get both of those needs satisfied from one broker, then that is probably the best place to be! For more details, you can contact me.
Best Answer - Chosen by Asker YES FOR ONLY $1,500.00 YOU TOO CAN SELL REAL ESTATE! This is the great lie all realtors are told! Yes, for $1,500.00 you can take classes (at least that’s the cost in Birmingham, Alabama) to learn everything you need to get your license, but not much on what it really takes to sell homes. Most experienced agent do not want to bother with newer agents. When I first started, over a year ago, I was with a different company (Birmingham’s largest real estate company at the time) and I remember asking some of the older agents for help. While a few would help, for the most part, I was told, you just got your license, you should know what you’re doing. Now I’m with Keller Williams Realty, North America’s fastest growing realty company, and since it is the only realty company with profit sharing, every agent in the office has a financial gain in how well that office does, so everyone is more then willing to help out, but more on Keller Williams later. First we will talk about what it takes to be a realtor, then we will talk cost – for if you do not have what it takes, you will be throwing money away, no matter what the cost is. If you have what it takes, it is well worth the cost!!! You should be out-going, not afraid to talk with strangers you meet in the mall, stores, etc. You can’t get all bummed out with rejections, trust me, you will get allot of rejections in this line of business. You also need to be a good teacher as well as a good listener. And most of all, if you can remain calm when the world around you is going to pieces, you will make a good realtor. If you read some of the questions and answers from Yahoo, you will see EVERYTHING is the realtor’s fault, and allot of times, this is true, not because realtors are bad people or trying to pull something (although some do). It is because the realtor did not take the time to explain to the Buyer/Seller how it all works, then if something goes wrong the client has no clue and feel they have been cheated. Also, before I forget, EVERY realtor, works for a Broker, that is just how it works, but you will learn that in realty school. In Alabama you can not be a Broker until you been an agent for at least two years COST My first year I invested a total of $5,000.00 (Spread out over the year) over and above the cost of my classes and I only pulled in $3,000.00. For a total net income of minus $2,000.00 plus or minus a few hundred. This year, so far, I spent $2000.00 and made, to date $30,000.00. Next year I plan on doing even better! As you can see, it cost money, but the rewards, well, they speak for them self! Most real estate companies have what is called OT time (Opportunity Time). The way this works is, you are the agent of the day. You sit in the office and answer the phone. You mostly end up setting up showings for other agents listings, but if a call comes in with someone looking to sell or buy a home, you get that lead, remember, it is only a lead, it is up to you to turn in into a sale or listing. This is only an washington way to get clients. The BEST way is through marketing yourself. That is mainly where the bulk of my budget goes, to marketing myself. If you remember earlier, I said each Keller Williams agent has a stake in how well the office does, I think, most Keller Williams agents are helping other people not just because of the profit sharing, but because this is just the type of people Keller Williams attracts! Keller Williams culture and belief is WI4C2TS W – Win-Win – or no deal ( make it a winning deal for everyone) I – Integrity – Do the right thing C – Commitment – In all things C – Communication – Seek first to understand C – Creativity – Ideas before results C – Customers – Always come first (This one I truly believe in) T – Team Work – Together Everyone Achieves More (another one I truly believe in) T – Trust Starts with Honesty S – Success – Results through people Keller Williams has some GREAT in house training on how to get listings and market yourself, just to name two of its many classes. Best of all, if offers passive income through profit sharing! Real estate is not for everyone, but it is a good business to be in, and yes, it is not a job, nor truly a career, it is a business you need to work and grow. True, you work for a broker, but you work as an independent. Most Brokers could care less if your selling or not, you pay a fee just to be in the office on top of your commission splits, so the brokers are not loosing any money on you. The most common split is 60/40 – you keep 60 and the broker gets 40. Some companies will let you keep 95 to 100%, but the monthly fee is like $1000.00. Each office is different. Keller Williams offers 70/30 splits for new agents, (Monthly fee, called a desk fee is $30.00- once again each office is different) then after you paid a set dollar amount for the year ($19,500.00 for my office) then you get to keep 100% for the rest of your anniversary year. You can, however start off at a 90/10 split, BUT then you must guarantee to pay that set amount. So for me, If I took the 90/10 split and only earned enough to have paid $17,500.00 in commissions to my office, at the end of my anniversary year, I would have to write a check to Keller Williams for $2,000.00. It is for this reason a 90/10 split is not recommended for newer agents, in fact, some Keller Williams brokers will not let new agents get the 90/10 split for that very reason. Interview with Keller Williams Realty The only real estate company that offers profit sharing GREAT company to work for, GREAT training on how to market yourself, in any market. If you would like more info on a career with Keller Williams Realty, go to my web page and on the top you will see "Sell a Property" Click on that, then click on "A career with Keller Williams" I think you will be very impressed. You can also e-mail or call me and I will be more then happy to talk to you about Keller Williams or send you some more information. firstname.lastname@example.org BEST of luck with your new career!