i take my state exam for licensure soon so i was wondering what should i look for (or questions to ask) in a broker/company to work for; ie. commission rates, fees, leads… etc? any input and/or advice would be greatly appreciated, thanks in advance.
what’s your background? do you plan to be more of a listing agent or a buyer’s agent?
Here are some questions for the new licensee:
Are you going full-time? Do you have at least 3 months living expenses and real estate expenses saved up? Or a spouse to support you?
How close to work will you live? You will spend a lot of time commuting to that office.
What kinds of people and properties are you the most comfortable with? You will probably do best initially selling what already draws you. For instance, when I first started selling real estate I was really poor. I did not drive, dress, eat or live rich (still don’t, but now I have a choice!). So I did really well selling to poor, first-time buyers. I spoke their language. I was an instant expert, even though I hadn’t yet sold anything.
I know of agents that loved classic architecture. They did really well selling historically significant homes. The owners of those homes would only list with them, due to their expertise.
How much hand-holding, training and supervision will you need? You will pay for that with a lower commission split, but it may be well worth it.
Interview the brokers at several offices. This is a big decision, and it will cost you unnecessary money if you have to move your license again too quickly. Don’t make any snap decisions. Have your questions all worked out and sleep on it.
Good luck, great time to be entering real estate sales. All buyers have an $8,000 downpayment! I would specialize in first-timers, and work like crazy until Dec. 1. Then I would schedule that reward trip to Hawaii.
Furnishedowner
no background in real estate what-so-ever. my education background and somewhat work experience is in business/finance. any input/advice you can think of for a new licensee would be appreciated, and thanks for the reply.
thanks for your input/advice.
being that i have no background in real estate, i’m going to assume that i’ll need a lot of guidance in the beginning as far as training goes. you seem well-knowledgable, mind if i pick your brain with a few more questions (and feel free to add whatever you think i may need to also know)?
-any specific questions i should ask (what “should” be the answers to them for a new licensee)?
-what would be a “good” commission split given that i’ll need/want the training?
-does it matter much to work for a household named company (ie. century 21, coldwell, … etc.) vs. an independent broker?
Business and finance training is great! All of my training had been in the medical field, and I was so ignorant that I didn’t know what a condo was. It was too embarrassing to ask, so I just kept my mouth shut and figured I would learn it by just being there. Which I did. Eventually.
Questions: WHAT DOES IT COST TO HAVE MY LICENSE HERE? I need a detailed list of monthly charges.
What kind of training do you offer? When? Who does it?
Do you have office caravans, mentors, and someone to help me write contracts at first?
How much does the average agent earn a year? (Don’t settle for “It varies”). I wasn’t comfortable until I learned what someone who was a beginner like me had earned last year.
The big companies do usually have better training and encouragement than mom-and-pop brokerages. But small brokerages can pay considerably better and give you more leads if they are long-established.
Those are just some of the questions. Start interviewing. Maybe someone with more recent RE sales experience will also weigh in.
Furnishedowner
The other thing you have to consider is are you going use your real estate lic. to enhance your investing business or are you going to be a traditional agent? You are going to want different things from your broker in each scenario.
FYI Keller Williams seems to be the most investor friendly chain brokerage
The real estate market is really slow these days. In my area, there is a real estate agent I know that has not sold a single listing so far this year. He is getting his income working part time at a non-real estate job.
How will you support yourself if you don’t earn any commissions for quite awhile?
How much time is left for the exams? If there are six-eight months left, you may join some real estate agent as a trainee to learn not to earn big. This period will give you up to date knowledge of real estate business. Apart from that become the member of the real estate forums and communities to know what and how developments are taking place.
The answer will depend on your current situation and needs. If you are currently cash poor, I would recommend ZipRealty because they give you leads and step-by-step directions on what to do everyday.
If you have some time before you have to have a check, I’d reccomend Keller Williams. They are without question, the best real estate sales training company in the business. You’ll learn more there than anywhere, but you will have to create your own leads.
No matter who you choose, be sure to treat it as a business. Pick the hours you will work and stick to it as if you had a boss who expected you to be there. Track your activities. Know how many calls, appointments, presentations, etc. you do each day. Know your numbers so well that you can see the trends over a 90-120 day period to see what’s working and what’s not. Finally, find an Accountability Partner. Someone who will call you out when you’re not meeting your productivity goals and support you when you need it.
Understand that brokers don’t sell real estate, they rent it…
With that said find out
Desk fee
split to desk fee
file fee
advertising costs per file
sign fee
how much mail can you mail per month
can you buy without a fee
what is their line rate for advertising and do you get that rate
ask agents who work for the brokerage why
ask agents that don’t work there why not
ask the general public to name three brokers in your area… Pick one of them
when you leave and you will what is the split on remaining files
types of training
how many new agents and what is the attrition
Good luck
thanks for all the advice/input. i actually just passed my license exam today.
well thanks again, and feel free to throw in whatever else you may think would be helpful for a new licensee to know…