Mentor-New agent, How does it work?

Question

I have an offer from a very successful Realtor, and former "Power Broker" to come under his wing as a new agent, He also said that he will work on getting me employed at his firm where he is top agent. He said he has 30-50 more homes than he can manage alone and has been giving them up to junior agents in his office, and says that I need a piece of this action

This gentleman is the one who suggested this field for me and has been hounding me to do it since we met.

I am currently enrolled in an Online Salesperson program for California, and have a few questions about the Mentoring process.

What does this entail on my part?

What does it entail on his?

Do I basically preform as an assistant while learning the ropes?

Is it likely to see any cash flow from my assistance?

What kind of tasks will I be doing?

What expectations should I have for this time?

Thanks again
DooDah

Eileen Lobel · Answer

You want to speak with your friend but can also speak to the broker & other brokers of what the split would be etc.& if they belong to MLS & how much that would cost etc....

Eileen Lobel · Answer

I would speak with your friend & see what kind of deal he is speaking about. As far as your license, once you pass state exam you need to hold your license with a broker. Most real estate offices belong to a MLS which will cost you to belong to you if they hold your license which you would have to pay. Once you have your license & hold it with a broker you can show & sell & will be making a commission on the sale. You will get a commission split depending whether the property is listed with your own broker,with another agent with your broker, or with another broker. The broker advertises & so forth & should help you with any questions & even other realtors in the office. Good luck & I hope this has helped you!

Michael Rossi · Answer

I think that you need to ask the agent that is making you the offer.

Will Barnard · Answer

All of your questions are valid and indeed need to be addressed to your "power broker" friend/associate as Mike suggested.

Joe Duda · Answer

Yeah, I plan on asking him all of these things, He made the "formal" offer last week and then today I found out he was in the hospital, So I just wanted to get an idea of what is involved.
We had planned on making a business plan and arraignment on Monday.