From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1505 topics, 14365 posts — Last Post 04/16/14, 05:46AM

BiggerPockets Exclusive PRO Area

116 topics, 834 posts — Last Post 04/15/14, 11:19PM

New Member Introductions

10838 topics, 85188 posts — Last Post 04/16/14, 06:02AM

Real Estate Success Stories

391 topics, 6092 posts — Last Post 04/15/14, 11:38PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5897 topics, 46521 posts — Last Post 04/16/14, 05:49AM

Renters

640 topics, 5788 posts — Last Post 04/15/14, 06:49PM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

236 topics, 1602 posts — Last Post 04/13/14, 02:11PM

Do it Yourself

653 topics, 6252 posts — Last Post 04/16/14, 01:54AM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3650 topics, 29289 posts — Last Post 04/16/14, 05:09AM

Real Estate Guru, Book & Course Reviews and Discussions

1129 topics, 11530 posts — Last Post 04/16/14, 04:37AM

Ask About A Real Estate Company

736 topics, 7286 posts — Last Post 04/15/14, 02:45PM

Real Estate Investing

Real Estate Strategies

Wholesaling

5580 topics, 43634 posts — Last Post 04/15/14, 09:15PM

Rehabbing and House Flipping

3317 topics, 30843 posts — Last Post 04/16/14, 05:05AM

Real Estate Development & New Home Construction

551 topics, 4678 posts — Last Post 04/14/14, 01:02AM

Innovative Strategies

698 topics, 5991 posts — Last Post 04/13/14, 06:35PM

Tax Liens, Notes, Paper, & Cash Flows Discussion

863 topics, 6640 posts — Last Post 04/15/14, 06:59PM

Rent to Own a.k.a. Lease Purchase, Lease Options

689 topics, 4848 posts — Last Post 04/16/14, 05:41AM

1031 Exchanges

142 topics, 1049 posts — Last Post 04/08/14, 08:22AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11281 posts — Last Post 04/15/14, 03:20AM

HUD, VA, and Tax Sales

414 topics, 3085 posts — Last Post 04/14/14, 06:29PM

REOs

1212 topics, 10563 posts — Last Post 04/15/14, 01:08PM

Short Sales

1533 topics, 13117 posts — Last Post 04/15/14, 07:10PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7184 topics, 70452 posts — Last Post 04/16/14, 05:42AM

Mobile Homes & Mobile Home Park Investing

636 topics, 5127 posts — Last Post 04/15/14, 09:59PM

Investor Basics

Starting Out

7670 topics, 60235 posts — Last Post 04/16/14, 05:30AM

Investor Psychology

430 topics, 6092 posts — Last Post 04/14/14, 06:53PM

General Real Estate Investing

4706 topics, 37127 posts — Last Post 04/16/14, 06:03AM

Real Estate Investor Marketing

1728 topics, 14070 posts — Last Post 04/16/14, 03:51AM

Commercial Real Estate

Commercial Real Estate Investing Forum

1409 topics, 8971 posts — Last Post 04/16/14, 05:58AM

Multi-Family and Apartment Investing

1100 topics, 9145 posts — Last Post 04/15/14, 10:32PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

638 topics, 4883 posts — Last Post 04/15/14, 01:41PM

Business Basics

Goals, Business Plans & Entities

827 topics, 7526 posts — Last Post 04/15/14, 07:32PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2779 topics, 19967 posts — Last Post 04/16/14, 05:14AM

Property Insurance

308 topics, 2036 posts — Last Post 04/14/14, 07:40AM

Personal Finance Discussion

327 topics, 2686 posts — Last Post 04/04/14, 02:51PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2822 topics, 19657 posts — Last Post 04/16/14, 06:00AM

Creative Real Estate Financing

1206 topics, 8758 posts — Last Post 04/15/14, 02:21PM

Crowdfunding Real Estate

35 topics, 455 posts — Last Post 04/14/14, 02:14PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1204 topics, 7933 posts — Last Post 04/16/14, 05:47AM

Bankers, Lenders, and Mortgage Brokers

440 topics, 1917 posts — Last Post 04/15/14, 07:37AM

Contractors

261 topics, 1656 posts — Last Post 04/15/14, 07:17PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1979 topics, 11550 posts — Last Post 04/16/14, 05:50AM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 422 posts — Last Post 04/14/14, 05:41PM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

14978 topics, 53844 posts — Last Post 04/16/14, 12:22AM

Real Estate Events and Happenings

162 topics, 2400 posts — Last Post 04/16/14, 05:59AM

Off-Topic

Off Topic

Off-Topic

2902 topics, 32394 posts — Last Post 04/15/14, 06:04PM

Housing News & Real Estate Market

913 topics, 8332 posts — Last Post 04/16/14, 02:30AM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

Forums » Real Estate Agents » interviewing brokerage to hang license

interviewing brokerage to hang license

15 posts by 4 users

Signup

Real Estate Investor · Gibsonia, Pennsylvania


Hi BP

I'm on my last week of class.
Was told to interview asap before exam bc process is not exam then brokerage.
Told to get my criminal chk NOW.

My investors flip, aka probono work with no license, is ready in late march

time crunch......

Never did Sale, marketing is my weakness.

Question: should I sell as agent or hire at this point

-------------
Interview: I'm more confused then when I came in.

They are big name brands:

#1
high split,
monthly fee 104-550/mo(65%-90% split)
plus 125 processing and 350 broker commission for each closing all sides

Monthly fee gives same benefit only diff is split. And graduating commission Max.

I am allowed waive my commission on my properties.
I can compensate another agent if they open house for me. My terms/choice
I can be either residential and/or commercial
A lot of investor

But I don't see their sign in my farming area

#2
I start at 60% bc of my investor experience not 50%

$800+ initial cost to get in..including licensing
No desk fee, monthly cost MLS, key, etc (I'll post when I receive email)
Already just took in 9 new agents.

I'm allow 2 own property sale/buy @ 80% commission a yr
I can't compensate other agent for open house.
I can't waive commission on my own property. I get 80%
I can't be commercial unless I'm certified. It's separate

Cheaper but less flexibility.
I don't see much of their sign in my farm area
But use their website unknowingly a lot.

This one feels like churning agents. And her market analysis are too optimistic.
She is telling me I should list my property @ 255k while others 235k

I have 3 more lined up
all big name one huge local

1 recommended by instructor as investor
1 my broker works in And I'm taking classes in
1 the agency I bought last 2 deals on. Signs all over my farm



Commercial Real Estate Broker · Canton, Georgia


Are you wanting to be a real estate agent or just want the MLS access for your own deals??

Are you wanting to do residential or commercial real estate??

What does your current network of investors consist of??

Example if you have a ton of potential contacts that buy the dumpy little houses then you are looking at being a residential agent and occasionally sell a house, duplex, triplex etc. A residential brokerage firm will be fine for that.

If on the other hand you have a base of sophisticated and experienced investors with sizeable amounts of cash then many of them will want to purchase in the commercial arena. If you enjoy regular hours and not the drama of residential real estate as a broker/agent then you will like commercial.

Many brokerages tout residential and commercial but most are small time dealing with a couple land listings and mom and pop type stuff. To do the big corporate type commercial deals you would be better off going to a commercial real estate only firm that specializes. The firm isn't going to bring you the business. Learning everyday and getting out there an connecting and running your own business will get you the deals.

Once you have put in your time then you can become a broker and keep it all.

Good Luck


Small_allworldrealtyJoel Owens, All World Realty
E-Mail: [email protected]
Telephone: 678-779-2798
Website: http://www.AWcommercial.com
www.AWcommercial.com 678-779-2798 [email protected]


Real Estate Investor · Gibsonia, Pennsylvania


That latter, access for my own deals.

My investors are flexible in their needs its up to me really.

I own 2 commercial (mom pop) rental and 1 residential.

My knowledge is residential just fell into commercial.
But would love opportunity to learn about commercial.



· Fayetteville, Arkansas


I have a RE salesperson license for property management.
One thing you should consider is if the firm has a "competing broker" - broker does their own listing and selling. I would recommend not having a competing broker. My competing broker will try to make time to help me out, but is pretty tied up in her own business. Additionally, it just feels ****ty to pay someone a huge % of your deals when you know that to them, you're just another income stream.



Real Estate Investor · Gibsonia, Pennsylvania


thank you for that heads up, didn't think about the competing broker

#3
I spend 1/2 hour in the presentation and didn't get much out if it (pitch).
I need to schedule a 2nd mtg for get the number.
because we ran out of time (bef my class)

but from my questions:
tiered commission (earn X amount and come up in split)
1 yr and/or $12,000 bef 90% on my own Property (?? quickly explained)
"similar" monthly fee



Developer · Orange County, California


@Jennifer Lee Money isn't the only factor. Which office has the best training for a new agent? How familiar are you with the entire process of real estate? Are you able to work without any help, or do you need someone to counsel you? Don't get ahead of yourself. Learn the business, know your market, provide good service; and you'll make money.


Karen Margrave, Parlay Investments, 1st American Construction
E-Mail: [email protected]
Telephone: 949-933-3955
Website: http://www.parlayinvestments.com
PARLAY: definition: to increase or otherwise transform into something of much greater value


Real Estate Investor · Gibsonia, Pennsylvania


Thanks. Karen great points.

They all have training, 2 of the 3 seems to have great knowledgeable broker.
The office atmosphere seems to differ by night a day.
I've got 2 more brokerage to interview.

So far I've met with 2 extremely opposite business philosophy.
Super professional vs mother goose/den mother/very casual
#3 is somewhere in between.

I'm very confused right now.



Real Estate Investor · Gibsonia, Pennsylvania


@karen

After reading your post again you made some excellent point I need to consider.
I'm heading to my next interview.

I'm familiar with real estate as investor but not as agent.
I understand the sales part being an agent once before.
But I myself needing mentor in the selling/marketing part.

Thx



Real Estate Investor · Gibsonia, Pennsylvania


Thx you karen

I think I found the brokerage. U r so right its not the $$$
It's the fit... and the broker is so knowledgeable and willing to teach.

Thank you



Developer · Orange County, California


@Jennifer Lee Sounds great. You want a professional atmosphere, with the help you need to learn, yet not so demanding as to make everyday stressful! But not so casual and laid back as to not have structure. It's always good to have agents that are good producers that you can learn from too. Competitive, but not snobs! Good luck.

P.S. I got my start in real estate being an executive assistant in an office with 35 agents. I tracked all the escrows, sales, listings, etc. and did all advertising. My boss was a former Coca Cola exec, very friendly, but disciplined and professional. Within a few years he was encouraging me to get my license, and I did.


Karen Margrave, Parlay Investments, 1st American Construction
E-Mail: [email protected]
Telephone: 949-933-3955
Website: http://www.parlayinvestments.com
PARLAY: definition: to increase or otherwise transform into something of much greater value


Real Estate Investor · Gibsonia, Pennsylvania


I think this one fits the bill on all the things u mention.
thanks again! U font know it but u are changing lives.
Thanks karen
Can't @ on phone



Real Estate Investor · Gibsonia, Pennsylvania


I interviewed with #4 today

It didn't give me the warm and fuzzy feeling
But I think this is a best fit for my needs as INVESTOR.

ANNUAL COST 2000(includes monthly) I'm.rounding. over estimate ;)

But it has a graduating commissio:n schedule unlike #3.

#3 pays for everything but 50/50 co broke
30/30/30 in in-house
I get all 100% if mine

#4 is similar to #2
Minus the casual informality.
Very knowledgeable broker willing to teach.

As investor after I earn 12000 I get 90% if I sell and 100% if I buy. 2xs a yr



Real Estate Investor · Gibsonia, Pennsylvania


Sorry I got my numbering wrong:

but here i quick break down:

annual cost is under $2000 across the board
includes the key, mls, NAR, ads, printing, card etc.

#1 : Experienced Investor
has HIGH splits if you pay for them in monthly membership fee
It's great for seasoned investor/realtor (which is not me just yet)
I get to control my own property transactions and pay transaction fee
Education but not hold you hand kind...
super professional
Knowledgeable broker, willing to help me

#2 : Agent Churning Machine
No desk fee, has normal monthly/yearly cost
Gradual commission increase, earn X get X%
80% commission on mine 2xs a yr.
Education
Casual, unprofessional, den mother feeling with all her cubscouts.
She didn't seem to have a grasp on the market.
Just hired 9 agents. office feels chaotic.

#3 ONE my broker is in...INTERESTED
No desk fee, monthly/yearly cost
gradual commission rate (more reasonable then #2)
90% of commission when I sell, 100% buy (2xs yr) but I have to earn 12000.
Great education program
Very helpful and knowledgeable broker
Professional colleage unlike #2

#4 LOCAL BIG BRAND.. the one I thought was best fit.
They pay for everything, I pay 250-500/yr
commission is 50/50 cobroke, 30/30/30 in-house, 100% mine
lots of benefits
Very nice motherly knowledgeable broker.
They have a lot of incentives but not for me as investor

#5... Will be tomorrow but it's similar to #1 I think



Commercial Real Estate Broker · Canton, Georgia


Jennifer the bottom line is new agents focus on the MONEY SPLITS and not what goals they are trying to reach.

I got rid of all of my agents a long time ago. They want the world and only want to pay a minimal fee. I make so much more just working on my clients deals and my own investments.

100%,90% of nothing is still nothing. The experience you learn is worth much more than a starting higher split where the broker isn't around and they churn volume just to get by.

Agents that contact me I tell them I do not take agents anymore. They want to learn but every time in the past they do not have what it takes and I waste valuable time with them. Now I tell them you will need to give 20,000 upfront retainer and I will give 20k credit back off of your first deal. They have skin in the game now and it will be painful for them not to put in the total effort to close a sale and not quit.

Of course nobody takes the offer which is of course fine with me as I don't want to take that on anyways. Agents think they are gold when newly licensed but really they are just a dime a dozen.


Small_allworldrealtyJoel Owens, All World Realty
E-Mail: [email protected]
Telephone: 678-779-2798
Website: http://www.AWcommercial.com
www.AWcommercial.com 678-779-2798 [email protected]


Real Estate Investor · Gibsonia, Pennsylvania


I agree, I picked #3, although it's split is not the best, but they have the best tool to help me move forward with my business.

I am essentially going to be totaly new at sales, and need all the help I can get, but also need be able to be an investor.

and my broker and I need to be on the same page on our strategies ;p





Sign up