Getting my RE license in Oregon - need a "Principal Broker"

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Getting my RE license in Oregon - need a "Principal Broker"

Corey Westermann
West Linn, OR · Member since 2015 · 38 posts · 25 votes

Hi BPers,

I'm planning on getting my Real Estate license as I continue my investing career in Portland, Oregon. I intend only to use it for my own deals, I'm tired of relying on my agent for comps, access to the MLS, and access to properties.

In Oregon I'm required to operate under a "Principal broker" for 3 years before I am allowed to become a Principle broker myself and operate independently. 

My question is this - Is there a typical method for finding a Principal broker I can operate under knowing that I have no interest in acting as an agent for anyone but myself? What kind of costs can I expect for this sort of arrangement and how common is it?

Thanks!

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Randy Johnston
Residential Real Estate Broker · Beaverton, OR · Member since 2014 · 335 posts · 149 votes
11y

@Corey Westermann, I "hang my shingle" with Summa Real Estate Group. They are very friendly to brokers and have very low fees, which you only pay when you make a sale. PM me if you're interested. You can get more info at http://summarealty.com/join-us/.

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  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    11y

    There are a number of different options when looking for an employing broker, which is what we call them in Colorado.

    The full service agencies offer up a lot of training/continuing education after you get your license. But you pay for this with pretty heft commission splits - think 50% or more.

    There are a la carte agencies as well, where they charge a flat fee per transaction, then a minor desk fee. At my agency, it is $500 per transaction and $52 a month. I work under a brilliant agent who has been in the business since God was a boy. With less commission paid out, it seems the other agents are nicer and more helpful.

    Good luck!

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    1Reply
  • Randy Johnston
    Residential Real Estate Broker · Beaverton, OR · Member since 2014 · 335 posts · 149 votes
    11y

    @Corey Westermann, I "hang my shingle" with Summa Real Estate Group. They are very friendly to brokers and have very low fees, which you only pay when you make a sale. PM me if you're interested. You can get more info at http://summarealty.com/join-us/.

    5Reply
  • Michell P.
    Residential Real Estate Broker · Portland, OR · Member since 2015 · 153 posts · 105 votes
    11y
    Originally posted by @Corey Westermann:

    Hi BPers,

    I'm planning on getting my Real Estate license as I continue my investing career in Portland, Oregon. I intend only to use it for my own deals, I'm tired of relying on my agent for comps, access to the MLS, and access to properties.

    In Oregon I'm required to operate under a "Principal broker" for 3 years before I am allowed to become a Principle broker myself and operate independently. 

    My question is this - Is there a typical method for finding a Principal broker I can operate under knowing that I have no interest in acting as an agent for anyone but myself? What kind of costs can I expect for this sort of arrangement and how common is it?

    Thanks!

     Hi Corey, 

    I was in your shoes just a few months ago, and found Soleil Real Estate.  They're out of Spokane, WA, but recently opened an office in Portland.  Their only charges are $79 a month + $179 a transaction.  Feel free to send me a PM if you want my principal broker's contact info for an interview.  I've been really happy with her in terms of staying "hands off" while still being helpful with all my questions. 

    4Reply
  • Gavin Peacock
    Flipper/Rehabber · Brentwood, NH · Member since 2014 · 32 posts · 23 votes
    11y

    I was in exactly the same position as you recently, @Corey Westermann, and I feel as if I may have rushed into joining a particular brokerage. I researched and spoke with a few, and went with one that I really connected with the principal broker. The trouble is though, he doesn't invest, and has never done so. He's purely sales-driven. As a new broker in Oregon, I have lots of questions, but the training here is practically non-existent. It's only been a couple of months, and while I'm very busy at my regular job, and flipping a house in West Linn, I'm quickly approaching the time I'm looking to sell. BP is absolutely wonderful, of course, but it's hard to beat knowledge and experience. @Randy Johnston, I'm really interested in what you said about Summa. They look like a great company, if a little heavy on the use of technology. I'd love to chat with you, if you have time, and if you'd be so kind...

    2Reply
  • Lynn Gadd
    Investor · Austin, TX · Member since 2013 · 21 posts · 6 votes
    9y

    Hello all!  I just moved to Beaverton, OR area about a year ago, I have an Inactive Texas Real Estate license and would like to get my Oregon License for my own personal investments.  @Randy Johnston I too am interested in learning more about joining a firm who only charges per transaction.  

    Thanks for any info.  

    1Reply
  • Randy Johnston
    Residential Real Estate Broker · Beaverton, OR · Member since 2014 · 335 posts · 149 votes
    9y

    Hi @Lynn Gadd, I just sent you a request to connect. I've moved on to a new brokerage firm, but can give you a couple of ideas of other firms with which I'm familiar that are transaction only. Maybe we can meet for a coffee or something to talk. I also live in Beaverton.

    1Reply
  • Trevor Ryan
    Real Estate Agent · Portland, OR · Member since 2016 · 9 posts · 1 vote
    9y

    Hello all! I am in the same shoes and currently looking for a broker. However I didn't know what my options were for find say an individual lrincipal broker who I could work for? I have looked at the pros and cons of a firm vs a private broker and am leaning toward the private. However since I am so new I am Def open to all advice and ideas!

    1Reply
  • Account Closed
    Investor · Portland, OR · Member since 2014 · 21 posts · 10 votes
    9y

    Just chiming in that I am also looking for broker recommendations. I've done a little digging and these are the ones I could see myself with... I'm not sure of the terms of each but I'll figure that out soon enough and post back here once I settle in on one.

    • Suma
    • Portland Living Room
    • W(here) 
    • Inhabit 
    • Urban Nest 
    • M Realty 
    • Inhabit
    • Think 
    • More 
    1Reply
  • Rayford Long
    Real Estate Agent · Houston, TX · Member since 2017 · 8 posts · 3 votes
    9y
    Take your time. Interview different brokers in the area and get a feel for what company will be the best fit for you and your goals. what's a fit for one person may not work for you.
    0Reply
  • John Peiffer
    Portland, OR · Member since 2018 · 2 posts · 1 vote
    8y

    @Randy Johnston-  We also are looking for a principal broker in Portland area with reasonable charges but education available, investor-friendly definitely a bonus.   Are you still willing to meet and share some of your experienced perspective?   Thanks!

    1Reply
  • Michael Allen
    Vancouver, WA · Member since 2014 · 14 posts · 13 votes
    7y

    What brokerages did you all decide on? 

    The brokerage I'm with just doubled their fees. I know HomeSmart is only $50/month. Not sure if they have other fees. Thoughts on a reasonably priced investor friendly brokerage?

    1Reply
  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    7y

    Interested to learn more. I am a Managing Broker in WA and am in the process of getting licensed in OR as well.

    1Reply
  • Shalana Upchurch-Quarles
    Member since 2019 · 2 posts · 0 votes
    6y

    I'm in the Beaverton area and am looking to start my career with a decent firm. I see a lot of options floating around. I'm looking for one with flexibility and some guidance and education. Ive been doing property management in this area for 4 years for some major management companies, so Im not completely oblivious to the industry but Im new to the real estate sales portion. I've also started assignment of some out of town ( mostly Pennsylvania area) bi-coastal deals. Summa, Keller seem close to my style and I will interview them soon. Anyone looking at smaller, private agencies? 

    0Reply
  • Neill Juilfs
    Member since 2019 · 2 posts · 0 votes
    6y

    @Randy Johnston- I would love to hear your recommendation of a pay per transaction principal broker.

    0Reply
  • Bryan Atkinson
    Real Estate Agent · Portland, OR · Member since 2016 · 19 posts · 5 votes
    6y

    For agents wanting to invest for themselves, serve residential investor clients, and/or to learn more about RE investing through their brokerage, check out Rarebird. After 5 years at a larger brokerage, I moved over to Rarebird this summer and am having a great time and learning a lot! We have a ton of classes and knowledge around the office about different facets of RE investing.

    Here is the site: https://rarebirdrealestate.com/reteam/

    We also just rebranded our monthly investor network. It's now called Investor Lab.

    1Reply
  • Nick AtwoodBusiness Member
    Realtor · Forest Grove, OR · Member since 2017 · 35 posts · 15 votes
    6y

    I did a bunch of research locally in the PDX metro area years ago. The best savings that I came across was HomeSmart. $550 or so transaction fee, and a $50 a month desk fee which covers their software and utilities. I'm in the process of becoming a principal broker and opening a local office. I got my license as well primarily just for my own investments and it has blossomed into a larger scope. Starting my own office I'd have a similar per transaction cost. The splits/caps of larger RE companies feel too much like a pyramid scheme to me. 

    [email protected]971-217-7283
    Atwood Realty
    WebsiteView Page
    2Reply
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