Best Brokers to hang license with?

Question

Hi,

I recently got my real estate license, though I'm primarily an investor.

I have experience of closings from the investor side but not much from the agent side. I wanted to initially hang my license with someone that could really show me the ropes. I don't = mind what the initial splits look like, as long as they're fair and the broker is able to teach me the process through a house or two. I'm trying to make it work with our team's existing agent but it's difficult to say where that will end up given some of the conversations as of late.

To be clear, I only attend on listing my own flips (~10 a year) and helping family out with no fee if they ever needed it.

Anyone have suggestions on good brokers for that?

Thanks,

Sunny

Hamp Lee III · Answer

Based on what you shared, try Fathom Realty:

✅ 100% Commission (transaction fee instead)

✅ E&O Included

✅ No Franchise Fees

✅ No Desk Fees

✅ No Technology Fees

✅ Agent Referral Program

There is an annual fee with joining Fathom.

They have a 12-week mentoring program for all new agents and the mentor receives 30% of your first three transactions.

There is also an extensive library of videos.

Though the brokerages is not investor-specific, there are brokers who specifically buy, rehab, and rent properties for clients.

https://fathomcareers.com/

I’m active duty Air Force and I liked the fact that they are a cloud-based brokerage (no physical offices) and not a lot of fees. When starting out, that was important to me.

Please let me know if you have any additional questions.

I wish you all the best.

Wale Lawal · Answer

@Sunny Malik

As you learn more about different types of real estate firms and teams below, keep these three questions in mind. They will help you critically evaluate if a national brokerage, local firm, or real estate team is the right choice for you. 1. What are your short-term and long-term goals? When you are still getting your real estate license and before you even start searching for your first brokerage, ask yourself what your career and personal goals are. You might have slightly different short-term and long-term goals. Or, your goals might support and build on one another. For example, are you looking to start out somewhere you can get hands-on experience working next to a seasoned agent? Do you want to play an active role in shaping the future of the brokerage you join? Does the brand of the real estate firm matter a lot to you, or would you prefer to be with a firm where you can stand out? All of these are great questions to ask to help get a better idea of what your business goals are. Personal goals are usually tied to the type of commission you can expect at different brokerages. It’s best to have a good idea of how much and how fast you’ll be able to make money before joining a firm or real estate team. Ask yourself if you want to prioritize the size of the commission, or how quickly you can get paid. When you’re just starting out, you often can’t focus on both at the same time. 2. What can the brokerage offer YOU? woman working in coffee shopAs you research different brokerages and real estate teams, make sure to consider what the organization can offer you. Things like training, mentorship opportunities, and networking with fellow real estate professionals are invaluable for new agents. There are also a bunch of real estate software tools (e.g. CRM and lead generation) that can help make your job easier. Some firms also offer more in the way of business support and marketing ideas or materials. For example, certain brokerages may offer discounts on things like office supplies and tech. Brand recognition can carry a lot of weight too. There will be customers who feel more comfortable working with an established real estate firm rather than taking a chance with a smaller brokerage. Even though you’re the one who’s going to be doing the daily grind, think about what the brokerage can offer you. 3. What do peer reviews say about the firm? counting moneyNo brokerage website is going to give you as much insight as a first-hand experience will. And since you’re searching for your first brokerage, reviews from fellow real estate agents are the closest you can get. Reviews from AgentAdvice.com or Glassdoor are great places to look for authentic reviews from other real estate professionals. For example, feedback from reviewers can let you know what types of resources a brokerage provides for new agents. Some brokerages may also be a better fit for more experienced agents, or agents that prefer selling in a specialty market (e.g. international or luxury properties). Here are some examples of reviews from real estate agents and their experience at different brokerages:

All the best!

Hamp Lee III · Answer

@Sunny Malik

A couple of things:

1. The seller "typically" pays for both the listing agent and buyer's agent commissions. Now, the seller can choose not to pay this commission, pushing the buyer to pay for it. This will reduce the number of agents that may show the home because the seller will not pay them, and most buyers will not want to pay the commission.

2. Recommend charging a flat fee or a smaller commission as the listing agent. If your family members say they will pay a 4% commission: 3% buyer's agent commission, and give you 1%. The 1% could cover the Fathom Realty transaction fee (per transaction) and annual fee. That way, you won't have to pay out of pocket for these items to ensure your family is taken care of without them paying your full "typical" commission. Once you have three transactions and complete the 12-week program, you no longer have to pay the 30%. Only the transaction fee until the following year, then add on the annual fee for the new year.

I hope this helps.

Thanks again for asking...and for your interest.

Sunny Malik · Answer

@Hamp Lee III - thanks for sharing! How would it work in the mentoring program if I don't charge myself percentage on the listing since they are family investment properties?

Best Brokers to hang license with?

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