So here is what I gathered from the forum on being a new agent:
- MLS access isn't immediate, so I can't tap expired listings for leads day 1
- There are many kinds of Brokerages to be with, none of which supply leads, and I have to pay them fees outside commissions. (wish I knew more about the kinds of brokerages out there and what agent would fit best with what brokerage)
- Business is not ran much different than being an investor in the sense that you do everything yourself.
- Agents are a dime a dozen with an 80% quitting rate. (Reality hits ya hard)
Am I missing anything here? What else should I be expecting as a new agent?
Bonus question: Can anyone breakdown picking a brokerage as an agent?
Like give a quick Brokerage overview, something along the lines of "Long&Foster is good for this but it sucks in XYZ, so Century21 is excellent for ABC type of agent."
Most people casually say "talk to or interview brokerages and see what they offer" assuming that others know what's good or what to ask or look for.
That's not as helpful as they might think. Anyone care to elaborate or go deeper? Not looking for a spoonfed script, just a more personalized answer from experience.
The particular brokerage you choose to hang your license with is really not as big of a deal as you may think. Choosing Century 21 over Keller Williams is not going to make or break your career. Your ability to network and sell will.
As an agent you are running a business so think like a business owner and not an employee.
Get with brokers and see what they have going on.
I think the most important things are
1. commission splits.
2. Proximity of the office to were you do business or to your home.
I think it's also worth noting the size of the office you work in. If you work in a huge office for a huge company, it's easy to get swallowed alive.
Where I am, in NYC, some of the big firms hire literally anyone coming out of a licensing course. They figure that the ones who succeed will succeed and the ones who don't will quit. No real loss for them.
I work for a very small "boutique" brokerage, and we have fewer than 10 active agents. I had a connection with the owner and managing director before I started, but I know everyone in my office and we work as a team. For me, this environment is perfect. Others, who are more headstrong, may do better at a bigger firm, where they're on their own.
That's why talking with brokers and seeing what they offer is so important. My two cents, at least!
This is just my two cent but...
Find a small broker that has a office close to wear you live that pays a good commission. Don't worry too much about the training. Make sure they have a mortgage broker they work with (preferably onsite and in-house) and absorb all the knowledge you can. All the "selling skills" in the world wont help you if you can't get buyers qualified and financed. In addition to learning financing side you should read every book on Negotiating and Marketing. I suggest reading "Crucial Conversations: Tools for Talking When Stakes Are High" by Kerry Patterson and "Guerilla Marketing" by Jay Conrad Levinson.
I would also suggest a smaller firm, especially if you are focusing on becoming/working with investors. The training and culture at most national houses is geared nearly 100% towards retail sales. Interviewing multiple firms is key, but the best advice is to make sure you lay out your goals during the interview. If you want to work with investors, try searching for local brokerages that also provide property management solutions and reach out to them to see if they're taking on more agents. The commissions splitting is far less important now than getting onto a firm that specializes (or has a team that specializes) in what you're interested in becoming. For an investor focused Realtor, having a mentor in your chosen area of focused is far more valuable than the retail/primary residence focused training regimens of the big national houses like KW and L&F.
Best of luck!
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Actually, I'd say the quitting rate is 98% over a two year period. Very high turn over in this business.
And then, the agents who do make it... it's the top 10% who actually do most of the business. Then you got another 10% which does enough business to stay in business, and then you have the other 80% who don't do much of anything (more of hobby/social hour type of business).
What do look for in a broker? Find one that offers training... how to get listings and buyers. How to negotiate. How the whole process of a real estate transaction works.
Also, even if you choose a broker who provides leads don't bank on it. You have to go out there and get your own leads. This is your business. You're just hanging your license with a broker because it's a law.
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