What brokerage are you with and why?
What made you hang your license with that brokerage instead of the
I went with one that I only have to pay a small monthly fee and I keep 100%
My wife just received her license and signed with Keller Williams. They certainly weren't the cheapest and she's not looking to be an agent. She got her license primarily to sell our properties, and make offers on ones that we want to buy. The reason she ultimately signed with them, is this particular office has been super impressive with the in person and on line training they are offering her, and that she has already taken. She was assigned at "training officer" for lack of a better term, and she meets with him once a week. He's really pushing her out of her comfort zone (which is what she needs) and is giving her good advice. We chose this particular office because it was very apparent everyone there was super professional, and very experienced. They run they're own real estate school out of the same building. Can't say anything negative about them.
I keep hearing good things about Keller Williams, the only thing I can't commit to right now is their mandatory meeting each and every week and the expensive desk fees. I hear their training is very unique.
I got my license back in November and went with Keller Williams. The reason I went with them is a few reasons. The training is awesome. Every week we have at least 1-2 classes going on in the office. These classes range from working with buyers and sellers to the technology KW offers their associates. A mentorship program for new agents when they get in the real estate business. The technology is incredible. Agents have their own branded apps, their own websites and the ability to do transactions paperless. We do have a monthly fee but ours includes CRM software and E&O insurance.
We work on a 70/30 split and there is a cap also based on which office you are in. When you hit that cap commissions are 100%. I would definitely talk to a team leader at a KW near you.
@James Peoples I chose to go with Keller Williams after reading the Millionaire Real Estate Investor and the Millionaire Real Estate Agent by Gary Keller. Somehow the idea of being a millionaire had a certain ring to it. Of all the big brokerages they are certainly the most investor friendly, however the office culture can have a great effect on how friendly. I have actually been in two KW offices since getting licensed in January. The first office was solely focused on retail sales and were much more strict about time. The second office I was drawn to because several guys I had met at local REIA were agents there. This office is very investor friendly. It is 45 minutes drive from my house when there is no traffic but I do not mind.
My point to the statement above is to observe the office culture before you commit. I should have picked up on this when I was first interviewing my offices. I would tell brokers that I was only interested in retail sales to supplement my investing and they would typically just roll on with conversations about retail sales. When I interviewed my current broker she named about 5 more agents in the office that are players!
The technology and training are top-notch. IF you think about this training broadly rather than just in the narrow focus of retail sales then you are going to be more successful in everything that you do. The office fees cover a pretty darned robust CRM which in the case of my office dues I would actually have to pay more for a CRM than I do for all the benefits I get with my office dues, (training, guidance, E&O insurance, an attractive place to meet clients).
Another thing to never neglect is your downline at KW. The 30% split is horrible, right? What if someone else's sales covered your splits? With KW profit sharing that is possible. If you can demonstrate the benefits of KW to an agent and they sign on at any KW office in the world and mark you as their reference then you get a small fraction of their split for as long as they are a KW agent. This is another form of passive income that can begin to add up. Imagine how big the downline is for the brokers that start new offices?
I went with a fast growing local brokerage - love the autonomy that allows me to do as much or as little as I want from a production standpoint. I would advise going to a brokerage where you already know and admire someone who can be a mentor to you if possible. That was key in my decision.
I'm with Keller Williams also. From what I gather, they're on the more expensive side, but when you're just starting out you'll probably not do a ton of business anyways, so the education they provide is likely worth it.
@Doug Merriott is your broker in Florida Chris McLaughlin? I listened to a podcast with him, he sounds like a bad ***.
After my experience with a regional brokerage (50/50 commission split) and a local brokerage (30/70 commission split), I went with Century 21(20/80 commission split). I do not have to commit to weekly office meetings, and the broker actually wants us to work from home. We have meeting rooms in the office if need be, but face it, most clients now a days want to meet at Starbucks or Panera Bread.
Real Estate is like driving, your instructor can only show you so much. You have to learn the rest on your own. Get some books and audio lessons, if you can not afford them get a library card.
When you talk about commission split, the lowest number represents who the agent or the broker?
Lowest number is the Broker commission, highest number is the Agents.
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