Getting Rejected by a Brokerage Firm

14 Replies

Is it common for a brokerage firm to reject a licensee who wants to hang his or her license there?

@James Lee  Did you inquire as to why you were rejected?

Kudos,

Mary

I wasn't rejected but I was just wondering.  I have an interview with one this Wednesday and he mentioned that they wanted to know if I am a good fit for their firm.  

@James Lee   Wow, you must really be nervous. I'd recommend to think positive(dont will negative energy to yourself). Its probably just like any other job interview. They'll tell you their goals and expectations and ask you about your goals, expectations, how can you contribute to their brokerage firm (why should they bring you aboard). Think on it -- how would you close this deal? 

Kudos,

Mary

I am not nervous since I already have a full time job and real estate is a side gig.   I haven't been interviewed for over 14 1/2 years so I will probably need to prep a bit.  I thought brokerage firms would accept anyone who can fog a mirror but I guess I'm wrong.  

Originally posted by @James Lee:

I am not nervous since I already have a full time job and real estate is a side gig.   I haven't been interviewed for over 14 1/2 years so I will probably need to prep a bit.  I thought brokerage firms would accept anyone who can fog a mirror but I guess I'm wrong.  

Well you might be right in your thoughts of who they'd hire, lol. I can't say so for sure. Actually, I'm studying for my license and the advice I gave is how I intend on going about it when the time comes for my interview.  I'm in a similar boat as you having a day job also. Yet my goal is to have real estate investing replace my day job altogether in the not so distant future. In any case best of luck to you. Keep us posted.

Kudos,

Mary

No it is not common. 

It's not common but some firms don't like taking on part-time agents. I experienced this during my search. Only a few firms were open to taking me on and that's because my long-term goal is to go full-time. Larger companies that spend a lot of money on training can sometimes think a part-time agent is a waste of their money and time. I would suggest making sure wherever you go they are still committed to helping you succeed although you'll only be part-time.

If you only knew how many times firms get bombarded with new agents. They say they want to be successful BUT they have a full time job to pay the bills and keep the lights on.

Next question to them is have they built up any reserves to help make the transition and wind down from their full time job?? If monthly bills equal 4,000 then you need minimum 6 months reserves to go full time in real estate. If you are getting licensed to be just an investor and buy a few deals a year for retirement that is a different thing but tell the brokerage that. That brokerage might only want full time career oriented agents to invest their time in.  

99% say they don't hardly have a nickel to their name for reserves to start. So you have agents that want to sell on the side and have no training. The broker ends up doing the heavy lifting to get these things closed and the new agents are looking for a 100% brokerage........ : )

The agent mills want every agent that fogs a mirror. Experienced brokerages IF at all want any agents are very selective on who they take on.

I think it's good they are interviewing you as it shows they care on some level about screening and quality.

Good Luck

  

@James Lee  

Try going to several different REIA club meetings speak to everyone who is lic. ask who they have theirs with and why.

Paul

I found a small firm who was fine with my intentions on what I wanted to use my license for (investing).  I was up front and honest.  In my licensing class we were told to look at it as we were interviewing the company.  You need to find a company who will be a good fit for you and your needs!

Brokerages that give presentations at RE schools & post now hiring ads on career builder, c-list etc will typically want to bring in as many agents as possible. So it would be pretty rare to be turned down.

Other brokerages who are not out that actively marketing for new talent may be a bit more selective.

When I was getting licensed I sat down with 4 brokerages. I was offered the job at 4 brokerages.

No. I've been on three " interviews" and all of them were sales pitches on what their company had to offer me. If your an investor I recommend staying away from the large franchise companies and look for a smaller, discount brokerage. The difference being, you get name recognition with the big company for which you pay for in regards to your split (50/50) and franchise fees. With a smaller discount firm you can find companies, at least in maryland the offer you 85% of your production. No matter what, tell them your intention is to be a full time agent. If you have to work another job, that's your business. Most realtors are independent contractors and set their own hours.

No. I've been on three " interviews" and all of them were sales pitches on what their company had to offer me. If your an investor I recommend staying away from the large franchise companies and look for a smaller, discount brokerage. The difference being, you get name recognition with the big company for which you pay for in regards to your split (50/50) and franchise fees. With a smaller discount firm you can find companies, at least in maryland the offer you 85% of your production. No matter what, tell them your intention is to be a full time agent. If you have to work another job, that's your business. Most realtors are independent contractors and set their own hours. Btw, I am not advocating being deceptive. In order to be a successful realtor, even on "a part time" basis you will have to put in hours and hours of work prospecting and learning, so in my opinion there is no way to be part time unless you are just hanging your license and not trying to produce.

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