I am going to take the exam for my real estate sales license in Ohio shortly after the new year and am in a dilemma as to which broker to choose. I have spent a lot of time narrowing it down to two offices, one HER and the other KW.
I like the idea of KW better in pretty much every way. It seems the training is more extensive, this particular office is nicer, I prefer their splits and believe their systems/technology appear superior to HER. Although I didn't meet enough personnel in either location to form a fully accurate judgement, my instinct is I would relate better to the KW team, they just felt more modern (I am in my mid 20's). So you would think based on all this I would choose KW, but here are where my hesitations come in.
The KW CEO treated me well, but gave hints of being overloaded and we didn't connect quite as well personally as the HER manager. The conversation fell slightly contrived. He is overseeing 128 agents in that office, while the manager at HER is only covering 50.
I explained to both people my biggest concern is having enough guidance and help to turn to during my first transactions. The KW CEO said he is always available and there is a productivity coach who will serve as the first line mentor for initial inquiries. I just wonder if two people are enough resources to adequately cover so many agents or if I am at risk of just being a number at KW. The HER manager has four specialists for different areas who are always available, and they insist on reviewing files before submitting contracts or going to closing.
Finally, the KW CEO is a leader of a few person team in his office. This makes me wonder regardless of how objective he claims lead generation is, if their is a risk of inequality happening on this front (I know not to expect leads from my broker to be my bread) but I just am not sure if there is a risk of conflict of interest. The manager at HER does no transactions, and is paid according to the office income.
If anyone has any thoughts or can speak first hand on either or both of the companies, I would really appreciate it. I feel like I could be successful in either office, which is why the decision is difficult.
KW is a brokerage by agents, for agents. You will come to discover the 20% in the office doing 80% of the transactions and that is where you will find your guidance. The Agent Leadership Council will also be another good resource so that there should always be someone available to help you. With KW's top-notch training you will be off and running before you know it.
THIS IS ONLY MY OPINION. Being in Florida I have never heard of HER.
One area you may really want to consider is the broker's opinion or the impact they will have on your investing. Do they find it favorable or distracting. KW should be supportive, but not every broker is. HER also does property management, if this fits your long-term income strategy just know that very few KW offices do PM.
@Larry Kinder, is your goal to be an investor or a Real Estate Broker or an investor that is a Real Estate broker? That's what should count in deciding who you will work for, as the training is different for these businesses. Message me if you want and I can give you some personalized advice.
Thanks for the response and offer for advice. To answer your question Lumi's question, I am wanting to be a sales agent who is also an investor. I grew up around investors and have one rental property under my belt. It will be over a year until I can acquire another property so in the short term my sales career takes priority. With that being said, the training for future investment is important.
@ Doug: I didn't consider KW may not offer much in property management resources, but HER does. Since I will eventually be managing more of my own properties, perhaps getting in the field earlier makes sense. Thanks for any input
What I will do if I will start fresh in a new city, I will find the top agent/investors in your market, brokers that own a lot of property, and actively do deals, and in the same time sell a lot of homes a year. Look for a minimum of 30 sales/year, as in average in USA, agents sell 3-4 homes/year. Anyone that sells 30+ is a great agent.
See if they need a licensed assistant or would like to add an agent to their team. Working directly with them daily and getting paid to learn is the best of both words.
If they don't have a team or don't need an assistant, then ask if you can shadow them and offer to help them any way they need, to let you work with them in their office and mentor you.
It really matter not what office you choose, is that person that you will be with daily, sitting in his office while listening to him talking to investors over the phone, chauffeur them around while they look at properties with clients and listening to the advice they give to their clients. Look at how they analyze lease application, how they write their contingencies on the sales contracts so they can pull the investors out of the deals if needed, how they find the best deals in the MLS. Meet their contacts in mortgage, insurance, attorneys, contractors, CPA, title companies, etc. Meet with their contacts, as chances are, those are the best people in that market and sit down with each of them and learn what they can teach you and what they are looking for in a referral. Remember you will have to give a lot, and that's how everything will be returned to you. If you do that, that agent will start referring you the business that he has not time to deal with, and who knows, because of your eagerness and the fact that you have time in your hands, he might partner up with you in deals.
I wish you good luck and best!
I responded to this from your post on AgentsOnline.
Go with your gut and just pick one. Switching brokers isn't very difficult or complex, so if you decide that you made a poor decision down the road, it shouldn't be too difficult to move...
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I personally would look at their split structure and what services/guidance you are getting for them. Remember they are taking a huge chunk of your commissions. Don't get me wrong there are many great brokerages that have a wealth of knowledge and experience but some are just commission farms looking to take advantage of young unknowing agents just getting into the business.
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