MA Real Estate Salesperson Exam complete Picking Firm question

14 Replies

Hello All,

I'd like some advice on selecting a real estate firm to join as I've recently completed the Massachusetts real estate salesperson examination.

I have a couple Brokers in mind but I want to make sure I'm asking the appropriate questions during my interview.

Could you please provide me with some potential questions that I may ask to determine which agent-broker relationship would fit best.

My goal regarding becoming a real estate agent is primarily to utilize the research/analysis tools while researching properties for myself (investor-agent I believe they/we call ourselves). I'm not necessarily looking to service clients and won't be actively looking for clients. Strictly for my research purposes. I understand some may disagree with getting licensed for this purpose but I weighed the personal pros and cons and I'm happy with the decision.

Any probing questions you all may have used or wish you would have used would be very helpful.

Thank you.

Questions you should ask your potential brokers.  

What kind of trainig do they give new agents.

Do they currently have investor agents.

How do they handle co-servicing  (you mention you don't want to work as a retail agent so I would think you would want someone from your brokerage to sell the houses you renovate) between agents for referrals in the company.

Does your split change for investment properties vs retail sales

Do they stipulate that you must act as a licensee for all transactions. If they do you won't be able to wholesale.

Do they have agents in their firm that were or are REO agents. And if they do do those agents work with the investor agents or do you have access to them as mentors or coaches

Do they allow you to buy or sell a personal home with discounts.

Do they support remote / mobile platform work flows. You don't want to have to go to the office just to make a deal happen.

And remember it's not always about the splits.  A great split is usually given by a broker who expects you to be semi autonomous.  As a new licensee your bound to have lots of questions and as a new agent that does RE investing your bound to have more than the average agent.

Hello,

Questions you should ask your potential brokers:

Do you provide training?

How many days or hours of formal training?

Is there a cost to me?

If so, how much?

Who will be available to help me after the training?

Is that person easily and readily available to me?

What other "hats" does that person wear?

Do you have any bonus programs such as; in house sales, exceeding goals, recruiting other agents, etc.?

In which publications do you advertise?

How often?

Who pays for it?

Who determines which listings get advertised?Questions you should ask your potential brokers:

Do you provide training?

How many days or hours of formal training?

Is there a cost to me?

If so, how much?

Who will be available to help me after the training?

Is that person easily and readily available to me?

What other "hats" does that person wear?

Do you have any bonus programs such as; in house sales, exceeding goals, recruiting other agents, etc.?

In which publications do you advertise?

How often?

Who pays for it?

Who determines which listings get advertised?

Who writes the ads?

Will I be allowed to hold other agents listings "open" to attract buyers to help me get started? If so, how soon?

What is the policy on referral fees I receive from sending outgoing referrals?

What special rewards could I expect if I become top producer of your company?

Will I be reimbursed for expenses of my initial classes/training?

What is the business dress code for this office?

Regarding market share, compared to the top 10 companies in this area, what number is this office?

Who writes the ads?

Will I be allowed to hold other agents listings "open" to attract buyers to help me get started? If so, how soon?

What is the policy on referral fees I receive from sending outgoing referrals?

What special rewards could I expect if I become top producer of your company?

Will I be reimbursed for expenses of my initial classes/training?

What is the business dress code for this office?

Regarding market share, compared to the top 10 companies in this area, what number is this office?

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Depending on your studying style, I suggest doing a search on google and finding a real estate prep book in a local library. I got a book from bunker hill community college (turned it in yesterday) and it worked well.

Two, I'd redo multiple choice over and over again. The exam is heavily definition based so if you get those locked in, you should be fine.

Three: don't put it off. Considering it's been a year since you took the class, me as a "make it happen" type of guy would think you don't really want it bad enough and should just reconsider whether it's worth your time. Study for 1-3 weeks depending on your determination/study habits and you'll be fine.

I have a friend that finished the class before me and still hasn't started studying for it while I'm finished. He also doesn't have as many daily obligations as I do. I just wanted to get it over with so the real stuff can begin.

@Stephen Beaudoin excellent, looks like you're on the right path. Already owner occupy? Thats my current strategy for my first property. Currently looking in the Worcester market although I'd prefer to stay closer to Boston. This market seems to have the best cash flow potential for 2-3 units. We'll see once I start diving into some deals more throughly.

I'll send you a colleague request and we can keep each other in the loop of our progress made during our journey

@Andrew Beaver I was recently in a similar situation and decided to go with Keller Williams.  Their training is second to none (google best training company in the world) and its a different approach than a lot of brokers.  I've been very impressed with them so far and highly recommend you attend a career night, if you have any questions feel free to PM me. 

@Andrew Beaver @Stephen Beaudoin Congrats, good luck! I did the same thing - own rental units in Jamaica Plain, construction background and corporate property management by day, got licensed to facilitate our next transactions and keep closer tabs on the market. I ended up deciding to work with a smaller, local brokerage that is more flexible (the KW training program is renowned but not feasible if I wanted to keep my day job, which I do, because it's much easier to access funding) and that has a history in the local multi market, and in building and development. For me, it's been a great fit, so also consider your capacity for self-direction and your bandwidth for structured training programs. Enjoy!

@Eric Dufault .  Excellent! good luck on your venture!  I'll look into Keller Williams for sure.  My initial assumption is that they are looking for more career focused real estate agents rather than investors correct? 

@Kate Ziegler wow, sounds like you have all basis covered!  I am considering more of a local brokerage firm currently so that insight is very helpful.  thank you.  The training provided by your firm, its specific to being an agent or closer to training for comps/ helping you with your personal investment goals?

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Hey @Andrew Beaver at KW we have a bunch of real estate agents who are primarily investors who just happen to list their flips and any other friends and families listings that come across their laps. I have a full time job as a project engineer and make time for training whenever I see a course I am interested (most of its free as well). They have EVERYTHING online too through KWU. You can search for any topic and there will be a step by step instructional video or professional power point. If you attend an REIA meeting, I'll bet you'll run into multiple KW Agents. The last one I attended at the House Flipping School Meetup in Plymouth, I counted 4. If you want the most resources, accessible training, and profit share (look it up), I'd seriously consider KW.