I wish I would have asked before hanging my license...
I am in the middle of my real estate agent classes and I am starting to look at local brokerages with which to hang my license. I intend to get into the real estate business slowly and will not be leaving my 9-5 anytime soon. I primarily want to use my license for REI but like the idea of working as an agent to make additional contacts and well as additional income. Any super important questions you recommend asking (or wish you would have asked) a brokerage before deciding who to work with? Thanks for your input!
Find a brokerage that does what you want to do. The big-box shops pitch education but the education they provide typically won't get a deal done in the REI world. It may work as retail real estate 101 - far different from what an investor needs. Take the time to get to know your future broker and look for someone who is willing to mentor you.
Here are a few questions to ask in a conversation
-What training would be provided
-What tools will be offered to help me succeed
-Compensation
-Any Teamwork structure
Also get a feel for the people in the office. Make sure you dont put commission over training unless your a "Do'it-yourself'er" Lol. Good luck and welcome to a great industry!
I am in the same boat you are. No immediate plans to leave my full time job, but needed to get my license so I could learn all the in's and out's and be in control of my investments. I found the perfect fit at HomeSmart, Not sure if there is a branch near you, they are in McAllen and Arlington so far. They low low desk fees, fantastic web based tools, tech support and mentoring, along with optional training every Wednesday. If HS isn't in your area, just Google to find similar fee based brokerages. I take my MLS courses in a couple weeks, then should be in great shape to start looking for my next property. Good luck!
@Nate Hedrick I am in the same boat. You originally posted a year ago. A lot changes in a year. I am curious how everything turned out for you?
I am going to pursue my RE license in Arizona. After digging through BP, I feel this is a good solid first step. My intent is to ultimately use it for REI but also to make contacts and learn the business.
@Brandon Johnson Thank you for the suggestions on questions.
@Nate Hedrick in my opinion I believe you should rethink why you want to be an agent man. The time it will take for you to study, take the test and find the right brokerage could be used to find a good mentor or find a good multifamily deal and start building your cash flow. The most successful and financially well off people I've met are all against getting your license unless you are looking for another "job". I guess it's just a mindset and what your goals are. My goals are to be financially free and be an investor, so I am thinking like an investor. You will still be trading your time for money as an agent which shouldn't be the goal. Being an agent can be very lucrative, but you will have to put in the hours and time that I believe could be better spent elsewhere. However if you will use the money made from being an agent to funnel into REI because your day job can't accomplish this already than go for it. Regardless of what decide commit to it's it 100% and don't half as$ it! Good luck!
Hey @Leslee Wilson!
A lot does change in a year! I ended up interviewing with I think 5 different brokerages and definitely found one that I just "fit" with. I would recommend creating a list of what you need out of a broker and then ask questions that help you find that fit. For example, I didn't want to be forced onto a team, I needed some training and guidance but nothing mandatory, low fees, and someone that supported my REI activity. I think once you identify your must haves, the questions flow from there and it just becomes a conversation. Let me know if you need any specific help and good luck with your real estate classes!
@Michael Guzik Its definitely important to find a balance. I've found that the contacts and experience I get from working as an agent compliment my REI activity tremendously. Not to mention the referrals I can push around. There is no better example of making money on someone else's time then sending a good lead to a fellow agent. They get a nice commission for putting in some hard work, and I get a cut for being the man with connections.
@Nate Hedrick I'm so happy to hear all is going well and most importantly, you're building a solid network. Today I stopped by the RE school to ask some questions and pick up info on cost, class schedule, etc. I could hear instructors teaching their class and started to feel a little anxious about going back to school. Very different now with a family vs. being single with many less commitments. It'll all work out though. Fortunately it's only 6 weeks! Reading about your last year has encouraged me. You have a good heart. God bless you and your family.
look for a broker who doesn’t make
You do desk time, has minimal fees and a good spit. These are typical not the big name companies in real estate. Look for a boutique brokerage perhaps. My broker was a big name company at one point and when his deal with them expired he became independent company. He give terrific splits and lets Agents do their thing.