I need some advice being new in real estate

9 Replies

Hello everyone! I just passed the state exam last week, however, I don't know where to start in real estate. What do I need to know & expect from a broker or real estate company? How to choose a good broker? I would appreciate your advice or inputs even though, I have experience in the word "selling" since I'm doing life insurance as my part time job, real estate is different.

Not that I would know, since I'm not an agent - but since you paid good money for training, you would think all of those questions would have been important enough to get mentioned in that training.

Steve,
Unfortunately you learn more about the legal aspect of being a Realtor than you do about other aspects of the business.

dzonic,
My advice would be that if you have access to your local MLS would be to look at the offices that sell the most in the particualr area that you would like to work. Then contact those offices and see which ones have the most and the fewest employees and how they handle incomming leads, who gets them in what order, and what their desk fees are. You may be better going with a Broker with lower desk fees and fewer leads until you can build up and move to a larger office with higher desk fees but more leads.

Dzonic, here are some things that I can suggest while you start on your career:

1. Try to read as much on this site as possible. Especially the forums and blogs.
2. Get an idea about what investors are looking for.
3. Try to identify a few investors who look like they are good potential clients who can close. PM them and establish a rapport with them. That gives you a high quality list of potential clients.

Then you can talk to the different brokers in your area and you will be negotiating from a position of strength. You will also find that you will be more confident when you negotiate because you know you are bringing something of value to the firm.

BTW, I have no idea how RE brokerages work. I am assuming it is similar to an insurance brokersage where the firm is always keen to get performers in the door.

Dzonic,
In my book, you first have to define your goals and then the way to achieve them.
What type of REI you want to be and what areas (Professionally and geographically) you want it invest in?
Is it wholesaling? flipping? renting? Do you have the recourses to invest? If not what is your strategy acquiring those resources? Do you plan to confine yourself to one geographical area or are you willing to venture elsewhere?
Once you answer those questions and narrow down you area of investment, it will be easier to give advice.

Hello Dzonic,

It really depends on what you want to do with your license.

If you want to do traditional residential sales, I recommend that you interview with 5 - 6 reputable brokerages in your area. As a new agent, you should select the brokerage that offers you the best training and support. Do not be overly concerned with commission splits for your first brokerage. The training is most important! If you don't learn to list homes and find buyers you'll be out of the business quickly.

If you only want to use your license as an investor then I suggest you create a post on bigger pockets "Looking for an Investor Friendly Broker" and go to your local REIA clubs and tell people you're looking for a broker that allows their agents to invest, wholesale and write their own offers. Most big name brokerages will not allow you to do a lot of the things investors generally do, so it is critical that your broker is on board with the strategies you pursue.

Good luck!
Sanford

Here's a different angle:

Use your license to become a Property Manager...

If you are fair, honest, hard-working, reliable and put your clients first -- YOU WILL HAVE LITTLE COMPETITION!

Guys, I appreciate all your advice and suggestions. After doing a series of interview with brokers/realty company as one your advice I decided to join Prudential real estate here in Riverside. They presented a good module of training, now it's up to me if I would perform well. Once again, thank you for sharing your knowledge.