First- sorry to start another thread on this, but I can't find any others through keyword search on BP, and I was spinning my wheels Googling
I just passed my IL broker exam and I am seeking a sponsoring broker. I am an investor (in addition to my full time job in digital marketing) and mainly wanted to get my license for my own deals that I'll be doing.
I have relatives and friends I will help out as well.
I currently live in Dekalb, IL but plan to move further east very soon (this will be my first deal as soon as I find a sponsor).
As with many other investors on BP, I am seeking a high commission split, or maybe 100% commission if fees are reasonable.
I would love to start some dialogues here through BP.
Any responses will be greatly appreciated.
I can connect you with my Realtor Partner. I don't know about commission but you can talk with him directly. He is also an investor.
Congrats on passing @Sam Burnoski !
Sure! Anything helps @Harjeet Bhatti
Thanks! @Nate Shields
Hi Sam - check out Suburban Life Realty out of south Elgin. Agent keeps 100% of the commission and pays a flat fee per transaction. Additionally, the owner is an active multi-family buy and hold investor.
@Marc Allen I will look into them. Thanks!
Congrats on getting through the testing, now on to the hard part. I've been licensed for 10 years and if you're looking for minimal brokerage fees for investment purposes for yourself, you'll want to skip the expensive branding like the Coldwell/Century 21/ReMax and go for the slimmed down version like a smaller boutique brokerage or a flat fee one like Charles Rutenberg Realty that offers 100% commission.
CRR has a monthly desk fee of $35 on the Silver Plan for low volume agents (less than 15 transaction a year) and it's $325 per transaction, or a higher volume plan Gold Plan of $100/monthly desk fee, $50 per transaction. No dual agency is allowed under CRR. They charge 10% on rental listings based on 1 month's rent. You're on your own for training, support and tech. They do not hold client earnest money.
If you're looking to run your own RE business full time as an agent, I suggest Keller Williams. They offer amazing training, a great set of tech tools, Bold classes, and full service admin and tech support to get you up and running fast in that first year. They have a 30% split on your commissions, but once you "cap out", you get 100% commissions for the rest of the year.
@Jennifer Kinzle , I'll second the KW recommendation. I just moved from Chicago to St Pete and joined KW. Their training is so thorough and helpful. I can already see how much it'll help our RE investing goals too.
First of all, congrats on passing your exam! That's a big deal for a lot of people.
Second, unless you've been born into a family of realtors or a family of real estate investors that buy and sell properties often, or have been an assistant for a successful realtor, I would advise you to start working for a company that will teach you the business. 100% of zero to few deals is way behind 6% of 10 -20 deals, training, mentoring and support.
I was in your shoes 16 years ago and I walked on the shoulder of giants when I signed up with Century 21. Since then, I've seen a lot of people getting their real estate license in the C21 school, interview with our office, then go join a 100% commission company and then be out of the business by the end of the year or getting sued.
I wish you good luck in your new career and also if you care about your own financial future and your clients' well-being, then go and learn the ropes first before you look at the money you put in your pocket!
Asked the investors on this thread how many will buy and sell with you if you, as a brand new agent will work for a mom and pop company with no team to back you up with support, mentoring or by your side!
@Harjeet Bhatti Hi Harjeet, I am in class right now, and will be done on the 2nd. I plan on taking the exam on the 6th. Upon passing, I would also like to do what Sam Burnoski is trying to do. Can you also provide me with the information with your Realtor Partner? I would appreciate it! Thanks!
@Adeel Siddiqui I send you message.