I just passed the Missouri Real Estate Exam and I am in the process of searching for broker to hang my license with here in Kansas City. I am planning to use my license primarily for investing purposes as opposed to working as a retail agent. It is also worth noting that I am new to real estate investing and while I believe I have learned enough to jump in and get started, my experience at this point is minimal. I realize these specific distinctions may influence the type of brokerage I should be looking for. From what I understand there are fewer advantages to working with a large brokerage if I am planning to focus on investing and it may make more sense to work with a smaller/independent broker who is open to taking on an investing oriented licensee. Does anyone have any thoughts on what type of broker I should be looking for in this situation? Also would anyone have any suggestions on brokers in the area I may want to speak with?
@Greg Davis - PM me. I was in the same boat a year ago. Pros and cons to working with a large brokerage. Personally, I would never do it. PM me and I will discuss some options with you.
I have my own brokerage, but I am vested in the profit sharing plan with Keller Williams. So if I were to recruit you to Keller Williams and you sell a house and earn a commission and your office makes a profit that month, I would get a profit sharing check based on that sale from that office, but does not affect your commission in any way - it's hard to explain.
That disclosure out of the way - in Kansas City, for any new agent traditional or investor, I would spend at least a year, probably two in a Keller Williams office.
1) They have the best training for agents in Kansas City
2) They have the best training to teach you how to run a business and market that business - that translates very well to the investor.
3) They don't have board duty or quotes, many of the big companies do.
I think every new agent should learn how to do their job correctly, whether they intend to be a traditional agent or not, and KW will teach you that and they also teach how to run your business like a business, very helpful for a new investor.
If I were picking offices I would go with the one closest to your home or your day job so you can make their training classes.
Once you are experienced, I would say stay with KW for at least 3 years so you can become vested (It was 3 years when I was there and I was there for about 6 years), so you to can bring in new agents and earn profit sharing.
They also have an amazing back office and tools to run your realtor business, that again works for the investor too.
If you already know what you are doing, then I would probably be looking at Chartwell, Platinum or Kansas City Regional Homes for 100% commission offices.
Reece and Nichols usually does not want you unless you are a traditional agent and meeting their quotas.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing