I am currently working through my licensing classes and need to choose a sponsoring broker before I am able to sit for the exam (Ohio). I plan to focus exclusively on investing and have disclosed this in the broker interviews I have had so far. Do any investors that also have their licence have any advise in regards to what to look for? Full disclosure: I am new to real estate investing, i.e. 0 deals.
Options that I have been considering:
Smaller broker with 100% commissions and no monthly/transaction fees, just one annual fee
Mid size broker with commission splits, but have offered training directed at investing rather than sales
Larger brokers with splits and fees. Have institutional training programs and listing/closing departments
I am leaning towards the 100% commission option, but don't know if I am missing some other important aspects. Also, since I am new, some level of training is appealing, but not necessary.
Thanks in advance for your time and advise!
A lot of this depends on if you are only doing your deals and not doing any brokerage. I might suggest taking advantage of the training, then switching over to 100% commission brokerage. Much depends on the annual fee and your projected sales.
Think about what you would do if you came across a sale-able property, but not at a level that you wanted to buy. How would you deal with it? Wholesale it, list it, least/option etc. If you can answer that question, that would help you make your decision.
The listing/selling training is mostly about the prospecting for deals and marketing. If you have 0 experience, this can be a good place to get it. If you need to split for a year or two, it's not the end of the world. You are going to have a cost to learn, you will pay it one way or the other. Being in the brokerage world, if done correctly, can be a fast track to understanding the entire process, and obtaining the contacts to build your business rapidly.
Hope that helps.
Thank you for your insights! I will take your advise under consideration.
Keller Williams has good training for new agents.
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