I'm not sure if anyone can help with some on this, but here it goes. My wife just passed her state exam and has her license. Now that she is done with that, she is stuck on going inactive or active. We are in NE Houston, and we don't know a good broker to start with. What are some things she should avoid or apply when it comes to signing up with a brokerage to work under?? She currently has a fulltime job and is looking to use the license for mainly the investing side of the industry. Your input is greatly appreciated!
I would definitely avoid the big brokers as they cater mostly to agents who are full time agents. If your wife only wants to do it on the side, then she should find a broker who doesn’t charge a yearly fee (or if they do charge a yearly fee, it should be veeery low). You want to be able to keep as much of your commission as possible, so find a broker that will let you keep most of if, even all of it. Big name brokers focus on training their agents to be agents. To me it sounds like you guys want to be investors. So maybe it would be an idea to talk to a broker who is also an investor. I’m an agent as well, who invest on the side of my full time job.
Naeem thanks a ton for the detailed input. It sounds like you understand the scenario well. Would you happen to know of any brokers meeting the criteria you mentioned above you would share with me?
Naeem makes several great points and I would offer some additional considerations. When choosing a brokerage you are choosing the partner that you believe will take you from where you are to achieving your goals. Also, everything in life rises and falls on leadership. There are some great small boutique brokerages that offer incredible value to agents and agent/investors. There are also some large international brokerages that work well with dual career agents and agents that invest. We have both of those agents on our team and happen to be in a large branded brokerage. If you would like more detail please PM me. I would make sure you do not sign a contract that states if you leave the brokerage they keep your business or you take a discounted commission, avoid a brokerage that lacks consistent training, and make sure that you join a brokerage that can tell you specific success stories for agents that are dual career and invest. Finally, a good option could be considering a team at a large brokerage. They often offer administrative training, mentorship, and the ability to earn leads as well as the leverage for a dual career agent and the structure it takes to successfully get started.
Has your wife found a broker that matches her needs. Her story sounds very similar to mine, and it took me a few interviews before I found the right broker. If you'd like I'd be happy to share my newly found insight with you all. Lets connect!
@Jessica A. Smith thanks for asking. We located a broker via the BP network and she is moving forward with them.
If she is just going to be part time, and use it for your needs only, find a flat fee broker that only charges per transaction. If you buy something off the MLS, she can get the fee but not be inundated with overhead expenses
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