I just passed my RE exam this week, yay! Now I need to find a broker to place my license with. However, I only want to buy/sell for myself and family. I have two very young kids that I currently stay home with, so I dont want the long and erratic hours. I have a couple of rentals and my dad and his friend would like to start flipping houses.
I had my license a few years back (before my babies) and worked with a broker under a big franchise. Not only can I not afford to work there part time, but they do not allow part time agents. There are only 2 other agencies in town, and only one of those is not a franchise. The next agency is 40 min away, which isnt great for the part-time aspect...
So, my question is, what are some ways to convince a broker that I would be a great addition to their team when I only plan to buy/sell a handful of houses per year and do not want to take on the general public? I really want to get on with one of the two brokers here in town, so I feel like I need to be really prepared before meeting with them.
I would be interested to know how some of the investors on here got on with a broker. Also, did you bring ideas to them about paying E&O fees, commission splits, mls fees, flat fees per sale, etc., or did you just let them tell you what they were willing to offer a part-timer?
Thanks in advance!
Create your own agency. Find a broker who is willing to be your designated broker and open your own agency. You don't have to worry about "fitting in" their mold, you are the mold!
Sure, you'll have to pay, but see what kind of deal you can strike. At the very least, you're commute will be 1.2 minutes or less. You will be in charge (within the law) of your own dealing. In a couple of years or so, you will get your own brokerage license and you will be your own designated broker. At that point, you can stop paying the other person.
I suggest that you consult an attorney to make sure that everything is set up correctly for everyone's protection. Other than that, you should have minimal expenses. You are then completely in charge.
Hope that helps.
@Mackenzie Charles I suggest that you flip the script in your head. The customer in the brokerage model is the agent. Going to a broker and saying "I am looking for a home for my real estate business and I would prefer that to be with a firm with a local presence because team camaraderie is important to me. I am not a green agent, I've got transactional experience and experience as a landlord. I also have clients ready to start making offers on properties in the area and plan on having a small but potentially steady deal flow. In my life it's family first which is why I am not a full time agent, but as my kids get older who knows. What kind of arrangement do you think we can work out?"
If they aren't open I also wouldn't be afraid to go hang your license with a firm out of KC. We're in the digital age, and as long as the brokerage doesn't require you to go to weekly rah-rah sales meetings, or physically pickup checks, it shouldn't be a challenge. Many brokerage firms out there would gladly take on an off-shoot into the surrounding area as a way to increase their presence and put another license on the wall.
@Neal Collins on the west coast we are blessed with many many choices for minimum service pay as you go brokerages.. out in the mid west in many markets its still the 1960s with brokers taking 40 to 50% cuts..
@Mackenzie Charles google brokers in state that just charge a monthly fee and no commission split see if you can find one.
or as others mentioned maybe you find a older semi retired broker that will let you start your own gig.
I know in your market its tough out our way you can find 200 a month brokers that charge a little fee per deal .. or you can go full service remax and pay 30k a year.
my wife pays 9k a year but gets 100% commish and they pay all E and O .. she pays for multiple and board..fees.. NO one goes to the office anymore in our area.. that's an old model.. when I walk into our office rarely is there anyone there other than the principal broker and I only go in to collect my wifes checks and shoot the bull.. LOL...
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