@Johnathan Boyle I'm definitely a self starter and am very motivated. I wouldn't mind having a mentor to learn from when first becoming an agent, it would be helpful to learn the game from someone who has the experience and results I want.
@Yaric Mifedov You'll need to interview individual agencies.
First, it's important to understand your position in negotiations. You probably think that you're the one looking to them, hat in hand, hoping for a break.
In reality, any brokerage will sign you up. You're fresh meat and they'll all take you, because they have nothing to lose - and they know most new agents might drag a couple of deals from family and friends across the finish line in the first year.
The truth is that about 87% of new agents wash out in the first 5 years.
Your job is first to understand this and second to get the best deal for you - and it's NOT all about the commission splits, especially at this point.
The most important thing starting out is to get training. You need to learn procedures - like how to take a listing and enter it in MLS, how to write an offer, etc. Almost as important, you'll need to learn how to generate leads and how to keep track of them as you follow up.
Watch out for desk and other fees. Some agencies charge a LOT for the privilege of making money for the broker.
If the brokerage doesn't require NAR membership, all the better. Most do, but it's a little over $500 per year that could be better spent on your own marketing.
Good luck -
I'm not sure how they do it, but Keller Williams always seems to have top notch agents. They can be pricey in terms of some fees, but if you get in within a team in KW that is killing it in your local market then you can reach your goal.
Just make sure whoever you are joining that they can give you leads, and it will be best if the brokerage has an ISA within there team so you only focus on showing homes.
@Charlie MacPherson Thank you so much! This was very helpful and I will shoot you a PM as soon as I get any more questions that pop in my head
@Edgar U. For sure! I am actually going down to a meeting with a KW agent tomorrow to talk about how they operate in that specific area. I will definitely take that into consideration. Thanks for the feedback!
@Yaric Mifedov make sure that whomever you choose to work with is ok with any off market deals, or investing that you do, some brokerages arent comfortable with the chance of being sued should you sell a wholesale property. The final piece of the puzzle is to go to consider the Broker/Agent split. The share of your commission that some brokerages take can be excessive, if you choose to go with one of the more expensive brokerages, think about what you get in return.
@Yaric Mifedov Then, I would definitely recommend somewhere that follows your values. If you want to eventually be an investor, you might want to look at an investor friendly agency.
Given what you say your goals are, very focused around getting training and reaching 6 figures first year, you'll want to surround yourself with an organization that supports this, however all brokerages will say they offer training. I speak from experience. Keller Williams is a training and education company disguised as a RE company. They live and breath training, and have an unparalleled culture of agents sharing and modeling how they reach success. You will get a mentor, and have training opportunities every day of the week, learning from other agents. I am definitely biased as I spent 8 years with KW-Keller Williams with great success due to the people I was surrounded by, and enjoyed coaching and training other agents to success '04-'11 while KW grew from #7 to #1 RE franchise in the country, added commercial & expanded to international. You will learn how to create systems, build your team, create leverage, and most importantly lead generate, the reason most agents don't succeed and get out of the business is they can't get over the fears of lead generation therefore selling 1-2 homes a year and struggle or leave the biz. Gary Keller is author of the Millionaire RE Agent which outlines systems they teach. More specifically, since you are becoming an investor, ask if there is an agent in the franchise you join who is an investor or property manager and saddle up with them if they mentor. I had multiple mentors including a PM, Franchise owner and a successful team. I could go on for days, . Glad to hear you are meeting with a KW person.
@Yaric Mifedov I am an investor that also recently got my license. All agents of course chose their current firm for a reason (myself included). Very general advise that some people overlook is make sure that no matter what commission split you negotiate that your firm offers a commission CAP... especially if you are a self starter that doesnt rely on a team lead for all of your leads
Ex: if you are on a 80/20 split you should be able to get 100% commission (100/0) after you pay a certain amount into your sponsoring broker during the year.
Hi @Yaric Mifedov ,
Congratulations and welcome to the world of being an agent!
I will say to interview many different brokerages. Find one that clicks and is going to get you up and going. Personally I recommend the smaller ones and getting under an experienced agent. Sometimes they are mom and pop type places and they can find other things for you to do while getting running. Taking pictures of REO properties, putting in listings for them (and they pay you a few bucks), send out electronic signatures. Sort of be their admin as you are getting up to speed.
There are places that I consider "puppy mills". Generally speaking they survive on the 80% of agents that fail. They usually have hundreds of new agents, they all are paying a low fee and getting their 3 or 4 deals in before washing out (Which of course they offer some low split on the first few since you are "learning"). Not a bad way to go, plenty of training, but as you are sitting in class with 40 other new agents, keep in mind only 2 of you are making it. Once you start to notice a majority of information is "fluff" you have graduated and it's time to get out and sell.
Getting leads is one thing, learning how to get your own leads is even better. Even better is finding an agent that wants to move south and push you all of their leads for the next 10 years for a referral fee :)
As @Charlie MacPherson mentioned watch for fees. Some have a flat monthly fee, others have many different fees that all add up. Know what you are getting.
@Mike Cumbie Thank you for the welcome! Great feedback, im most definitely going to be interviewing a bunch of brokers these next few upcoming weeks to find one that really clicks for me and one I believe I can achieve my goals with. Im very excited about the journey that lies ahead! Also it'd be great finding an agent moving down south who's willing to push me his leads for the next ten years haha
Find out who the top producers are in your area. This will be the teams with the most listings or firms with the most signs (not hard just look online and see where all the deals are closed from). Try to get on their team if you are not on their team or work for that brokerage firm. You want to be a six-figure agent you need to surround yourself with them. You want to make six figures in your first year. 100 percent you can do it. You need to realize this is what you need to do.
1. Learn the basics. The contract, terms of the offer, how to structure an offer. Items needed for each offer. If you are on the right team they will teach you. If not spend a week with the transaction coordinator for a week buy them coffee or lunch and learn.
2. Give up all your weekends and do open houses for everyone in your office. This gets you a chance to meet a ton of people. You get buyer leads and seller leads. Learn everything about that house before you do the open house. Don't be unprepared, that makes you look inexperienced.
3. Learn sales skills, Youtube has a ton a free content. Learn for free and master it.
4. Something that is always overlooked. Dress Sharp! You are in an image business. If you look sharp people will assume you are sharp. At least this gets you passed the visual detector for clients. Sharp doesn't mean an Armani suit. It means a nice fitted dress shirt, nice fitted dress pants, nice clean dress shoes. Image matters.
It's hard it's very hard in the beginning. Every agent that is still doing it today always says it was worth it.
Another note. It's great that you are so ambitious to want to start your investment company and want to wholesale. Honestly, your main focus should be to dominate as an agent and make as much money doing that. Don't get a side track on other things that will suck up your time. Master 1 item is better than an average of 5.
Hi @Yaric Mifedov , I am also in Bergen county starting my Journey as well. I passed my state exam this Weekend and will be speaking with Brokerages this Week. send me a message and we can keep in touch and I will also reply here with any info I believe I can add as well.
Do you want to be successful?
Figure out who the top brokerage in your market is.
Then figure out what is the top office of that brokerage.
Join that office.
Copy everything the top agents in that office do.
Then make lots of money.