Realtor · Los Angeles, CA · Member since 2017 · 99 posts · 97 votes
Hi, I'll be taking my RE exam next week, so if/when (I feel confident it will be "when") I pass I will need to hook up with a broker. After many hours of researching and asking questions on BP, I've decided Keller Williams would be my best bet; due to their incredible training system for newbies.
I told one of my client's (non real estate client) which office I was interested in, and they knew an agent that had worked there previously. That agent told my client to tell me to ask for "such and such" at the office, and to let him know that "such and such" sent me.
I know there's some kind of profit sharing in KW, but I'm not really familiar with how it works; all I've been doing is studying for my exam. If I drop the name of Agent "such and such" will there be any cut taken out of my commission on future sales, and given to the agent that said to give them the referral?
Sorry for what probably sounds to you all as a silly question, I'd just like to understand how referral/recruitment works; if that's even a thing in KW.
Hi, I'll be taking my RE exam next week, so if/when (I feel confident it will be "when") I pass I will need to hook up with a broker. After many hours of researching and asking questions on BP, I've decided Keller Williams would be my best bet; due to their incredible training system for newbies.
I told one of my client's (non real estate client) which office I was interested in, and they knew an agent that had worked there previously. That agent told my client to tell me to ask for "such and such" at the office, and to let him know that "such and such" sent me.
I know there's some kind of profit sharing in KW, but I'm not really familiar with how it works; all I've been doing is studying for my exam. If I drop the name of Agent "such and such" will there be any cut taken out of my commission on future sales, and given to the agent that said to give them the referral?
Sorry for what probably sounds to you all as a silly question, I'd just like to understand how referral/recruitment works; if that's even a thing in KW.
IMO your best bet as a new agent is to suck up all the good noobie training KW is known for, but let ALL things pertaining to their concurrent pyramid scheme "profit sharing" go in one ear and out the other. Keep your eye on the ball, and that isn't it.
I have no desire to sell houses, but sat for the CA real estate agent exam in Oakland recently (done in 47 minutes, I dare you to beat my time) and a KW agent was sitting there in the hallway trying to recruit... jeez. Has that agent lost focus much, ya think?
Speaking of that test, everything you learned pertaining to mortgages so you could pass that test is factually wrong, don't be that new agent asking about "savings and loan" associations or telling someone to "call your insurance agent to get a mortgage." What "average Joe consumers" know is more accurate than what you were just forced to memorize. :P
Hi, I'll be taking my RE exam next week, so if/when (I feel confident it will be "when") I pass I will need to hook up with a broker. After many hours of researching and asking questions on BP, I've decided Keller Williams would be my best bet; due to their incredible training system for newbies.
I told one of my client's (non real estate client) which office I was interested in, and they knew an agent that had worked there previously. That agent told my client to tell me to ask for "such and such" at the office, and to let him know that "such and such" sent me.
I know there's some kind of profit sharing in KW, but I'm not really familiar with how it works; all I've been doing is studying for my exam. If I drop the name of Agent "such and such" will there be any cut taken out of my commission on future sales, and given to the agent that said to give them the referral?
Sorry for what probably sounds to you all as a silly question, I'd just like to understand how referral/recruitment works; if that's even a thing in KW.
IMO your best bet as a new agent is to suck up all the good noobie training KW is known for, but let ALL things pertaining to their concurrent pyramid scheme "profit sharing" go in one ear and out the other. Keep your eye on the ball, and that isn't it.
I have no desire to sell houses, but sat for the CA real estate agent exam in Oakland recently (done in 47 minutes, I dare you to beat my time) and a KW agent was sitting there in the hallway trying to recruit... jeez. Has that agent lost focus much, ya think?
Speaking of that test, everything you learned pertaining to mortgages so you could pass that test is factually wrong, don't be that new agent asking about "savings and loan" associations or telling someone to "call your insurance agent to get a mortgage." What "average Joe consumers" know is more accurate than what you were just forced to memorize. :P
Realtor · Detroit · Member since 2018 · 6 posts · 6 votes
7y
@Shawn Regnier No, it is a share of the brokers cut of your commission. Another great reason for you to be at KW. You can recruit and make this passive income stream.
Realtor · Los Angeles, CA · Member since 2017 · 99 posts · 97 votes
7y
@Chris Mason Thanks for the shared experiences on exam day, and the KW newbie recommendation. I love a challenge, but you can keep your 47 minute record! I'll reading every question twice before answering, to avoid a return trip for exam day.
@Mark Magni Thanks for explaining where the cut comes from. I wanted to make sure it didn't come out of my pocket just from letting someone refer me (who I've never even spoken with before).
Flipper/Rehabber · Lincoln, NE · Member since 2016 · 144 posts · 71 votes
7y
@Chris Mason I'm not sure what the negativity towards the "pyramid scheme" is, at KW you have to be sponsored by someone so the agents just as well talk about it to other agents. I was a KW agent at one time.
@Shawn Regnier I recommend eXp, we have a much better "pyramid" scheme, it isn't dependent on the market center being profitable first before the agents get their cut. And the share % is higher. Also eXp is a publicly traded company and agents can buy company shares at a discount.
Flipper/Rehabber · Lincoln, NE · Member since 2016 · 144 posts · 71 votes
7y
@Shawn Regnier right on, I hope it all goes well for you and you sell a ton of houses! If you change your mind in the future don't be afraid to reach out.
Realtor · Westwood, MA · Member since 2015 · 145 posts · 67 votes
7y
@Shawn Regnier welcome to the RE family and KW in particular. It appears your question has been well answered and one point I’d like to share. We (KW agents) do not “recruit” and yes there is good money to be made by the person whose name you give to the broker if you are profitable. That is why some agents may go to far in the “recruiting” of agents. What we are encouraged to do is get to know agents or people getting licensed and IF the agent is interested in hearing about opportunity at KW, we pass the contact info to the team leader so she can follow up and recruit.