I just got my real estate license. How do I choose a good broker and what do I need to learn to be a good agent? I live in North San Diego County.
Hi David, speaking from experience after you get your license you will be contacted by all kind of brokers. The best advice I can give you is to make sure you interview your broker, and dont let the commision split be the only thing you use to make a decision.
1. Make sure your broker has time to teach you the business
2. Make sure the broker is doing good business, because even if you get 100 percent commision, if there is no business what diference does it make.
3. Make sure the office has all the tools you need to do your job.
4. Stay away from company email address and company phones, because when you leave so do all your contacts.
These are just a few things off the top of my head, but one more thing I would say, if in your heart after 30-60 days you feel you have made the wrong choice of brokers, leave. DONT WAIT TO LONG BEFORE MAKING THAT CHANGE, good luck.
Practice filling out contracts! It's fun and educational, and will help you when you get that first deal. Plus it helps you go through all the legal items so you can explain them intelligently to your clients as best a lay person can.
Setup a personal web site using Wordpress or something quick and free/cheap and start building an online presence. It's better if you don't use the company's because agent turnover is very high and you don't want to lose all your hard-earned online assets (SEO ranking, link building, reputation, domain name) when you switch. (See Dashaun's #4 above)
Learn as much as you can about creative real estate and investing, i.e. lease option/rent-to-own, land contract, short sale, foreclosure, wholesaling, etc. As an agent you may come across situations where you can't make a commission but you still want to help the seller in distress. By knowing how to structure deals creatively you help create win-win and build good will, and build a strong referral base for yourself and you may end up getting compensated in future deals.
Don't depend on anyone else to educate you about the business--educate yourself. Seek out opportunities to learn and grow your knowledge. Even your broker may just teach you what he wants you to learn so you will work efficiently under HIS control. You can take what the broker teaches you and improve upon it.
Learn everything you can about sales and marketing! Licensing classes only teaches you so much. As an agent you have two jobs: sell yourself and sell your listing. You have to be able to sell the benefits of working with you, and the benefits your property can bring to the buyers.
Take action! Do some sales prospecting and marketing on a regular basis. Meet and network with others in the business plus related fields such as attorneys, mortgage brokers. insurance brokers, contractors, builders, even landscapers. You never know when someone may happen to know someone who needs your service or are looking to sell/buy. Word of mouth is powerful.
Hope this helps. To your success!
1- Get a great website with indexable IDX or RETS with search engine friendly urls
2- List to Last
What are IDX and RETS and how do I learn what is a friendly url?
What do you mean by "list to last?"
Thank for for your reply.
IDX = Internet Data eXchange
RETS = Real Estate Transaction Standard
Both are services that pull MLS data to your web site do your visitors can search for houses without leaving your site. Costs may vary depending on your local board's implementation.
List to last means to really make money in real estate you need to be the listing agent. When you are the listing agent, you have the inventory and buyers will come to you.
Thank you Lily. Where do I learn more?
I like the name of your company. Is there a story behind it?
I recently became a broker and I interviewed countless companies.
I would stay far away from any company that claims/promises any sort of business.
That being said I chose a full service brokerage that has a very established practice/name in my market. They do charge more on the split than some of the bootleg companies, but I can tell you that I already have reaped the benefits.
I got a listing yesterday through my managing broker, and floor calls come in all the time. Referrals and inside info on properties before they hit the market, sales meetings etc.. They all translate into business
IMO if your willing to work hard and long hours than you will be successful in this business, but the support that I receive from my brokerage is more than worth what I pay in splits and monthly.
With the support from my company, I can spend far more of my time doing income producing activity instead of fumbling over paperwork questions and issues, which makes me far more money in the long run.
Your education is just starting. Just passing a test to get the license was nothing compared to what you need to learn to keep yourself from getting into hot water. Find a brokerage that has a good training program. Most brokers say there's the phone and there's your desk - get to work making me some money. Forget all the garbage you learned in school for the license as you will not use any of it in your day to day activities. Get familiar with your locally used contracts, forms and disclosures. Get familiar with the Code of Conduct that you are supposed to follow. Let everyone you know that you are in the business and are looking for those looking to buy/sell property. Word of mouth advertising costs you nothing.
@David - I recommend two books to get you on your way:
"Mastering the Art of Selling Real Estate" by Tom Hopkins - good and solid info.
"Insider Investing for Real Estate Agents" by Walter S. Sanford - great for helping you become an investor yourself and work with other investors.
My company name alludes to my graphic arts background with Christian undertone:
North light is the natural sunlight coming through a north-facing window. It's the most ideal lighting for studio painting.
North refers also to the city of God on Mount Zion, the sides of the north.
Light refers to "the Light of the world."
And the words are simple and easy to remember. I never have people ask me how to spell it.
Best of all the domain name was available! ;)
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