I am interested in making the switch to becoming a real estate agent. I have some of the standard newbie questions.
I'm already well-read on all of the requirements to get licensed in my state, but what I am clueless about is what happens next in terms of learning the craft.
1. How does getting on a team with a broker typically work? Do you apply for it like any other job and have to compete against other applicants? Or are they usually eager to get new agents?
2. Do brokerages deliver you leads? Or are you responsible for finding all of your own leads?
2a. Suppose I work for a big-name franchisee like Century 21 or ReMax and a buyer or seller walks in the door, how does the brokerage usually dole out who gets that buyer/seller?
3. I have heard that it's good to have another income source when you start. For me that is a full-time job. How feasible is it to make the transition to becoming a full time agent while working a full time job already?
4. Do brokerages usually want to waste their time with agents that already have an employer to whom they are beholden?
5. What freedom do bigger brokerages offer agents in terms of their own marketing? For instance is C21 likely to require that all of my marketing include their branding? Do I have to get approval for all of my marketing efforts?
6. How does the mentorship process generally work for a brand new agent that doesn't have a grasp on the process? Do I shadow an established agent around? Or do I make a sale and split some commissions with the more senior agent?
@Carl Ohai You are asking good questions. Each brokerage is different, but generally all brokers are looking for new agents, even part-time agents. They split commissions with their agents, so their revenue grows with the number agents they have affiliated with their brokerage. Many brokers also earn money by charging their agents monthly fees. You should call several agencies in your area and ask to meet with the managing broker to ask your questions and listen to their recruiting pitch. Then, befriend several agents and ask them what they like/dislike about their brokerage. Most agents' business cards are displayed near the reception desk of each brokerage. Make sure you ask the broker what training opportunities they offer new agents.