Sponsoring Broker in Northwest Chicago Suburbs?

Question

I recently passed my real estate exam in Illinois. I decided to pursue a broker's license to develop a passive real estate income portfolio. My interest is commercial and industrial properties. I plan to add a few flips and rental investments along the way.

I called two companies and they mentioned that I would be better off finding a sponsor in a non-franchise company because of the monthly dues. He also mentioned that most agencies are looking for full-time brokers.

I am involved with a few other business endeavors (e.g. working with general contractors for renovating a 40K sq ft industrial building, investing in new $20K industrial building) to help expand my knowledge as I get deeper into real estate "deals". My main interest is to use my license for passive income while I continue to work on existing and upcoming projects.

Will brokerages offer such sponsorship? Is what I'm trying to do "frowned upon"? I heard that it wouldn't be a problem because many brokers obtain a license to support passive income. Thoughts/suggestions? Your help is much appreciated.

Jake Fugman · Answer

@Ajay Sharma  Im a investor and agent in the Chicago area and chose eXp for the flexibility on self branding (since not all my business is pure sales).  Id recommend if you on-board with a national company to chose a sponsor/mentor that is based near you. Good luck and reach out with any questions.

TIm Harstead · Answer

check out Kale Realty a lot of investors hang there license there.

Ajay Sharma · Answer

@Marian Huish & @Kobe Xin, thank you. I am looking at website now and I'll drop the managing broker an email. At first glance, it seems like a good fit. Thank you both.

Marian Huish · Answer

That’s correct @Kobe Xin-  eXp also excepts part-time agents and utilizes a cloud-based office which means you can access it anytime and attend recorded trainings at your convenience.  We have many investors that are attracted to EXP and there are no monthly 'desk fees'!  In the nearly 2 years since I have transferred my license to this company, we have gone from 8000 agents to over 25,000 nationwide and internationally... Talk about an awesome networking opportunity!  😉.  Definitely worth checking out @Ajay Sharma!

Ajay Sharma · Answer

@TIm Harstead and @Kobe Xin, many thanks for your responses. I made 20 calls yesterday. Got 3 call backs and one call scheduled today and meeting next wednesday. I will reach out to Kale Realty today.

Thanks for the feedback. Both of you are absolutely right, I do need to interview each brokerage to make sure we are clear about expectations. I plan on using my license for personal investments. Once again, thank you both.

Ajay Sharma · Answer

@Jake Fugman, thanks for your response. You are right, after reviewing eXp, I will still need local support. I am not interested in the stock ownership option. the eXp fees are similar to local brokers and i would have local sponsor and brokers available to me, especially for assistance on flip and rentals. At this time, I will not be proceeding with eXp. Thanks again Jake.

adding @Marian Huish as fyi to her.

Kobe Xin · Answer

@Ajay Sharma

No problem! If you’d be interested I just sent you a pm on some more information about the company. I can also help set up a meeting for you with one of our agents if you’d like.

Kobe Xin · Answer

@Ajay Sharma

Hey if you’re looking to use your license for personal investments I know eXp realty let’s you keep 100% commission on 3 personal transactions per year. Maybe that’s something you’d want to look into.

Kobe Xin · Answer

@Ajay Sharma

Hey! First of all congratulations on getting your license! The next step is to look for a broker to hang your license with. If you want to use your license as a way to create supplemental passive  income then you might want to look more into brokers that offer flexibility and passive income opportunities. I was recently in a similar position as you and I ended up finding the right fit for me. At the end of the day it’s all about finding the best fit for your situation and knowing which broker will help you achieve your goals.

Sponsoring Broker in Northwest Chicago Suburbs?

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