Where to hang license as side hustle

Question

I am a full-time physician assistant getting my real estate license for my own buy and hold business in Georgia. I am not looking to do sales for others. I May end up representing colleagues who want to get into real estate or selling my own properties. My question is what should I be looking for in a broker? Commercial (KW has good training I hear) vs small investor orientated? I’m certainly looking for networking and mentoring opportunities as well as access to standardized procedures.

It seems like I would be a liability for most brokers. Do part-timers pay a flat monthly fee or something? Anyways, I’m looking for some help thinking through this before I start talking to brokers.

Danielle Gray · Answer

Hi Kyle,

I'm a part time agent. And this situation really depends on the brokerage itself and what they're ok with. My brokerage is ok with the part time status. Others I know would not go for it. You would really have to interview the brokerages - physical and virtual. Make your intentions known and question them on what they're ok with and what the fees are regarding just simply holding a license for your own personal transactions. I would honestly look at large brokerages - where you're just a number, and virtual ones such as eXp.

Kobe Xin · Answer

@Kyle O'Donnell

Usually larger franchise brokerages will charge all agents the same fees and splits while giving agents access to the same tools trainings and resources. That can be both a positive or a negative depending on the opportunity cost of the monthly fee and % of commission they take on every sale vs the opportunity and tools that are given to you.

On the other hand smaller local shops can be more flexible when it comes to the terms of full time sales agents vs part time agents. They might be more willing to charge less each month but give you access to less training or resources depending on the shop.

Matthew Nicklin · Answer

Kyle a lot of great comments here. I started in RE part time as an agent, so it is definitely possible. I think it is worth while for investors to get their RE licenses as it opens up their options and allows them more access to data.

As far as the Brokerage question goes. The most important thing to remember when interviewing Brokerages is that you are interviewing them, so many new agents treat it like a standard job interview and think they are interviewing for a job not a Brokerage to associate with. You should be up front with the managing Broker that you will just be part time and what your intentions are, that way everyone is on the same page.

Make sure the managing Broker and you connect, you want this to be a lasting partnership. Make sure they or someone on the team will be able to provide you mentorship and share any connections they may have. I personally opted to go the smaller Brokerage route when I started off as I had a personal connection with the managing Broker of that firm. He took me under his wing until I had enough experience and was comfortable enough to open my own Brokerage.

Account Closed · Answer

@Kyle O'Donnell In Atlanta area, I recommend you consider Palmer House Properties. They have options that are low cost for part-time people and good training. Also, there is good networking in PHP. I was in a similar situation as you when I started in real estate a few years ago. PHP was good for me. Eventually, I moved from part-time real estate investing to full-time investing and I opened my own broker firm.

Sam Shueh · Answer

Most only want full time realtors. Some small brokerages have no monthly fee taking a small percent sales as commission.  In CA our MLS, lockbox fees are $1600/yearly. Desk fee is $100-500/ month pt or ft.  There is also insurance some you pay yearly upfront. Coldwell is $2600/year.  The lowest I heard is $150/transaction.

Want training Keller Williams Realty has most comprehensive training but that comes from a thinner commission split and desk fee. Franchise fee. Commercial companies will unlikely to take a rookie. Need CCIM certificate. In our area MBA and proven sales of big projects as there are oversaturated with mbas who like the independence of being a realtor.

Kyle O'Donnell · Answer

@Matthew Nicklin

Hey Matthew. Please see my post. I would very much appreciate your 2 cents. Ty!

Timothy White · Answer

For your situation I would investigate some of the virtual brokerages

a live broker with the fit feel and learning you after would be best

However the virtual options offer deep archives if your a self learner it will come down to ymhiw you work and learn beat and what the brokerage would accept

all the best

Tim

Kyle O'Donnell · Answer

@Kobe Xin tyvm for your response!

Christopher Berra · Answer

I'm with Keller Williams and love it. We have 3 physical offices in my city and 1200 Realtors. Many of the properties I purchased are due to the large network. I have also purchased properties from other KW Realtors that live out of state.

Jacob Caffee · Answer

@Kyle O'Donnell - what did you end up doing? I am in a similar situation and based in GA. Would love to connect sometime.

Where to hang license as side hustle

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