Advice For New Realtor

9 Replies

What's her WHY for getting licensed?

To make a bunch of money, because she loves it, what does she love residential, working with investors, commercial, buying her own properties?

If you are standing in a circle with 5 different paths and you walk down the one that leads to the mountains but you wanted to be at the beach then you are going to waste a lot of time.

In addition to her WHY you have to see if her expectations of what she wants to do is realistic and matches up with reality. Before she goes out searching for brokerages and who has the cheapest splits you need to know the path and direction of her real estate career she wants to take. 

@Joel Owens  I originally convinced her to get her license for buying our personal investment properties.  (We have been averaging about 5 a year.) I think she has grown to enjoy everything about real estate so I think she will want to do more than just our personal properties.

Big difference between buying personal properties and having it as a career. Residential real estate is a lot of nights and weekends and messes with family life and vacation activities.

I enjoy commercial real estate because with my own company I can work when I want. Commercial is more normal business hours.

Now if she wants to do residential and doesn't need the money much she can do occasional sales for investors buying stuff and then buy her own properties and keep life simple.

@Joel Owens Our well being will not at all be dependent on her real estate sales if that is what you are asking.  She would most likely do residential along with our own investments and keep it simple like you said.  As a broker though, what advice would you give her in choosing a sponsor broker for what she is trying to do?  I have heard from quite a few people suggesting to start with Keller Williams because they have a great training program.

Keller Williams has an investor agent type platform so that might work for her.

She could read the Keller Williams book and see if that resonated with her for culture and systems they use.

Lot's of agents just bounce around from broker to broker. The broker isn't going to make her business. She will have to do that on a daily basis. She needs to define her IDEAL client and if she wants to focus on the listing side or the buyer side.

@Taylor J. Training and education should be uppermost in selecting a Broker. Keller, JB Goodwin, Berkshire Hathaway - probably have best programs for the TYPICAL Agent. If your wife is more interested in High End - look at Compass, Sotheby's Goodwin & Turnquist, etc. Although I'm not sure they have an extensive training program. 

Has She completed the training to take the Texas RE Licensing test? If not, Austin Institute of Real Estate is the place to go and take it in the classroom - not online!

@Taylor J. Sounds like She's ready to move to selecting a Broker. 

I would start by setting up appointments with Brokers of interest and look for best fit personality and career wise. As from your post - max commission splits or minimum costs are not big issues in the decision.

Best advice given me when I started many years ago in Austin was "Jim - it doesn't matter whether you choose a large company or a small company - in the end - it's all up to you!" You have to create the leads, create the clients to build a successful business. You can't depend on the Broker for enough leads to make a successful business.

Happy to talk personally - if your wife is interested. Contact me off-forum. 

@Taylor J. Congratulations to your wife for passing her test! Yes, KW has great training programs. For me, the most important thing would be to find a great mentor BIC that has its own transactions and is looking for someone how helps as a co-listing agent.