Real Estate Brokerages: Chicago (New to BiggerPockets!)

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Real Estate Brokerages: Chicago (New to BiggerPockets!)

Taylor Repp
Investor · Chicago · Member since 2021 · 3 posts · 2 votes

Hey there,

Alright, today is my 32nd birthday and my first day as a BiggerPockets member!

I found BP initially from J Scott's "The Book on Flipping Houses" which I've read twice. Based on the advice in that book, I recently passed by broker exam. Over the last month or so, I've been listening to the BP podcast, starting with episode 1. It's been really interesting, helpful, and motivating!

Next step: find a brokarage and buy my first property. Initially, I've been planning on starting a business house flipping, making it into a scalable company (I'm currently an executive at a startup, but I'd transition into full-time real estate in the next couple of years). After listening to the podcast, I've heard more and more about investing in multi-unit properties, so I'm not quite sure where this will take me. 

What's clear to me is I just need to start. Buy a house, flip it, learn a ton, and make some longer-term decisions from there. I just need to get one under my belt instead of just spending time reading and being passive.

I wanted to see if anyone had any recommendations for brokerages to work for in the Chicago-land. I am only looking to broker my own deals, I'm not looking for a career as an agent. I met with Touchstone Group yesterday and wanted to see if anyone had some advice on what broker to partner with if I'm simply looking to be my own agent.

Any advice would be greatly appreciated! I'm looking forward to becoming an active member of the community and help others along the way!

Thanks,
Taylor

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Taylor Repp you should reach out to the 100% commission shops. It won't matter which one you go with since none of them have a ton of support, but there are a few good ones. I used to work for Chicagoland Brokers when I started out. You can also call Kale. Honestly, there are a ton of options in this space these days. 

    0Reply
  • Taylor Repp
    OP
    Investor · Chicago · Member since 2021 · 3 posts · 2 votes
    5y

    Thanks for the advice, @John Warren. I had someone reach out through a private message with similar advice. 

    I'm curious, as a new agent that has little knowledge of the technical process of the role, is there a large downside of not having a traditional brokerage and the support system that comes with it? My conventional wisdom tells me it's likely a traditional brokerage adds value because they have incentives based on the commission stake in the deal. But, maybe I'm overestimating the support needed, and through research and a little initial stumbling, it's better to save the commission dollars and go to one of the 100% commission shops.

    Curious about your thoughts! Also, I appreciate the initial response. I realize most of my learning thus far has been around properties and very little has been around parnterships.

    0Reply
  • Chad RockeBusiness Member
    Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
    5y

    Hey @Taylor Repp!

    Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

    1.Subscribe to the BiggerPockets Money and Rookie Podcasts

    2.Attend the FREE WEBINARS

    3.Attend a Meetup in Your Area / virtual meet ups

    4.Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

    5.Peruse the forums! Ask questions! Answer Questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

    Good luck,

    [email protected]715-550-1731
    Rocke Real Estate Inc.547 Reviews
    WebsiteView Page
    0Reply
  • Jennie Berger
    Lender · Chicago IL · Member since 2020 · 357 posts · 230 votes
    5y

    @Taylor Repp 

    So great to 'meet' you here and congrats on getting started! I'm in the process of getting my brokers license with the same intention as you. I don't plan to buy or sell real estate for clients. Rather, to be able to wholesale legally in IL and list my own flips to save a boatload on commission. I've not looked into them thoroughly so I'm not necessarily recommedning them, but I've heard a lot of positives about eXp. Have you heard of them? They might be just the type of entity you are looking for. I plan to do some more due diligence as I get closer to the end of my studies. Not sure how much support and training they offer, and as you mentioned above, that might be important to you... 

    Best of luck and please keep this thread updated with your progress and whomever you ultimately choose to hang your license with! :)

    -Jennie

    0Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Taylor Repp there is no right answer to whether you should align yourself with a brokerage for training, but I can tell you that if you do truly find a place that provides mentoring then you could be light years ahead. 

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Taylor Repp:

    Hey there,

    Alright, today is my 32nd birthday and my first day as a BiggerPockets member!

    I found BP initially from J Scott's "The Book on Flipping Houses" which I've read twice. Based on the advice in that book, I recently passed by broker exam. Over the last month or so, I've been listening to the BP podcast, starting with episode 1. It's been really interesting, helpful, and motivating!

    Next step: find a brokarage and buy my first property. Initially, I've been planning on starting a business house flipping, making it into a scalable company (I'm currently an executive at a startup, but I'd transition into full-time real estate in the next couple of years). After listening to the podcast, I've heard more and more about investing in multi-unit properties, so I'm not quite sure where this will take me. 

    What's clear to me is I just need to start. Buy a house, flip it, learn a ton, and make some longer-term decisions from there. I just need to get one under my belt instead of just spending time reading and being passive.

    I wanted to see if anyone had any recommendations for brokerages to work for in the Chicago-land. I am only looking to broker my own deals, I'm not looking for a career as an agent. I met with Touchstone Group yesterday and wanted to see if anyone had some advice on what broker to partner with if I'm simply looking to be my own agent.

    Any advice would be greatly appreciated! I'm looking forward to becoming an active member of the community and help others along the way!

    Thanks,
    Taylor

    You are in the right place Taylor!

    0Reply
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