Broker recommendations for new part time agent & investor

Val G. · 2020-12-04T18:19:58-08:00

Few days ago I passed the VA Real Estate Salesperson exam a few days ago and am looking for brokers to hitch my wagon with. I have had "meetings" with a few brokers and honestly am unable to decipher between all the fluff (we will make you successful, we have endless training, our average agent produces $7 million and makes $150K etc.) and brokers who will genuinely provide support and help you grow. I have also learned about commission split models that go from criminally low to suspiciously high (from Coldwell Banker's 50/50, Century 21's 50/50 (unverified), McEnearney & Associates 50/50, Re/Max's 70/30 or 80/20, and ExP's 90/10). Furthermore, I have found that most brokerage houses have the standardized onboarding process of endless training and mentoring irrespective of where in your career you are and what expertise you bring. Either way, I remain unclear about which one should I go with? A little about me: I work full time and will not leave my job until my income from real estate fully replaces my salary income. I need a broker who is okay with my part time commitment and who doesn't think of me as any less dedicated than a full time agent. I also need a broker that supports me without all the fluff while acknowledging that with 10 years of banking experience, I have a unique understanding of residential real estate and may not need as much handholding as someone say who is right out of high school or college. What am I looking for: I am trying to add to my portfolio of a couple of rental properties and sell real estate during evenings and weekends (30+ hours/week) in the DMV area. I also would love full transparency on marketing costs and any other cost a brokerage expects me to pay out of pocket. A broker that allows me to learn by doing as opposed to learning by watching Zoom training.Show me the way Bigger Pockets.

Dalyn Hazell

Rental Property Investor · Springfield, MO · Member since 2020 · 120 posts · 96 votes

5y

@Val G. Hey Val! I was actually struggling through the same decision not too long ago. As a part-time real estate agent and a full-time employee in the accounting industry, there were several things that were must-haves when I joined a brokerage.

One was the ability to work virtually and not be tied to a desk or an office. Another was top-notch support and Zero production requirements. Last, I wanted it to be investor friendly so that I can make 100% commission on personal deals.

Eventually I settled on eXp Realty. My friend @Charlie Cameron owns one of the only websites that I know that talks exclusively about how to crush it as an agent-investor: AgentWealthHustle.com

As always, let me know if you have any questions!

Good luck!

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Charlie CameronBusiness Member

Investor · Niceville, FL · Member since 2017 · 450 posts · 366 votes

5y

Hey @Val G.! Congrats on passing the exam! The honest truth is you can be successful ANYWHERE with the right training, mentorship, and hustle. It's important to understand (which I did NOT as a new agent) that once you join a brokerage, you're going to have to hustle anywhere you go to be successful. And it's even harder for us part timers.

I ended up at eXp after a few interviews because it was the only model that seemed to provide an assigned local mentor, support, and training, all outside of my regular work hours - and zero stigma against part time agents. This was extremely important to me, because if I was taking leave from work or time away from my family, I wanted it to be for showing properties and writing offers - actions directly relating to results. I was able in my first year, despite a deployment, to close more than I even thought I could. I'm on track to crush that I year two, which has aided in my decision to transition to real estate investing, sales, and team building full time. I've been an investor for years longer than an agent but the cash flow hasn't been high enough to justify leaving, but now I believe I can achieve it.

It is WORK to replace your income while being a part timer. Lead generation can be tough on a new agent, but I've found a groove where most of my leads come to me rather than me having to spend countless hours chasing after clients. I have four lead sources that require very little effort and allow me to just focus on providing great service for clients.

A few things to consider for your specific situation:

It sounds like you don't really need as much in person handholding as say a brand new real estate agent with no investing experience. Consider that in your math. If you're willing to consume and implement top notch training, who cares if it's in person, live, or even recorded.
In the DMV area (I went to high school there!) - you may want to be licensed in VA, DC, and MD. If so, at eXp you only have a single $16,000 cap and one brokerage. You don't have to worry about multiple splits, independent brokerages with different procedures/tools, and multiple caps.
Consider more than splits and caps. It's more about VALUE and what your GOALS are. Which model will get you there the fastest? Consider whether a brokerage will support additional income streams, building your own brand, building a team, etc. There's so much more to it than splits.
On marketing, there are three ways to get clients as an agent. You could be a top producer and you just get referrals (obviously that's out for us part timers trying to make it). You can hustle and with the right tools generate leads for free. Or you can pay for leads (either by paying more commission up front to broker/team, paying a referral fee on the back end, or paying for ads). That's it. You decide which marketing path you want to go down.

But again, you can be successful anywhere. Your goal seems clear to me: replace your income as a part timer. This may seem hard at first but is totally achievable. My fantastic team lead started in real estate two years ago, part time, and started a team immediately. He's now a top producer, gets his entire cap BACK as a reward, and has a local team of a dozen agents. You can do this too and he'd be happy to share how.

If @Dalyn Hazell and I can do this, so can you. Happy to share our experiences and see if we can help you do the same.

Go crush it!

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Terrance ClarkPro Member

Real Estate Professional · Hickory, NC · Member since 2016 · 164 posts · 45 votes

5y

@Val G. I would definitely recommend eXp.

I am a 3rd generation investor currently controlling 200 units.

I strategically chose eXp because of the business model which encourages collaboration.

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Russell BrazilBusiness Member

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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

5y

87%. That is the failure rate for real estate agents. People highly successful in other fields crash and burn in real estate all the time. So dont aproach it with believing your 10 years in banking will help you. Now if you had 10 years as a business owner, that would be different. Being a real estate agent isnt a job, its owning a business.

Long & Foster and Keller Williams are probably your best bets on training. Compass and RLAH are great, but dont take part time agents, or even full time low producing agents. (Disclosure: Im an L&F agent).

If you want to be successful, budget for an operating budget. I planned on, and ended up spending about $30k on operating expenses in my first year in the business. Like any small business, operating capital is critical for a business even if no revenue is being generated.

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Broker recommendations for new part time agent & investor

Broker recommendations for new part time agent & investor

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