Got RE License, Now What?

9 Replies

What is the next step after getting your RE license?

I know you look for a sponsoring broker but what then?

Do you work along side another (experienced) agent in order to learn the ropes from them? Or do you just kinda get after it on your own? 

Any advice would be great.

Also if anyone knows a good brokerage to work under for someone who wants to be an "investor friendly" agent. 

Thanks in advance!

@Nick Thurston

Do you have a background in sales or real estate? If you don't, I suggest you find a large broker in your area that provides free training and mentoring support from a broker. Expect a 50/50 or close to it for this training and support. You can negotiate up as you close more deals or switch brokers if you think the split will outweigh the branding. Giving half of everything might seem like a lot until you realize 50% of a lot is more than 0% of nearly nothing.

Always hang your license somewhere people know and respect then find someone in the office that will take you under their wing for a few deals. Offer to sit at the desk and do open houses. If the caller or open house visitor are not represented, you must close the deal to represent them otherwise you are working for free. Even if they are represented and your broker allows it -- get their email and start building a book of business.

#WillWork4Leads

Keeping accurate records of items that you can write off while or depreciate if key. It is a pain in the ***, but keep meticulous records for your CPA to offset first year costs and self-employment tax.

Good luck Nick!!!

@Nick Thurston As Joe said it's best to do multiple interviews with different firms to find what is best for you. Consider it like a job interview and you are interviewing them while they're interviewing you. Talk not only to the BIC but find some licensed agents from different firms in your network and starting asking questions. Training is your number 1 priority whether that comes from working on a team that is willing to hold your hand or a great firm with a stellar training program. Getting with an investment friendly broker might have to come after you get some transactions under your belt as they may not offer training. Your other priority is finding deals/leads. Start talking to everyone in your sphere. Good luck! 

Most experienced agents do not take someone who has not the skills to slow him down. Suggest you work in a place with many new agents who can work together as a team.  What to learn the ropes? Find a paid mentor.

I went straight for my brokers license over a decade ago. As such, I don’t need to hang my license under anyone.

I’ve been independent so that I could be investor friendly and have never regretted a moment of it. Unfortunately there are a lot of agents in the biz that just don’t know how to handle transactions that are out of the box (bank financing with standard down). Very often they get the deer-in-the-headlights look when you start talking about seller financing, trades, wrap-arounds, simple interest terms, balloons, or what have you. I’ve even been told that I was “using the wrong form.” (Slap the forehead here, 🤦‍♂️). (There is no such thing as the “wrong form”... you can write a deal on a napkin as long as both sides agree to the terms and they’re reasonable.)

Some brokers are simply too risk averse to allow their agents to serve investors like they need, with creative terms and such. As an independent, I can write whatever deal you can imagine so long as it’s ethical and legal. I still need to work with traditional agents a lot of the time, however, and thus it can still be difficult to get even the best deal to stick if it’s non-traditional. Sometimes my job becomes to teach and coach, even on the other side of the transaction. So I always try to approach the deal with a collaborative spirit, not competitive... like good investors do too. In fact, I preface every offer I make with a letter, actually, that explains how fortunate we are as industry professionals to be helping two parties with complimentary objectives on such a large and exciting (and sometimes stressful) scale accomplish their goals.

Anyhow, I’ve always enjoyed being independent and would encourage the same. It takes A LOT of research, studying, learning, absorbing, trial and error... and courage and humility. But it’s been great so far and I just love what I do, and especially helping others along just the same. Hit me up if you need some help.

Originally posted by @Brian Garlington :

@Nick Thurston Did you find an investment friendly broker? Seems like most here in the East Bay are geared toward SFR's and not investors.

Hi Brian - I'm getting my license and I've had the best luck finding investment brokerages at REI meetups. There are 3 off of the top of my head in Sacramento that I've gotten to know that way. From the options I've seen, one allows you to hang your license to primarily use it for your own investment activities, another is a solid/more aggressive investor that teaches you how to work with distressed owners and turn that into a wholesale opportunity, listing etc., and I think the other one is more of a mix of those two. My husband also has his license and he works with the David Greene Team in the East Bay. I'd be happy to put you in touch with him if you are looking for investment properties or want to pick his brain about his recent journey into real estate. The people he's been working with have been primarily looking for standard SFRs, single family with ADUs, small multi-family.

 

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