I live in Crowley and am about to pursue my RE license. I am trying to learn about everything I can before I start the process. Are there any licensed agents on this board that are also investors? Do you have any suggestions for local brokers who I should look at getting sponsored by?
My concerns are:
- Will they be ok with me wholesaling and eventually flipping while being my sponsor?
- What fees would I be required to pay?
- If I go a for a prolonged period of time without any deals, will I still be required to pay fees? I don't want my bank account being drained since I'm on a tight budget as it is.
Any information or advice would be appreciated.
Hey Steven. Justin here and I broker through Keller Williams here in Fort Worth. I wish you'd call me some time when you have a few minutes and I can tell you about how awesome this place has been for me.
817-768-0391. You're welcome to call any time.
Hey @Steven McPherson I just got my license. See my journey & a great step by step in Texas plan!
I intereviewed several brokers, and all of them worked about to about $1200-1600/yr in fees. With the exception of as-needed CSS fees, they have to be paid. Some yearly (Realtor Association), some Quarterly (MLS, Supra), etc. Your first listing should take care of the next year if you budget well :)
Hi guys, if your are interested in owning your own brokerage while still an agent check out my contact info in the signature area. I sponsor a lot of investors through their LLC brokerages. www.YourBroker.info
All the things you're asking about are negotiable items between you and the broker. The sticky parts for you will be on the selling side of your deals (because that's where the lawsuit potential is). Broker will be paying E&O (errors and omissions insurance), and your deals may fall outside coverage if you are listing your own deals. In these cases you would normally list through another agent in the same office. So it's not a barrier, but you need to speak with several brokers. Also keep in mind that if you want to get your broker's license some day (4 years from now), you need to be earning "points" toward that. Points are earned per listing, per closing, per buyers rep agreement, etc. So if your license is at a broker, but you are not really active, you may suffer down the road, depending on your goals. Bottom line, pick a broker that matches your business model. There are MANY brokers out there. Do some research, narrow down to maybe 5. And then meet with those 5. Evaluate EVERYTHING, not just fees. I know people care about fees more than anything else (LOL), but there are many factors involved that are just as important as the fee structure. Alot of this stuff you will learn anyway as you are preparing for the exam, from classmates and instructors.
I'm getting my license very soon, and probably going with Fathom Realty.
Another one I'd recommend looking into is StepStone Realty, as their business model is oriented around agents being investors, and vice versa. I don't believe they charge any fees aside from their cut of your commissions, so if you're not active, all you pay is 3rd party fees to MLS, TREC, Realtor board, etc.
There are many great options to choose from out there, and no firm is right for everyone. Pick the one that meshes best w/ your goals and provides the support you need while not taking too big of a commission share.