Residential Leasing Agent

6 Replies

Hello! My name is Marlon Sykes. I am a 21 year old male from Chicago, IL and I'm new to the Real Estate business and had a few questions. Just yesterday I received my Residential Leasing Agent License here. I'm currently looking for a broker and wanted to know what would be some of the best Real Estate Brokerage firms in Chicago that have low monthly fees? Reasonable flat rates? Free Advertising? Quarterly fees for MLS? Also if there are any smaller companies that you guys know that would be awesome if you presented me with information on those.

Hi Marlon,

Just saw your message for the first time. I am a fairy new Leasing Agent in Chicagoland. I went with Exit Strategy Realty in Chicago. They have a great Managing Broker with a lot of great connections in the area. The firm offers a yearly fee, no monthly. I pay for MLS thru CAR as well as yearly membership. You get a 70/30 split on commissions (you get the 70%). There is also residual income that you can earn at 10% based on those you recruit to Exit. While I am pretty sure you have landed somewhere. If you are possibly seeking more access to training, free marketing tools, free E&O insurance, free RE technology and a managing broker and team members to help you grow YOUR business, feel free to connect with me.

@Marlon Sykes , you should ask a different set of questions:

1. What is the company with the best training?

2. What is the company that gives the highest amount of leads and floor time of high price rentals?

3. What is the company with a ton of rental listings in high price neighborhoods so get lots of leads from those generous agents and companies.

4. How many rentals agents are in the company? Most RE companies have selling agents, so if you go to one of those companies, you'll be the only one getting all the rental leads.

The reason these are the questions you should ask is because without the training, using the right lease and disclosures, without leads, you'll make zero dollars, and despite saving on the brokerage fees you'll be on negative. 

With a great company, the company will want to see what you are bringing to the table, if you are going to get hired with the attitude of what you are getting and everything is about you, the companies might not want to hire you. Make sure you see both faces of the coin.

Keep in mind that 90% of licensees are out of business within the first year and 90% of all licensees are out of business every 5 years, which means that only 1 person out of 100 is still in business after 5 years.

With the questions you just asked, you'll belong to the 90% really quickly! I see it every time! 

Marlon - if you want to be in that 1%, act like the agents are still in the business. Good luck to you!

Hi Marlon, I got my start as a leasing agent 6 years ago- I worked with Rubloff at the time (now Berkshire Hathaway) and they had a great lead program. I got about 20 leads per week, but the split was not great. Regardless I was making around $2k-3k per month and a good amount of those renters have become repeat clients of mine (referrals, buying, selling, renting). I no longer work with this team, but would be happy to give you a contact.  

Your MLS fees are set and paid directly to CAR.

Are any of these firms open to working with independent contractors or are they looking for employees

@Armand Dixon , in brokerage, the rules is that we are independent contractors. We get 1099 at the end of the year, there are no salaries.

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