What company should I start with???

Question

Chris Mason · Answer

Keller Williams has a highly reputable training program.

I am not an agent @Willie Smith and @Jordas Reyes, but I can tell you a few things I have observed as a lender.

• Expect to be poor for about a year, in terms of income from being an agent. I have literally had new agents (that are good people and hard workers) call me to say that if so-and-so with crummy credit does not close by the end of this month, they will be unable to pay their rent two months from now. This is most likely to happen if you do not have 6-12 months of living expenses sitting liquid and ready to be used.
• Know that the 2 year burn out rate is probably north of 75%. And now you have a gap in your resume that hurts when you go back to apply for a 9-5 job, because it's obvious that you failed at sales and the art of persuasion, which everyone knows are pretty critical regardless of career field. 
• A 50% cut of 3 sales is greater than a 75% cut of 0 sales. A firm with a great training program, until you are up and running, is a great deal. This can be a big box place like KW, or a small independent brokerage run by a guy or gal that has a passion for training new/young agents. Anyone will let you hang their license, find the firm with the value add in terms of training. You are shopping for a brokerage, not interviewing employers.
• Be ready to dial for dollars and door knock for >40 hours/week until you've got a steady stream of past client referrals. For new agents, deals come from 3 sources: 1) stupid online advertising which are crappy leads, 2) dialing for dollars and door knocking, and 3) past client referrals.
• Established agents, that are good at their jobs, mostly get business from #3. Their raving fan past clients, because they do their jobs very well, are their entire marketing initiative. New agents deal with #1 and #2, and life sucks until #3 starts to trickle in.
• Your lender's job is in part to screen your crappy leads from #1 and #2. Don't spend hours showing them houses if they can't even provide a W2 to a lender, that's no different than what you currently face as a landlord -- if they can't handle your $25 application fee, they are probably time-wasters no matter what they claim they are willing to pay in rent. That person looking for a $150k house that is preapproved is a better use of your time, and more likely to make you more money, than the person looking at $1.5m houses that is unwilling to let their credit be pulled and prove that they have the credit / income / assets to buy a $1.5m house.
• Stay in your lane. Title questions? Not your department, but you should have a person they can call. Mortgage questions? Same thing. Foundation questions? Same thing. Jenky water heater? You don't know, but boom you've got a water heater expert's phone number right here, let's give her a call. Ideally these persons, these experts in related fields that you surround yourself with, should also be those that will stay in their lane, and send real estate agent questions right back to you. For example if someone wants to sell their house, move down to a rental, and walks into my office for some reason (yes this happens)? Not my department, but let's call Realtor Jane up right now and get her on the horn with you.
• Good luck.

Dawn Brenengen · Answer

@Willie Smith  Hands down go with the best training you can find.  There is SO MUCH to know about not only how to find clients but how to manage a transaction, etc.  Mike Ferry is great, but you'll also want someone with expert local knowledge to hold your hand for a little while.  Get at least 30 transactions under your belt before you consider a lower cost brokerage.

Chris Mason · Answer

I actually did use something I remembered from loan officer school for the first time, like six months ago. It was super exciting and I told all my lender buddies "omg I actually used something from our formal training!!!"

Eric Dowling · Answer

@Willie Smith & @Jordas Reyes  Every point Chris makes is correct. As you have peobably already realized the exam and courses do not teach you how to be an agent.

I have been with Keller Williams since I was a new agent and am very happy here. If you want great training it is the place to be. The commission splits are also gods for new and established agents.

It is 70/30 until you hit the "cap", usually 25k in most markets, and then it is 100%.

Good luck on the exam!

Paul Timmins · Answer

@Willie Smith

Welcome.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Check with the investor agents here see where they hang and why.

Good Luck

Paul

Jordas Reyes · Answer

Not saying I'm great and can't get anything from them! I definitely will be doing more training.

Jordas Reyes · Answer

thanks for all the great points made by everyone. Keller Williams is number one on my list based on agent I am close to. The split to me sounds fair as well. @Willie Smith I have not looked into his training program but have looked at few other names I have come across in my research. I have a solid back ground in sales for last ten years and as I explore some of the techniques they are teaching I noticed they are similar to sales trainings that I have gone through just in different industry.

What company should I start with???

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