Where to hang license as a part time investor?

Chicago, Illinois
Chicago Real Estate Forum
6yFollow

Where to hang license as a part time investor?

Mike M.
Member since 2020 · 2 posts · 2 votes

I recently passed the real estate exam and am looking for recommendations on where to hang my license as a part time agent. I only plan on being an agent for properties I am investing in myself so probably won't have more than 1-2 deals per year. Given that, I would prefer a broker that is part time friendly and does not require any meetings, time commitments, etc. and only gets involved when it comes to helping with the paperwork. I'm leaning towards paying higher monthly fees and a 100% commissions split, but could be open depending on the other benefits.

For this case does it make sense to go with a smaller boutique firm in Chicago that will be hands off, or go with one of the large "virtual" brokers? Thanks!

2Reply
51 views

Most Popular Reply

Chris Bounds
Investor · Sugar Land, TX · Member since 2012 · 554 posts · 232 votes
6y

You'll be hit up by 100 brokers or more in the next few weeks and months. Even if you're part-time, try not to look at the fee schedule alone. It's important, especially if it's high monthly fees, but consider the training (including investor training), mentorship, flexibility, and future growth opportunities.

Building wealth and passive income is the primary reason why I ventured into real estate. That was enough for me to switch from flat fee to eXp. It's grown into a strong collaborative team of retail and investor-agents adding tremendous value to help each other build better businesses, wealth, and passive income.

3Reply
See this reply in the discussion

12 Replies

Jump to latestLatest
  • Kobe Xin
    Real Estate Agent · Houston, TX · Member since 2019 · 240 posts · 155 votes
    6y

    @Mike M.

    Hi Mike. It sounds like the freedom to captain your own ship is your most important criteria for your future broker. I'm not local to you so I can't give any suggestions on boutique firms in Chicago but there are benefits for investors and part time agents at virtual brokers like eXp. Investors can benefits because agents are allowed to keep 100% commissions on 3 personal transactions per year. Plus there aren't any time commitments so you are allowed to use support functions whenever you choose.  

    2Reply
  • Jake FugmanBusiness Member
    Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
    6y

    @Mike M. I'm a local investor and agent in Chicago. I joined eXp because of the freedoms it allowed investors, but I also sell pretty heavily. Id say if you ever EVENTUALLY wanted to sell more than 2-3 deals per year or join an investor friendly agent team eXp is the way to go. If you really only want access to the MLS its a coin flip since the higher monthly fees will balance out the 80/20 split that eXp has.

    The Axon Group4.981 Reviews
    WebsiteView Page
    0Reply
  • Chris Bounds
    Investor · Sugar Land, TX · Member since 2012 · 554 posts · 232 votes
    6y

    You'll be hit up by 100 brokers or more in the next few weeks and months. Even if you're part-time, try not to look at the fee schedule alone. It's important, especially if it's high monthly fees, but consider the training (including investor training), mentorship, flexibility, and future growth opportunities.

    Building wealth and passive income is the primary reason why I ventured into real estate. That was enough for me to switch from flat fee to eXp. It's grown into a strong collaborative team of retail and investor-agents adding tremendous value to help each other build better businesses, wealth, and passive income.

    3Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    Hey Mike, to add to @Kobe Xin and @Jake Fugman's plugs for eXp Realty, the start up costs are low too so it's justifiable as a side-hustle or to just do your own deals. I joined about two months ago as a full-time agent and it didn't take long to get started.

    eXp is a virtual, cloud-based brokerage so it has the flexibility that a completely remote position offers which makes it an attractive choice for agents who aren’t sure exactly how many hours they will log this week or where they will be when they log them.

    0Reply
  • Mike M.
    OP
    Member since 2020 · 2 posts · 2 votes
    6y

    Not interested in eXp due to the attached requirements. This seems like a massive time commitment. Also I read through eXps contract and did not like some of the terms (not related to fees / comissions)

    0Reply
  • Chris Bounds
    Investor · Sugar Land, TX · Member since 2012 · 554 posts · 232 votes
    6y

    It's not for everyone.

    2Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    6y

    @Mike M. congratulations man! I will run counter to all the EXP folks on here and say look into some of the 100% commission outfits. I do not work for one of these brokerages anymore, but when I started out I did. I found that the one I worked for was zero stress and the only time I heard from my managing broker was when I needed him. There are several like this currently I believe. [Solicitation Removed by Moderators]

    1Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    6y
    Originally posted by @Mike M.:

    Not interested in eXp due to the attached requirements. This seems like a massive time commitment. Also I read through eXps contract and did not like some of the terms (not related to fees / comissions)

    Not sure why these requirements would scare you away from any brokerage. If you are recently licensed, that means you have no experience and as such, don't you want to be trained properly to work in the field of your new license? Being an investor and being a licensed agent are two entirely different things. I think the requirements above are necessary as we already have too many agents in this country who have no clue what they are doing!

    Now, to your original question, did you not yet use the BP search function? This very same question has been asked at least 100 times in the last 6 months alone on BP and in every case, the eXp clan chimes in to give their message, entirely in hopes to "recruit you". Just look at all their signatures, they are all in eXp. Now, with full disclosure, my wife's real estate license here in CA is held with eXp (switched form a small boutique brokerage which was "investor friendly"). But I am not here to recruit you nor is it the reason we switched over. The ability to own part of the company (via stock) at market discounts and in some cases, gifted to you for accomplishments, the ability to get our entire $16k broker commission split cap back via stock from performance, and several other financial reasons is what led us down that road. BP is now full of eXp agents trying to recruit others from BP (which in my opinion gives the "bad rap" to eXp). Similar to the marketing crews of the nouveau riche clan that came here and had to be blocked and removed for massive solicitations, etc., BP is getting to many of the eXp agents trying to recruit here (in my opinion) instead of focusing on doing investment deals and real estate transactions. Perhaps BP will more heavily enforce these solicitations, for now, it is up to you to read between the lines.

    For me, an investor friendly brokerage would be one that has low fees, allow the licensed agent to perform their own investment deals without heavy restrictions, have systems for marketing for leads, and low commission splits. I would also add in that they should have an ability to get your questions answered quickly and accurately. That would constitute an investor friendly brokerage to hang your license with. Congrats on getting your license, I wish you well in your search for the broker that fits your needs and I hope you strongly consider going somewhere that can teach and educate you on the proper formats, rules, and moralities to be a good real estate agent while also being a good investor!

    Podcast Guest on Show #130
    1Reply
  • Jon Schwartz
    Realtor · Los Angeles, CA · Member since 2018 · 952 posts · 1k+ votes
    6y

    @Mike M., I’m in a similar boat and really like the looks of Fathom. Check them out.

    0Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Will Barnard:
    Originally posted by @Mike M.:

    Not interested in eXp due to the attached requirements. This seems like a massive time commitment. Also I read through eXps contract and did not like some of the terms (not related to fees / comissions)

    Not sure why these requirements would scare you away from any brokerage. If you are recently licensed, that means you have no experience and as such, don't you want to be trained properly to work in the field of your new license? Being an investor and being a licensed agent are two entirely different things. I think the requirements above are necessary as we already have too many agents in this country who have no clue what they are doing!

    Now, to your original question, did you not yet use the BP search function? This very same question has been asked at least 100 times in the last 6 months alone on BP and in every case, the eXp clan chimes in to give their message, entirely in hopes to "recruit you". Just look at all their signatures, they are all in eXp. Now, with full disclosure, my wife's real estate license here in CA is held with eXp (switched form a small boutique brokerage which was "investor friendly"). But I am not here to recruit you nor is it the reason we switched over. The ability to own part of the company (via stock) at market discounts and in some cases, gifted to you for accomplishments, the ability to get our entire $16k broker commission split cap back via stock from performance, and several other financial reasons is what led us down that road. BP is now full of eXp agents trying to recruit others from BP (which in my opinion gives the "bad rap" to eXp). Similar to the marketing crews of the nouveau riche clan that came here and had to be blocked and removed for massive solicitations, etc., BP is getting to many of the eXp agents trying to recruit here (in my opinion) instead of focusing on doing investment deals and real estate transactions. Perhaps BP will more heavily enforce these solicitations, for now, it is up to you to read between the lines.

    For me, an investor friendly brokerage would be one that has low fees, allow the licensed agent to perform their own investment deals without heavy restrictions, have systems for marketing for leads, and low commission splits. I would also add in that they should have an ability to get your questions answered quickly and accurately. That would constitute an investor friendly brokerage to hang your license with. Congrats on getting your license, I wish you well in your search for the broker that fits your needs and I hope you strongly consider going somewhere that can teach and educate you on the proper formats, rules, and moralities to be a good real estate agent while also being a good investor!

    While I'm sure there are some of eXp agents who shamelessly try and recruit people here (and elsewhere), it doesn't appear to me that anyone was trying to "recruit" the OP. Sometimes people are just trying to provide helpful information in good faith so the person can make an informed decision. 

    There's nothing wrong with highlighting the positive aspects of the company you work at, and plus it sounds like eXp checks a lot of boxes for his situation. 

    2Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    6y
    Originally posted by @Paul De Luca:
    Originally posted by @Will Barnard:
    Originally posted by @Mike M.:

    Not interested in eXp due to the attached requirements. This seems like a massive time commitment. Also I read through eXps contract and did not like some of the terms (not related to fees / comissions)

    Not sure why these requirements would scare you away from any brokerage. If you are recently licensed, that means you have no experience and as such, don't you want to be trained properly to work in the field of your new license? Being an investor and being a licensed agent are two entirely different things. I think the requirements above are necessary as we already have too many agents in this country who have no clue what they are doing!

    Now, to your original question, did you not yet use the BP search function? This very same question has been asked at least 100 times in the last 6 months alone on BP and in every case, the eXp clan chimes in to give their message, entirely in hopes to "recruit you". Just look at all their signatures, they are all in eXp. Now, with full disclosure, my wife's real estate license here in CA is held with eXp (switched form a small boutique brokerage which was "investor friendly"). But I am not here to recruit you nor is it the reason we switched over. The ability to own part of the company (via stock) at market discounts and in some cases, gifted to you for accomplishments, the ability to get our entire $16k broker commission split cap back via stock from performance, and several other financial reasons is what led us down that road. BP is now full of eXp agents trying to recruit others from BP (which in my opinion gives the "bad rap" to eXp). Similar to the marketing crews of the nouveau riche clan that came here and had to be blocked and removed for massive solicitations, etc., BP is getting to many of the eXp agents trying to recruit here (in my opinion) instead of focusing on doing investment deals and real estate transactions. Perhaps BP will more heavily enforce these solicitations, for now, it is up to you to read between the lines.

    For me, an investor friendly brokerage would be one that has low fees, allow the licensed agent to perform their own investment deals without heavy restrictions, have systems for marketing for leads, and low commission splits. I would also add in that they should have an ability to get your questions answered quickly and accurately. That would constitute an investor friendly brokerage to hang your license with. Congrats on getting your license, I wish you well in your search for the broker that fits your needs and I hope you strongly consider going somewhere that can teach and educate you on the proper formats, rules, and moralities to be a good real estate agent while also being a good investor!

    While I'm sure there are some of eXp agents who shamelessly try and recruit people here (and elsewhere), it doesn't appear to me that anyone was trying to "recruit" the OP. Sometimes people are just trying to provide helpful information in good faith so the person can make an informed decision. 

    There's nothing wrong with highlighting the positive aspects of the company you work at, and plus it sounds like eXp checks a lot of boxes for his situation. 

     I don't disagree with you Paul, however, when you have been around here as long as I have and have seen all the solicits or "round about solicits" that I have, you know the intent. Certainly eXp should check many boxes for an investor/agent, agreed. But when you see the same people posting the same benefits in every post where eXp is talked about, you come to understand the motives. Be happy that your stock has shot up from $10 to over $40 in just 2 short months and focus on doing more deals. Just my opinion.

    Podcast Guest on Show #130
    0Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Will Barnard:
    Originally posted by @Paul De Luca:
    Originally posted by @Will Barnard:
    Originally posted by @Mike M.:

    Not interested in eXp due to the attached requirements. This seems like a massive time commitment. Also I read through eXps contract and did not like some of the terms (not related to fees / comissions)

    Not sure why these requirements would scare you away from any brokerage. If you are recently licensed, that means you have no experience and as such, don't you want to be trained properly to work in the field of your new license? Being an investor and being a licensed agent are two entirely different things. I think the requirements above are necessary as we already have too many agents in this country who have no clue what they are doing!

    Now, to your original question, did you not yet use the BP search function? This very same question has been asked at least 100 times in the last 6 months alone on BP and in every case, the eXp clan chimes in to give their message, entirely in hopes to "recruit you". Just look at all their signatures, they are all in eXp. Now, with full disclosure, my wife's real estate license here in CA is held with eXp (switched form a small boutique brokerage which was "investor friendly"). But I am not here to recruit you nor is it the reason we switched over. The ability to own part of the company (via stock) at market discounts and in some cases, gifted to you for accomplishments, the ability to get our entire $16k broker commission split cap back via stock from performance, and several other financial reasons is what led us down that road. BP is now full of eXp agents trying to recruit others from BP (which in my opinion gives the "bad rap" to eXp). Similar to the marketing crews of the nouveau riche clan that came here and had to be blocked and removed for massive solicitations, etc., BP is getting to many of the eXp agents trying to recruit here (in my opinion) instead of focusing on doing investment deals and real estate transactions. Perhaps BP will more heavily enforce these solicitations, for now, it is up to you to read between the lines.

    For me, an investor friendly brokerage would be one that has low fees, allow the licensed agent to perform their own investment deals without heavy restrictions, have systems for marketing for leads, and low commission splits. I would also add in that they should have an ability to get your questions answered quickly and accurately. That would constitute an investor friendly brokerage to hang your license with. Congrats on getting your license, I wish you well in your search for the broker that fits your needs and I hope you strongly consider going somewhere that can teach and educate you on the proper formats, rules, and moralities to be a good real estate agent while also being a good investor!

    While I'm sure there are some of eXp agents who shamelessly try and recruit people here (and elsewhere), it doesn't appear to me that anyone was trying to "recruit" the OP. Sometimes people are just trying to provide helpful information in good faith so the person can make an informed decision. 

    There's nothing wrong with highlighting the positive aspects of the company you work at, and plus it sounds like eXp checks a lot of boxes for his situation. 

     I don't disagree with you Paul, however, when you have been around here as long as I have and have seen all the solicits or "round about solicits" that I have, you know the intent. Certainly eXp should check many boxes for an investor/agent, agreed. But when you see the same people posting the same benefits in every post where eXp is talked about, you come to understand the motives. Be happy that your stock has shot up from $10 to over $40 in just 2 short months and focus on doing more deals. Just my opinion.

    Fair enough. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free