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Old 09-20-2007, 03:01 PM
 
Location: NY to FL to ATL
612 posts, read 1,925,348 times
Reputation: 209
Default Just passed my state exam

Passed my state exam yesterday and am interviewing with a few different companies in the next week. I just got out of a 3 hour long 'interview' and they already had the broker sign the papers so I could get my license and start working with them. I did not tell them I was going to work for them though. Do these real estate companies just hire anyone who wants to work there or is there actually a selection process? Also, anything I really should ask about? They also have a five year contract which makes me leary, I don't even finance a car for five years.

Thanks in advance, my husband is out of state working for a few weeks so he's not much help.
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Old 09-20-2007, 03:11 PM
 
Location: Montana
2,203 posts, read 6,043,595 times
Reputation: 1022
Quote:
Originally Posted by dlh891 View Post
Do these real estate companies just hire anyone who wants to work there or is there actually a selection process? Also, anything I really should ask about? They also have a five year contract which makes me leary, I don't even finance a car for five years.

Thanks in advance, my husband is out of state working for a few weeks so he's not much help.
Sad to say, it's mostly a numbers game for most firms - the more agents they hire (especially keeping the company split high), the more money they make.

Lots of things to find out about: Ask them "What will you do to help me get established in real estate and grow my business?" Ask them about their Internet presence. (Do your own search for real estate in the Atlanta area - what companies come up on the search engines?) Ask them what kind of a training program they have for new agents; then ask to speak to a newer agent who has completed the training. How much do they charge for training or is it free? Ask about the company's market share.

WHOA! STOP! Get out of there and don't look back!
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Old 09-20-2007, 03:16 PM
 
Location: NY to FL to ATL
612 posts, read 1,925,348 times
Reputation: 209
Quote:
Originally Posted by Gretchen B View Post
Sad to say, it's mostly a numbers game for most firms - the more agents they hire (especially keeping the company split high), the more money they make.

Lots of things to find out about: Ask them "What will you do to help me get established in real estate and grow my business?" Ask them about their Internet presence. (Do your own search for real estate in the Atlanta area - what companies come up on the search engines?) Ask them what kind of a training program they have for new agents; then ask to speak to a newer agent who has completed the training. How much do they charge for training or is it free? Ask about the company's market share.

WHOA! STOP! Get out of there and don't look back!

Thanks Gretchen, I was hoping you would reply.

About the five year contract, all I can see is that they charge about $500 if you break it, plus, it looks like they go back and recalculate your commission and only pay you 50% per transaction. Oh wait a minute, that would be a heck of a lot of money. Ok, I don't think I'll go there.
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Old 09-20-2007, 03:24 PM
 
Location: Montana
2,203 posts, read 6,043,595 times
Reputation: 1022
Do be careful out there, dlh. Most brokerages are in the business of making money off their agents, not just through the splits. You would think it would be in their best interest to help the agents sell, sell, sell; but believe it or not, very few agencies actually work to help the agents market themselves. Most want the agents to market the company, so that the company can recruit more agents. That seems to be the primary goal of most agencies - Recruit even MORE agents. And then they charge for: desk fees, copy fees, phone fees, training fees, internet leads, other leads, etc., etc.

Really look long and hard for the agency AND the broker (very important that the broker is helpful) that will really help you grow your business.

Also, most agents usually change companies within the first year or two. Why? Mostly because when you're new in the business you really don't know what to look for in a company. That's one reason I'd be very scared of the 5-yr contract. Very few agents stay with a company that long, at least not in the beginning.

I'm proud of you, dlh, for passing your test and embarking on a whole new career! I wish you the absolute BEST!!!!
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Old 09-20-2007, 03:36 PM
 
Location: NY to FL to ATL
612 posts, read 1,925,348 times
Reputation: 209
Aw, you are so sweet!

I have a new respect for real estate agents, I did the online course and I do believe it was more work than my four years of college. I'm glad I did it though, I love, literally live and breathe, real estate. My husband and I have bought and sold so many homes in the last ten years but going to work for a company just brings up so many things I never thought about.
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Old 09-20-2007, 03:42 PM
 
Location: Virginia Beach, VA
2,124 posts, read 5,626,297 times
Reputation: 752
dlh, this is a change, but when you are meeting with the companies and brokers, YOU ARE INTERVIEWING THEM!!! they are also gauging how committed you will be, but go in with your list of questions. You are the commodity!!

As an agent, you are in business for yourself, where do you think your business will have the best opportunity to thrive.

Good Luck,

shelly
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Old 09-20-2007, 03:54 PM
 
Location: Pinal County, Arizona
25,100 posts, read 23,887,359 times
Reputation: 4808
I'm a broker. I hire agents. I have 900 of them.

There is no way on this earth that I would even consider having an agent, particularily a new one, sign a time committment like that.

To be fair, if I were to sponsor you for a tremendous, intensive, high intensity training programs (and there are some out there), then, I might ask to to commit for a period of say, a year. 5 years.

My advice, as a Designated Broker? Say, "Thanks but, no thanks"
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Old 09-20-2007, 04:04 PM
 
Location: NY to FL to ATL
612 posts, read 1,925,348 times
Reputation: 209
Thanks for all the insight!

I loved their philosophy, training programs, etc but that five years just struck me as wrong too.

Shelley, I remember someone on here a while ago putting it the same way as you about the interview. I kept thinking of that while I was there today! They don't know I am learning from all of you guys!

You guys are the greatest!

Dawn
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