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I passed the salesperson exam yesterday (yay!) and am just starting to set up appointments to interview brokers. After talking to a couple, I quickly realized that they all want new agents, and frankly, I felt like they were all trying to make their company sound the best so I'd go with them. So, it's becoming hard to cut through the B.S. and figure out which is really best for me.
That being said, does anyone have any thoughts about Keller Williams vs. RE/MAX vs. Coldwell Banker for a new agent? I've also looked at some small family-owned brokerages, but they just don't have the huge training programs that the aforementioned do. Is is better for a new agent to go with a huge franchise?
Each office of the brands you mentioned are independently owned and operated, so you're not going to get the same thing from office to office. You need to let us know where you're located so the people in that area can respond with information. Different brokerages hold different market shares in different areas, and you haven't given enough information to help you.
I live in Louisville KY, but one of the greatest RE/MAX brokerages in the brand is RE/MAX Gold. If I were you, I'd call Greg Koch. Tell him your story. Tell him what you need, where you need it (even if he doesn't have a store close to you). You won't regret the interview. He'll likely be in Washington DC next week, at the RE/MAX Brokers Conference, but worth getting in touch with this wonderful fellow. He and his partners produce a training program that RE/MAX brokers from all over the world attend at each annual RE/MAX Convention.
Before people question me about the KW numbers I quoted above, here are the facts:
According to Brokermetrics in the past 365 days (Aug 9, 2011-Aug 8, 2012), the two KW offices in Louisville recruited 41 agents producing $30,758,000 in transaction volume while losing 28 agents and $42,600,000 in volume.
Congratulations on your new career. Talk to the Designated/Managing Broker in each office and don't focus on the split. Focus on the number of transactions each agent does in a year in that office. A few years back a fellow in my market decided to open his own shop and buy out a bunch of smaller firms and then franchise the name. The draw? An 80/20 split without desk fees and agents flocked to him. So now he has hundreds of agents that do 1-2 transactions a year while a select few do well. You can get a 100% split, but if you do just a few transactions a year, you'll spend more time chasing your tail than cashing checks. As a new agent, I would focus on what kind of lead generation programs are in place for new agents - the hardest thing for a new (or seasoned) agent is lead generation, a continuing supply of people who want to do business with you is the only way you'll sustain yourself over the long term.
Thanks! I was trying to figure out what the difference between RE/MAX and RE/MAX Gold is. I actually contacted RE/MAX this afternoon, and they referred me to Greg Koch. Interesting. I haven't heard from him yet, but I'll make sure to follow up, based on what you've said. I was leaning toward KW initially, but now I'm thinking more about RE/MAX! Too many decisions...
Thanks! I was trying to figure out what the difference between RE/MAX and RE/MAX Gold is. I actually contacted RE/MAX this afternoon, and they referred me to Greg Koch. Interesting. I haven't heard from him yet, but I'll make sure to follow up, based on what you've said. I was leaning toward KW initially, but now I'm thinking more about RE/MAX! Too many decisions...
Don't do anything until Greg gets in touch with you. I sent him a message advising him that I had referred you to him.
He may point you towards another office, even another brand. Do not be insulted if he does so. He has no reason to bring you on and see you fail. If he thinks you have the skills, aptitude, drive, etc to give you a chance of success, follow his advice. You won't make a mistake if you do that.
As mentioned before each office is independently owned but there are common throughout the same brokerage brand.
I started with Remax when I was new and I went with that office because of their volume of production and the number of listings they have in the area where I want to work. And it was my worst mistake or may be a bad luck, they don't have any kind of training whatsoever and I couldn't find anyone to help me with the contracts and the paper work when I got my first buyer and lost the buyer because he didn't feel that I am confident enough (which was true! Had to learn the hard way). I interviewed another 4-5 Remax offices and when I asked about the training, they were like eeeh there are videos online (which were 4 years old at that time and didn't apply for the down market in 08-09) and they all have very high monthly fees to be in the 95-5 split.some of them were talking about $700 a month and will be working from home and if I want an office it "starts" at $1100 a month.
Then I went with Keller Williams, they have very reasonable monthly fees, their policy is 70-30 split until they make $16000 of that 30% then you move to 100% commission. I think they call it capping. BUT every year,on your starting day anniversary, you go back to zero and start the 70-30 split again until you cap again. The good thing that you pay as you go, the bad thing that you are 16k down every year. Some people don't mind that. To be fair, they have a lot of good trainings almost weekly. but after a while, they start being like the gurus, they give you a piece of information and to get full access you have to pay x amount. Join our coaching program very cheap $$$$ a month for 12 month. It is a good place to start and learn but don't spend money on the extras. Another good thing that you can have a mentor who can work closely with you and actually can be watching over your shoulder to help you with the process. The reason I left because I was working a lot of leases because it is faster in cash but they still have to go through the 70-30 split, so I was making $5000 a month and they took $1500 out of that. Maaan I needed that money.
I have interviewed coldwell banker but I wasn't impressed, I am not sure if they have the same policy everywhere or not, in the beginning you will be on 50-50 split and then after x amount of sales you move to 85-15.
Sorry for the long unorganized reply but I wish someone have told all of this instead of learning the hard way.
My personal recommendation is to start with Keller Williams and sacrifice a little bit for the split and then move a smaller local firm when you feel that you are comfortable working without a mentor. Clients don't really care which company you are with as long as you are providing a good service. Remax claiming that they are the best and selling millions of real estate because they are like subway, they have an office on each corner We can easily have 3-4 Remax offices in each zip code.
Good luck!!
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We can easily have 3-4 Remax offices in each zip code.
