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I've seen a lot of people fall for the KW sales job they put on the unknown agent and those agents never make it. Agents don't make money "Hanging" out at the office. The people I see hanging out are people with little business. Would your office also be an hour away? That's too far. We are all able to take our clients if we leave. It's up to the client who they want to stay with, not the broker.
As I mentioned they will over hire hundreds of agents and saturate the office with a lot of people who will never make a living. Ask them the average sales per agent in their office. I'll bet it's less than 8 houses a year per agent (if they are honest).
Some of your best Brokers are well established Independents. Have you talked to any of them?
That's a good point. A quiet office isn't necessarily a bad thing. I guess I just got the feeling there were more people around if I needed assistance whereas at BHHS it felt like the office manager was the only one I could ask. KW had coaches, coordinators, a training class going on while I was there, etc
The main office would be an hour away but I just moved back from that area a couple months ago. So there would be potential to move back that way once I get established. They do have satellite offices that are a bit closer, 30-40 minutes that I could use to work out of. But my feeling is I will be spending a lot of time at training for the first few weeks, which both BHHS and KW are an hour east. I put 30,000 miles on my car last year so although it's not ideal, I'm used to the travel
I haven't talked to any well established independents. I did a lot of research online before meeting with brokers and the consensus seemed that a mid to large size franchise like KW, BHHS, or C21 were the best places for new agents due to much more extensive resources
No matter who you select, if you're not getting the proper training and support move on. Keep in mind it can take 3-5 years to build a decent business and the 1st year can be a tough one.
It's a great business. Put your clients first and all will be well.
Also, don't get desperate and cut your fees just to get business. It's easy to give away money but you'll need it to pay your bills.
That's a good point. A quiet office isn't necessarily a bad thing. I guess I just got the feeling there were more people around if I needed assistance whereas at BHHS it felt like the office manager was the only one I could ask. KW had coaches, coordinators, a training class going on while I was there, etc
The main office would be an hour away but I just moved back from that area a couple months ago. So there would be potential to move back that way once I get established. They do have satellite offices that are a bit closer, 30-40 minutes that I could use to work out of. But my feeling is I will be spending a lot of time at training for the first few weeks, which both BHHS and KW are an hour east. I put 30,000 miles on my car last year so although it's not ideal, I'm used to the travel
I haven't talked to any well established independents. I did a lot of research online before meeting with brokers and the consensus seemed that a mid to large size franchise like KW, BHHS, or C21 were the best places for new agents due to much more extensive resources
No matter who you select, if you're not getting the proper training and support move on. Keep in mind it can take 3-5 years to build a decent business and the 1st year can be a tough one.
It's a great business. Put your clients first and all will be well.
Also, don't get desperate and cut your fees just to get business. It's easy to give away money but you'll need it to pay your bills.
I'm associated with a BHHS office up in the Boston area. I've only been with this office during my career so I can't really contrast the two for you. However, what you're offered is going to vary a lot with BHHS because they're all independent franchises.
As the other Mike has said a few times, the key is to be able to take the training and build your own brand and your own business. Be portable and then you can move to a brokerage with a better split or out on your own like Mike J did.
Quote:
Originally Posted by Foxx
One other thing I forgot to mention is KW says they have a referral program in place via Facebook where I can essentially refer a client to another agent out of state easily for 25%. BHHS said I can do the same but it didn't sound like they had much of a system in place for it, leveraging of social media, or a set referral fee
This is a great example of the BS a Broker will spew at you in order to make their office look better than another. A Facebook group where you can refer out a client is not a system. Trust me! If you've ever joined one they're more like a battle royale. There are literally thousands of referral groups on Facebook and it is absolutely no problem to send out a client through one. In fact, you'll have to fight off the other agents with a stick. I tried to place a referral once that way and I'll never do it again. I was inundated with phones calls, emails, and Facebook messages from agents in that area basically begging me to send them the business.
The bottom line though is that finding an agent who is willing to take your referral is easy. Finding one who will work hard for your client is an entirely different matter. Facebook groups can be a good start but they are far from a referral system.
Might be fun to watch....
See if the members can comply with rules and ethics about slamming other firms.....
OMG. They should change the name of that group to "Lower the Bar . . ." I joined that FB group hoping to pick up a few good ideas and the ridiculousness that happens there on a daily basis made me leave the group.
I'm associated with a BHHS office up in the Boston area. I've only been with this office during my career so I can't really contrast the two for you. However, what you're offered is going to vary a lot with BHHS because they're all independent franchises.
As the other Mike has said a few times, the key is to be able to take the training and build your own brand and your own business. Be portable and then you can move to a brokerage with a better split or out on your own like Mike J did.
This is a great example of the BS a Broker will spew at you in order to make their office look better than another. A Facebook group where you can refer out a client is not a system. Trust me! If you've ever joined one they're more like a battle royale. There are literally thousands of referral groups on Facebook and it is absolutely no problem to send out a client through one. In fact, you'll have to fight off the other agents with a stick. I tried to place a referral once that way and I'll never do it again. I was inundated with phones calls, emails, and Facebook messages from agents in that area basically begging me to send them the business.
The bottom line though is that finding an agent who is willing to take your referral is easy. Finding one who will work hard for your client is an entirely different matter. Facebook groups can be a good start but they are far from a referral system.
Thanks for the response. Good points
Just to update I still haven't gotten accepted into the Raise the Bar FB group but I posted it in two other groups, Lab Coat Agents and Real Estate Success. In LCA I essentially got 28 (very passionate) "votes" for KW, two for BHHS, one for RE/MAX and a few ambiguous responses. I also had one guy out in Denver private message me and kind of bash KW and say they hire anyone with a pulse, train you to do things you're uncomfortable with, etc. Another girl I spoke on the phone with who was previously with BHHS and and is now with KW (both in my state) says she vastly prefers KW and gave me several good reasons why (some of which mentioned in my OP). She basically said her career took off when she joined KW (something a lot of others stated in their responses)
In RESP FB group I got 13 votes for KW, none for BHHS, and a few for RE/MAX and independent brokerages. The amount of support and passion for KW was unbelievable. I must have had over a dozen people leave me their number and say I could call them any time (and one girl I did in my state who was extremely friendly, didn't try to push me but just offered her experience)
I think I will be going with KW as a solo agent. I also have two potential team opportunities with KW, one starting as inside/outside sales and the other as a buyers specialist. But I think I'd prefer a bit more freedom to do listings and design my own business as a solo agent
Just to update I still haven't gotten accepted into the Raise the Bar FB group but I posted it in two other groups, Lab Coat Agents and Real Estate Success. In LCA I essentially got 28 (very passionate) "votes" for KW, two for BHHS, one for RE/MAX and a few ambiguous responses. I also had one guy out in Denver private message me and kind of bash KW and say they hire anyone with a pulse, train you to do things you're uncomfortable with, etc. Another girl I spoke on the phone with who was previously with BHHS and and is now with KW (both in my state) says she vastly prefers KW and gave me several good reasons why (some of which mentioned in my OP). She basically said her career took off when she joined KW (something a lot of others stated in their responses)
In RESP FB group I got 13 votes for KW, none for BHHS, and a few for RE/MAX and independent brokerages. The amount of support and passion for KW was unbelievable. I must have had over a dozen people leave me their number and say I could call them any time (and one girl I did in my state who was extremely friendly, didn't try to push me but just offered her experience)
I think I will be going with KW as a solo agent. I also have two potential team opportunities with KW, one starting as inside/outside sales and the other as a buyers specialist. But I think I'd prefer a bit more freedom to do listings and design my own business as a solo agent
Well, to some extent you are seeing the aggressive focus many KW agents have on recruiting for their downline.
Support + a request for your contact information so they can sell you and you might name them as your sponsor. Then you and anyone you recruit are in your downline for profit share.
It is great that the KW agent you spoke with was not pushy. Many are.
Profit share is not a bad thing.
Pestering people is not a good thing, and particularly if the KW agent is continually recruiting without trying to build a business.
Since you have adequate living support for the first year, I think you are smart to go into business solo, rather than part of a team.
Take your lumps but own the results of your efforts 100% from the get-go.
Good luck.
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