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Old 02-23-2018, 09:04 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,301,626 times
Reputation: 12313

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I just passed my real estate salespersons license for California and have been thinking of where I should hang my license .
I initially signed up with for my real estate courses with the idea that it could be beneficial to have as a real estate investor but the idea of earning commissions helping others buy and sell properties has become more appealing . The average home price where I am is much higher than the national average which is one thing that is appealing.

I’ve been hearing more about virtual/online brokerages one is Real and another is EXP .

Does anyone here work under a virtual broker or any thoughts . I see a lot of great things mentioned about EXP on online reviews.

At the same time I feel like a local in person brokerage could be more motivating in a way .

For new agents do traditional brokerages even help with giving you leads ? I know many of them offer training and I’ve been getting a bunch of letters in the mail wanting me to contact them .
Commissions definitely seem higher with the traditional brokerages but if they actually help you get leads of course that is more important .

I have a pretty decent background in real estate I feel versus the average person starting out . I’ve bought and sold investment properties over the years and have been interested in real estate for many years .

Would you go with a local brokerage or virtual ?
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Old 02-24-2018, 05:14 AM
 
8,539 posts, read 12,276,302 times
Reputation: 16432
I don't know about California license law, but in Michigan a Broker needs to maintain an actual physical office location. Licensees are required to hang their license with a Broker...but that doesn't mean that they need to work out of the office.
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Old 02-24-2018, 08:58 AM
 
Location: Needham, MA
8,525 posts, read 13,910,379 times
Reputation: 7908
Personally, I like to associate with a broker that has a physical location. I like to be able to meet my clients at least for the first time in a professional environment not a Starbucks or my house. I feel I'm running a business and like to appear as if that is the case.

This being said, the most important thing to you as we always say to new licensees is not the split nor the presence of a physical office but rather the availability of training and mentorship. Nothing else matters when you're new. You need to learn how to make a living at this job and a physical presence and the split have nothing to do with that.
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Old 02-24-2018, 09:14 AM
 
Location: Rochester, WA
14,327 posts, read 11,814,270 times
Reputation: 38517
I am an introvert and generally don't love big groups, but there are times when the open class structure is best. You learn a lot from the questions of other new agents, not just the issues you're currently having. We went with a local Keller Williams office because of the training. They had a supportive attitude and class structure where we had classes taught by all the best agents in the office who rotated days.. so we didn't have just one teacher, we had a variety of styles and points of view. I liked that. Even now, our DB, or someone else in the office, teaches at least one useful topical class a week that is geared toward all agents, not just new ones. We don't go in to the office a lot, but we try to make that one regularly.

For the first couple of years, I'd want that...
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Old 02-24-2018, 09:14 AM
 
Location: Columbia, SC
10,901 posts, read 21,860,850 times
Reputation: 10529
I strongly believe that any new agent will benefit strongly from an office with active and present agents to learn from. Down the road if you make it you can change brokerages if you find one that's more beneficial to you as a veteran agent.
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Old 02-24-2018, 11:09 AM
 
Location: Salem, OR
15,500 posts, read 40,211,096 times
Reputation: 17374
Quote:
Originally Posted by jackmichigan View Post
I don't know about California license law, but in Michigan a Broker needs to maintain an actual physical office location. Licensees are required to hang their license with a Broker...but that doesn't mean that they need to work out of the office.
Out here Exp has an office in an inexpensive city in southern Oregon to meet our Oregon requirement for a physical office. Then everyone is virtual. I assume they have the same in CA. I highly doubt it needs to be a local office.
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Old 02-24-2018, 11:15 AM
 
Location: Salem, OR
15,500 posts, read 40,211,096 times
Reputation: 17374
Quote:
Originally Posted by jm1982 View Post
I just passed my real estate salespersons license for California and have been thinking of where I should hang my license .
I initially signed up with for my real estate courses with the idea that it could be beneficial to have as a real estate investor but the idea of earning commissions helping others buy and sell properties has become more appealing . The average home price where I am is much higher than the national average which is one thing that is appealing.

I’ve been hearing more about virtual/online brokerages one is Real and another is EXP .

Does anyone here work under a virtual broker or any thoughts . I see a lot of great things mentioned about EXP on online reviews.

At the same time I feel like a local in person brokerage could be more motivating in a way .

For new agents do traditional brokerages even help with giving you leads ? I know many of them offer training and I’ve been getting a bunch of letters in the mail wanting me to contact them .
Commissions definitely seem higher with the traditional brokerages but if they actually help you get leads of course that is more important .

I have a pretty decent background in real estate I feel versus the average person starting out . I’ve bought and sold investment properties over the years and have been interested in real estate for many years .

Would you go with a local brokerage or virtual ?
What you do depends on your personality. If you work for a virtual brokerage, then you have to be independent, self-motivated, and organized. It isn't a good choice for people that need the company of other people to get motivated.

A couple of our top producers work for EXP here. Most don't do very much business, but that is true for any brokerage. I've never done a transaction with an EXP agent so I can't really speak to the model and how well it trains rookies.
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Old 02-24-2018, 02:20 PM
 
Location: Needham, MA
8,525 posts, read 13,910,379 times
Reputation: 7908
Quote:
Originally Posted by Silverfall View Post
Out here Exp has an office in an inexpensive city in southern Oregon to meet our Oregon requirement for a physical office. Then everyone is virtual. I assume they have the same in CA. I highly doubt it needs to be a local office.
The nearest exp brokerage to me has their address listed as the brokers home address.
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Old 02-24-2018, 07:30 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,301,626 times
Reputation: 12313
Thank you all for your responses . I mostly enjoy working independently but I could see how a team environment could be helpful as well .

EXP looked like it had a mentor program but would have to find out the details .

I’m also interested in the investment side of things both doing my own deals but also helping investors buy and sell property so I’ve also been thinking commercial might be better .

It seems it’s more the residential brokers willing to bring on new agents. I heard someone say it’s harder to get into commercial real estate later on if you start in residential but I have no idea if that’s true .
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Old 02-24-2018, 08:28 PM
 
Location: Salem, OR
15,500 posts, read 40,211,096 times
Reputation: 17374
Quote:
Originally Posted by jm1982 View Post
Thank you all for your responses . I mostly enjoy working independently but I could see how a team environment could be helpful as well .

EXP looked like it had a mentor program but would have to find out the details .

I’m also interested in the investment side of things both doing my own deals but also helping investors buy and sell property so I’ve also been thinking commercial might be better .

It seems it’s more the residential brokers willing to bring on new agents. I heard someone say it’s harder to get into commercial real estate later on if you start in residential but I have no idea if that’s true .
Commercial and residential are different beasts. The knowledge is different for both.
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