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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I took my original real estate classes in 1979 in a weekend wonder cram course in LA with Lumbleau. I moved to WA state shortly thereafter and passed the test the first time. I did my brokers tests online with Lumbleau and passed that test the first time also.
I would also agree that you should get the license first.
Generally speaking, brokerage companies are in a constant state of recruiting because the fall out rate is enormous. One of the ways they recruit new agents is to create the perception that their brand advertizing creates more opportunities ( the so called leads) than all the other brokers.
IMHO, if one is going to rely upon opportunities ( leads) from their broker, chances are one is going to be disappointed with the outcome.
What do you think, Dave?
I understand your dislike of the term leads...it really isn't very personal is it?
Since you asked my opinion...I'll be happy to opine!
While I agree that no one is going to be successful relying solely on the leads (or opportunities) generated by their brokerage; the path to long term success is in providing exceptional service and earning referrel business. That said, one of the responsibilties of the brokerage is to make the phone ring. In this market many companies are retracting from the marketplace in terms of advertising dollars spent in brand recognition and top of mind awareness. To my mind, this is a bad decision on their part. This is the time to bite the bullet, tighten OTHER purse strings, and INCREASE your investment in advertising to make sure that everyone knows your name. Let the companies that aren't advertising compete to regain the customers/clients that YOU'VE gained during the down times.
If I had it to do over again, I would ensure that ONE of my questions would be in how the company deals with the generation of new business and how thse opportunities are shared among the office. For example, does your Broker compete with you for those new opportunities? Do they go to top producers first? Or last? Or on a rotation?
If I had it to do over again, I would ensure that ONE of my questions would be in how the company deals with the generation of new business and how thse opportunities are shared among the office. For example, does your Broker compete with you for those new opportunities? Do they go to top producers first? Or last? Or on a rotation?
Dave
I agree it's a good question. I have no idea how someone new to the business could reasonably evaluate the responses, given the endless permutations and lingo.
I think this is why it is best to assume that you are responsibile for obtaining your own opportunities and not to rely on the broker for them. Anything beyond this, is gravy.
Middleaged Mom - ultimately I think you are right but even as a newbie - interviewing a couple of different brokers and getting THEIR responses to some of these question would give you something to compare...and maybe talk with other agents about.
When I got into real estate I made the decision based on the relationship that I had with the family that runs this small company, they suggested to me that I get my license and come to work for them...it has been a GREAT experience for me but, if I had decided on real estate as a career first, I would likely have made a different approach to the question of where to work. If I have any frustrations now, it's because of that.
See...I thought about getting the license first, but feel like I should make sure I know what I am getting myself into first. Why would I get my license to possibly find out I can't support the money commitment it will take? I mean, I KNOW it will cost me a lot to support my business. I kind of look at it like this: would I buy a franchise, lets say a Rita's Italian Ice, without understanding what the company offers me as a franchise owner?
I know I have a strong interest in RE and I believe I will be good at sales. I did work for a RE company doing their marketing, so I have a general idea how an office works...but I feel like I need someone to give it to me straight to make sure this is what I want to do. I don't want to get my license and then find out what agencies offer is not what I expected. And I certainly don't want to become an agent and not know what I am doing.
DO you really think I should get my license first?
See...I thought about getting the license first, but feel like I should make sure I know what I am getting myself into first. Why would I get my license to possibly find out I can't support the money commitment it will take? I mean, I KNOW it will cost me a lot to support my business. I kind of look at it like this: would I buy a franchise, lets say a Rita's Italian Ice, without understanding what the company offers me as a franchise owner?
I know I have a strong interest in RE and I believe I will be good at sales. I did work for a RE company doing their marketing, so I have a general idea how an office works...but I feel like I need someone to give it to me straight to make sure this is what I want to do. I don't want to get my license and then find out what agencies offer is not what I expected. And I certainly don't want to become an agent and not know what I am doing.
DO you really think I should get my license first?
Plan on making no money for at least 6 months.
Plan on spending an average of $300-$500 out of pocket for the next year.
Plan on giving 1/2 of what you make to your broker and then some of that to Uncle Sam.
Plan on your phone ringing at the worst times and staying silent when you need it the most.
Plan on kissing your evenings & weekends goodbye.
And I think there are quite a few of us who became an agent first, and then figured out what we were doing second - and are still trying to figure it out.
Plan on spending an average of $300-$500 out of pocket for the next year.
Plan on giving 1/2 of what you make to your broker and then some of that to Uncle Sam.
Plan on your phone ringing at the worst times and staying silent when you need it the most.
Plan on kissing your evenings & weekends goodbye.
And I think there are quite a few of us who became an agent first, and then figured out what we were doing second - and are still trying to figure it out.
Thanks! That's all...$500 a year? What about joining Realtor.com, the MLS, marketing tools (business cards, signs), open house stuff...
The number is significantly greater in my neck of the woods and of course varies, broker to broker. These are recurring expenses that can run $3000-5000 a year, dependent upon the insurance/structure situation:
E/O Insurance
Increased auto liability insurance
Health care insurance if not on a spouce's policy
Team Fund
Phone Charge, ( regardless if I use the office phone, or not)
Local Board Fee
MLS Fee
Realtor.com Fee
Lock Box Fee
State Association for Realtors
National Association of Realtors
License Fee
LLC Fee
Continuing education fees
Cell phone
Business Cards
Subsequent out of pocket expenses can include the following:
PDA
Personal Lap Top/Printer/Supplies
Fees for classes leading to designations
Contact Management Software
Personal Web Site Developmet/Maintenance
Relo certification and eligibility for relo assignments
Personalized signs
Professonal photgraph
Personal marketing materials and postage
None of these expenses include my time or out of pocket investment in getting a listing sold/ finding a buyer a property.
The rewards are commensurate with the business risks.
Don't forget to ask about health insurance, a car allowance, 4 weeks paid vacation, a paid assistant, a 401K matching contribution and all the other perks we good agents get.
It may take them awhile to quit laughing.
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