Help deciding between 2 brokerage firms...

[tomocox]

Originally Posted by KennethB

I'm looking more for training rather than a big commission split. The local brokerage told me today they probably won't have time to mentor me as much as I'd like. Therefore, the decision to go with KW has now become a no-brainer since they have a mentoring program and lots of training.

Thank you. This information is very helpful. I'm guessing my cap is lower since home prices here are pretty cheap.

In Kentucky, we used to have an auctioneer law that had a two year apprentice requirement with no formal education. This caused inbreeding. While there were some excellent auctioneers training new auctioneers, there were bad auctioneers teaching new auctioneers bad habits.

Education can be extremely valuable, or ...

As obvious as you might think your decision is, I'd certainly rather be a student in a small group of professionals. One plus side to KW is the odds there won't be family favorites getting the cherry leads.

The success system seldom creates top notch Realtors. Success meaning, when brokers tell you, that unless you succeed we don't (typical of split systems). Look at investment systems. These are those that the more you can invest in yourself, the more you get in return.

Just don't set your feet in concrete for your first 3 or so years.

[rcardo373]

I am looking for a good brokerage firm like the one you described as a local, friendly company with no desk fees. What's the broker's name?

Thanks,

Richard

[rcardo373]

I am looking for a good brokerage firm like the one you described as a local, friendly company with no desk fees. What's the broker's name?

Thanks,

Richard

Originally Posted by KennethB

Hello all, I'm brand new to real estate sales, having recently passed my state exam in GA. I have interviewed with several brokerages in town and have narrowed it down to Keller Williams and a local agency. After interviewing with them, here's what I noticed

Local Agency:
Fancy office
Lists many mid-to-luxury homes
Friendly owners
More interested in what I could do for them
Didn't discuss many online tools
70/30 commission split
No desk fee
No franchise fee
Sales and recruiting bonuses
$500 up front bonus given to new agents (that means me)
Not on a cap system; they take and take, but the more commission you earn, the more you keep. So it appears the split will be 70/30 the whole first year until I can build my business.


Keller Williams:
Not as nice office
Appears to list more average priced homes
More friendly team leader, but gave me a huge sales pitch on how great KW is
Seems more willing to "hold my hand" while learning
Appears to have great online tools
70/30 commission split
$65 desk fee
$3K annual franchise fee
$19K annual cap

Both places have the same fees for MLS, board membership, E&O, signs, business cards, etc.

I was wondering if anyone would recommend a local brokerage over the big name KW one for a newbie such as myself. My town has about 300K people, by the way. For those who work with KW, can you confirm their fees/expenses?

[dblackga]

For KW, the annual cap varies from office to office, region to region -- it depends on your local market, office costs, etc. "Each KW office is independently owned and operated", which means there is going to be some variation. For example, our cap is $18K, and there is no requirement for a desk fee -- if you want to rent a desk, it varies between $50 to $100, depending on if the desk is in an office with a door or if it's a cubicle. There is also a monthly charge that covers MLS membership fee to one MLS, KWI technology fee, fees for some optional things, such as ShowingSuite, etc. It's about $80 a month. Commission split will vary depending on whether or not you are bringing a book of business with you -- experienced agents with a proven track record often negotiate different commission splits. As you sell more and more, you'll reach your cap faster and the split becomes a non-issue.

There are a LOT of free training opportunities that you can take advantage of, too, several classes each week just in our market center alone. KW is famous for their training -- but, keep in mind: The opportunities for training are provided, but YOU are going to have to take the steps necessary to actually attend and implement them. :-) They don't just soak in by osmosis or intent. If you have a mentor assigned to you, or if you are placed in a mastermind group, take full advantage of the opportunity to learn from others.

[Framus]

I'm a KW agent (2.5 years). I chose KW after interviewing other brokers large and small because of their training program. Someone commented about the revolving door. True, no one is suggesting you commit to a broker for life. There are a great many agents who stick with KW for a year or so then move on. Nothing wrong with that. Happens at other brokerages as well. (I know of one agent who has switched brokers 8 times over her career.)

Ultimately, it comes down to the Team Leader(s) at the market center. Some are great as mine are. Others, from what I've heard, not so much.

My suggestion is to try to interview agents who left. Did they leave because of the Team Leaders or did they leave because other brokers offered them a better split? If it's the latter, I'd go with KW for a year or so and inhale the training. THEN look at changing. By the way, KW is nationally recognized by TRAINING Magazine as having one of the best training programs in any industry. Some is free, some you pay for. It's up to you to put what you learn to practice.