Location, Location, Location--Of your office? (new agent, commission, Realtors, listings)

[sb2323]

Another newbie question. I just passed my licensing exams and am deciding on which brokerage to join. I have read quite a few threads and understand the importance of training and mentor availability, as well as meshing with your broker and the other agents in the office. And of course considering split and other fees.

I have raised my kids (more or less) and am ready to re-enter the workforce with a bang. When I left my old job to stay at home, everyone was incredulous because I was such a career woman. Now I am ready to get back into it, and eager to begin a second career where my success depends to a large extent on my own abilities and willingness to work hard. I plan to work full time for at least the next 20 years and of course to be wildly successful. :-)

I really want to focus on the area in which I live and the town north of us. Obviously I will travel a much wider area as needed but this is supposed to be the "hot" area so it makes sense to stay where it's hottest especially if that is closest to home. There is a Berkshire Hathaway and a Coldwell Banker very close to me. There is also a Keller Williams, and that company has come highly recommended to me by agents I've met who have no dog in the hunt (out of town), as well as reading good things about it on here. Problem is, the Keller Williams is a good 10 miles in the opposite direction of where I want to be. When I do random google searches "Homes for sale in <my area>", "Realtor in <my area>", etc, Coldwell Banker is the only one that appears on the first page. Also, I see more Coldwell Banker signs than the other two. So how important is the location of your home office, and also whether it pulls up in a search of the area you want to focus on?

And one more question: I went to the websites of the three offices. The KW one has pages and pages of agents, but hardly any of the agents has bothered to fill out their profile, let alone have a blog. Many of them don't have professional pictures of themselves up, either. Some don't have any picture. The Coldwell Banker and Berkshire Hathaway agent pages appear much more professional, all with professional photographs and profiles filled out. Is that something that should factor into my decision?

I do plan to meet with all three brokers but am trying to do as much research as I can beforehand.

Thanks in advance! I really appreciate all the agents and brokers who take the time to help newbies like me. I greatly value your experience and opinions.

[dblackga]

KW is different from Coldwell Banker and Berkshire Hathaway because the agents are encouraged to run their own business within the loose confines of KW. The splits are generally more attractive, especially as your production rises, and there is an end to them if you meet your annual contribution (referred to as the "cap", and varies from office to office, region to region, generally between $15-20,000. If you don't meet your annual cap, then you don't have to dig in your own pocket to make it up. The clock resets on your anniversary month each year.) Everything after that is 100% to the agent, except for some small royalty fees and office fees, which are generally very reasonable. KW is excellent on training - it has won multiple national awards for its comprehensive training.

However, as a result, agents are expected to be greater participants in their business than at other brokerages. What you noted on the agent websites is the result of the free websites made available by KW to the agents that they can customize. Whether or not they use them and customize them or not, or develop their own websites, is up to the agent -- the office doesn't do that for them, as they might at other brokerages. So, if your website looks generic and is missing your picture -- that's all on you. :-) You have almost complete control over what you choose to put on your website, as long as it's legal. :-) At KW, you're also responsible for your own marketing, your own advertising and your own lead generation. You'll get a lot of training and support on how to do it -- but it will fall on you to execute those plans. The good news is that most KW agents are incredibly supportive of their fellow agents and will give you a lot of encouragement on how to navigate those first few transactions. The bad news is that people who don't have an entrepreneurial spirit can find it overwhelming.

Keller Williams does not do national advertising like other brokerages - they encourage a spirit of independence, and prefer to stay in the background, supporting the agents by providing top-rating training and tools. This bothers some agents, who like to be associated with a "name brand" company. (We still occasionally have clueless telemarketers who call the office and ask to speak to "Mr. Williams" or a faux-hearty, "Hey, is Keller there?" *snicker*.)

Every office is different. The best thing to do is to talk to each office, see if you can take an agent or two out to coffee and talk about their office (or try stopping by an open house that isn't very busy and chatting), get a feel for the office chemistry (sometimes, you just know an office is bad news), get a good handle on their training (both initial and on-going), what kind of admin support they will offer, and an estimated cost of your first two years (include marketing costs -- do you have to pay your office extra for flyers and advertising? Do you produce your own? Signage, etc.?) What kind of market share does the office have? (There should be business publications that track and publicize this information.) This isn't necessarily a marriage -- it's a partnership, and you can always move from one to another as you work in your area, get to know other agents, and start hearing why different agents you learn to respect are enthusiastic about different offices. Good luck, but remember -- this is not "your final answer" -- try the one that feels like the best fit, and as you become more experienced, you may find that another office fits you better. Nothing wrong with that.

Re: Distance from office. It REALLY depends on where you live. In a metro area, it's meaningless. Many agents seldom go into their offices, except for classes, office meetings or to turn in checks/contracts. Out of almost 300 agents in our office, only about 25-30 have permanent desks actually IN the office. The others work out of their home, or use the common work area, conference rooms or walk-up stations our office provides.

[Diana Holbrook]

Good summary. ^ My husband and I are KW agents. We work mostly from home but go in once or twice a week for meetings, or to check in and connect with associates there. Some like it that way, some of our agents really want to go to an office every day. It depends on style.

FWIW, on the KW web site... KW does focus on new agent recruitment, and not everyone makes a strong go of it. You might be seeing a lot of new agents, or agents that don't spend a lot of time on their web presence, or... as in our case, agents who do not use the KW web site at all. We filled out the basic profile at KW, but we use our own website with our own web address for our business. It varies widely. Judge that office by it's people when you go meet them. The team leader and team management there are everything, which is true with any office. How well you connect with them makes all the difference.

[2bindenver]

Read "The Millionaire Real Estate Agent" by Gary Keller.

[perigee]

I can only speak about my local KW, the agents I have been in contact were all obviously new to the business. I went to a meeting at the office and I would of never brought a client there, the office was crammed with desperate agents. While there is no shortage of praise for their training, I wonder if they have become irresponsible with their rush to become the worlds biggest brokerage. Someone posted here that KW will take on an agent if they can fog a mirror, which maybe that is every brokerage, not much downside when the agents are paying you for the privilege of attaching their name to you.

That being said, if I do enter the field, I haven't discounted them mainly because they encourage brand building that is outside of the usual agent's name.

[Silverfall]

Online presence is important, but don't look at the company website. Go on Zillow and look at agent listings that work for the different brokerages. Brokerages that consistently have agents that have better marketing will likely provide better supervision. Each of those is a franchise and they all have tools available to them nationally. It is the local broker that supervises the agents that matters. I can tell you in my area, it would be an easy choice of which one of those three trains their agents to be good agents. That may not be true in another area.

[dblackga]

Originally Posted by perigee

I can only speak about my local KW, the agents I have been in contact were all obviously new to the business. I went to a meeting at the office and I would of never brought a client there, the office was crammed with desperate agents. While there is no shortage of praise for their training, I wonder if they have become irresponsible with their rush to become the worlds biggest brokerage. Someone posted here that KW will take on an agent if they can fog a mirror, which maybe that is every brokerage, not much downside when the agents are paying you for the privilege of attaching their name to you.

That being said, if I do enter the field, I haven't discounted them mainly because they encourage brand building that is outside of the usual agent's name.

It's a different model. A new agent just getting started will find a lot of support at a KW office; some other brokerages may not even talk to them until they are more seasoned and have a portfolio of business that they can bring to an office, because of the way the profit and compensation is set up. Retention at KW nationally is high compared to national averages -- agents don't stay if they aren't getting value.

I had to chuckle at your "never bring a client there, the office was crammmed" scenario. When I bring a client to an office, they are in one of four beautiful conference rooms at the front of the office; they don't get a "tour of the office", and they certainly aren't interacting with other agents while they are there! A team meeting is not an appropriate venue for a client. Personally, I don't see a problem with a busy office -- it leaves a better impression than agents who are sitting at a desk playing solitaire or looking at Facebook on their computer.

[perigee]

There is a difference between a pleasantly busy office and the air thick with desperation and the wild look in agent's eyes. The other person I was with agreed with me, the office didn't instill a lot of confidence as a seller or as a buyer.

While I won't bash all agents like our little troll is doing today, people can sense if someone is chasing the commission and they will not have your best intentions in mind. Couple that with the fact I sell/buy outside of the average sfh, most Realtors, especially newbs aren't going to very helpful.

[MikeJaquish]

Originally Posted by perigee

There is a difference between a pleasantly busy office and the air thick with desperation and the wild look in agent's eyes. The other person I was with agreed with me, the office didn't instill a lot of confidence as a seller or as a buyer.

While I won't bash all agents like our little troll is doing today, people can sense if someone is chasing the commission and they will not have your best intentions in mind. Couple that with the fact I sell/buy outside of the average sfh, most Realtors, especially newbs aren't going to very helpful.

Yep.
"Never give the client reason to think you need the deal worse than they do." Mike Jaquish

[perigee]

Ha!

I would of repped (sp?) you, Mike, but I see I liked too many of your other posts.