I Just Passed the Real Estate Broker Exams, Now What?

Question

So I just passed the national broker exam along with the Colorado state broker exam. After I wait a few more weeks for my background check to wrap up and obtain errors and omissions insurance, ill be able to secure a license. My question is, how can I best prepare myself for interviewing with real estate agencies. My goal is to slowly ease into selling but mostly represent myself as a buyer while I maintain my W2 job. What size of agency should I be more geared towards? Will a large agency such as Re/Max demand my full attention? What is a fair split? What are the pros and cons to the smaller agencies? Any advice helps.

Bill S. · Answer

@Jason Cacioppo so real estate sales is an upside down business. The hiring works opposite of every other business I have been involved with. Nearly every brokerage will offer to "hire" you. Most will spend most of the time in the "interview" pitching you to hang your license with them. The name of the game for brokerages is the more agents the better. A small group of all agents are successful and there is no predictable way to determine who that will be so they hire everyone they can and see who swims, knowing that most will sink (fail). Every agency has a structure whereby the agents pay for their services so when they hire someone that sinks it does not cost them. When they hire someone that swims they make more money. For you figure out what you want, like Kevin suggested. Find a few brokerages that offer that and then interview them. Keep in mind that even with the same brand two different brokerages can be very different so don't be shy and if you like a particular brand interview with a couple of those. Treat it like you are hiring someone to help you be a successful agent. It is really the first step for you as a new real estate boss and you are making your first hire. Like I said, it's backwards of what we normally think of.

Kevin Grinstead · Answer

Hi Jason, Congrats on passing. If your goal is to invest and not really practice real estate then I would choose one of the many borkerages that would allow you to hang your license there and pay a minimal fee. If you are interested in learning all you can about real estate and want to make it a career including your investment income, I would select you interview with Keller Williams, the number one real estate agency in the United States and I believe the world. Keller has some of the best education out there to help you learn all you can about real estate and also running a real estate empire. Most brokerages are not so worried about how much time you spend with them, they will each have some training component and some splits. Also check if the brokerages commission is capped. Some Agents will pay their company 30% or more in commission at closing Just remember, you get what you pay for. If you would like to talk more about it, pm me.

Teri Feeney Styers · Answer

then you will want to pay attention to the signs and the ads for properties in your area in see who is rocking it there.

Jason Cacioppo · Answer

@Kevin Grinstead Thanks for responding Kevin! I was always interested in Keller Williams as ive heard good things in the past. I guess I was worried that a large brand may want my full attention, which clearly I cant give at the moment. Thanks for clarifying.

Jason Cacioppo · Answer

@Teri S. Teri, I currently own and live in Reunion Commerce City. Ideally I would sell homes in this area and could go as far as Thornton, Westminster, Aurora, and Denver.

Jason Cacioppo · Answer

@Nathan G. Nathan this video is killer! Its exactly what I needed, thank you so much! After reading through some additional posts im currently leaning towards a larger brokerage.

Jason Cacioppo · Answer

@Bill S. Bill this is great advice, thank you so much. Im kind of relieved to hear that nearly every brokerage will "hire" me. I have heard this in the past but wasn't sure if it was accurate.

Jason Cacioppo · Answer

@Michael Glist I would say id like a little bit of everything. I want formal hands on training, some leads and also a place I can come and go as I please. I could probably do without a mentor for the time being.

Teri Feeney Styers · Answer

@Jason Cacioppo What part of Colorado do you live in? Location is important when deciding on an office...

Nathan Gesner · Answer

Just about every Broker will tell you what you want to hear. You should work with them because they are a top brokerage, they're growing, they have a great training program, blah, blah, blah. They'll tickle your ears and then you'll get hit with reality.You can go to a major brokerage like Keller Williams and get an excellent training program but then you're stuck in a large office with some real sharks and it may be hard to get established competing against them. You could also go to a smaller, non-franchise brokerage and take care of your own training. There are training programs available that will teach you everything you need to know to be successful. It's the same kind of training you'd receive at Keller Williams but you have to pay for it out of pocket.Here's a not-so-fancy video that will give you a good idea of what it takes to get started.