New agent, which company should I work for?

Question

I will be getting my license in about a month. Does anyone have an opinion on which RE company I should hang my license with? Anyone know pros and cons to diff brokerages? I'm thinking Keller Williams but wanted to hear from experienced agents please.

Paul Timmins · Answer

@Ryan Edwards

Go to the local REIA's ask investor agents who they hang with and why.

Paul

Brad Chandler · Answer

not necessarily - KW will give you the tools and training to scale your business unlike any other broker.

Shane Hedeen · Answer

@Brad Chandler KW is great in many ways. That being said I will play the devil's advocate with your comment on never going wrong with a big brokerage like KW...

If you're investment strategy is to buy and hold, and don't intend to transact real estate outside of your own buy side purchases, wouldn't it better to go with a company not as focused on full time agency and training, and go with a smaller shop with higher splits? With other strategies like flipping, then yes I would agree that in most areas KW has branding and marketing ability to help like the other big brokerages as well.

Shane Hedeen · Answer

@Ryan Edwards there are a lot of fantastic answers here. Ultimately, someone in your market of Oklahoma would know best. If you are going to use primarily as an investor to save some commissions, it depends on value.

I am a new agent here in Minnesota, and decided to go with a big global brokerage in Re/Max. For me, it was between KW and Re/Max, and ultimately Re/Max was a better fit for a handful of huge reasons. That being said, I am going into it full time and plan to invest with some of those earnings.

Advantages of KW - your network of agents, name recognition, great training.

Disadvantages - like many of the bigger brokerages, offers a much lower split to you than a flat fee or smaller brokerage.

If your plan is to buy and hold, and you are just representing yourself on the buy side - why not go with a brokerage that offers the highest splits? Once you know the regulations and paperwork behind buying in your state, the "marketing" of a name brand is completely irrelevant.

If you are a potential flipper and will represent both ends of the deal, that changes my personal opinion as the marketing and advertising of those larger agencies comes in to play largely.

Best of luck in your decision, please do post on what you decide! SH

Arpad Racz · Answer

I would recommend find out what local companies offer you in training as a new agent. Some offer agent boot camps, and other training seminars on a regular basis. Just as important, you should find a top-producing team at a company you like that you can team up with to learn the process and see how your local market is moving.

Kind regards,

Arpad

Ryan Edwards · Answer

Okay. Thank you, good to know.

Cathy Bourbois · Answer

When you interview a brokerage, make sure to explicitly tell them what you intend to do and make sure they will allow it.  For example, for liability purposes some firms E&O coverage will not apply if an agent lists their own personal property

Ryan Edwards · Answer

Thanks for the book recommendation jeff. I'm pretty sure I'm going to go with Keller williams. The more I talk to people the more good I hear about them.

Jim Stoffey · Answer

Hi @Ryan Edwards, I'm a little late to the party here, but congrats on pursuing your license.  I think it's the right move.

I got mine a couple months ago after being on the fence for a long time (check out some of my old posts) and ultimately went with Keller Williams, so I'm biased.  It definitely depends on the office; so interview the brokers of record.  Go in with a list of questions and be upfront with your goals and objectives, and consider asking to meet an agent who is where you want to be in a year or five years.  I have been very happy with Keller Williams.  Their training is fantastic.

I'm an open book if you have any questions regarding KW so feel free to call or message me through BP. Regardless of the broker you choose, I recommend reading Millionaire Real Estate Agent (and Investor) both by Gary Keller to kickstart your career.  Honestly Millionaire Agent is a fantastic book regardless of what business you're in...but I digress

Best of luck!

Jyll Tooker · Answer

Hi Ryan,

If I were you I'd decide what it is that you need to be successful and then find a Broker who most closely aligns with those needs.

My first Brokerage was a small independent firm, where there was no training but offered one-on-one support which I now know is even more helpful.  Later, I moved over to KW because they offer so much training...I thought that was what I needed.  I was under the impression back then that since KW was big and had impressive structure that mimicked corporate America, they would spoon feed me everything I needed to know.  That was not the case...I quickly learned that no matter how much or what kind of training and support any brokerage offers, getting business is my responsibility no matter where I choose to hang my license.

So, my advice to myself all those years ago would have been to find a brokerage that offers leads, because the technical part is easy...in the beginning you need leads (unless you have 1,000 people waiting for you to get your license before they buy/sell their homes).  Many brokers offer leads but you need to really look at what that means.  To some, that means "floor time" (you get to answer the phone), to some that means leads from paid generation systems.

P.S. For what it's worth, after having had my license at a couple small brokerages, KW, Re/Max, (and now my own brokerage) I prefer the smaller, more personal approach. IMO, there is no need to pay for expensive branding (Re/Max charged me an arm and a leg just to hang my license with them) and no need to opt for all the KW free training when you can get training just about anywhere for free (there are SO many great online resources and tons of free CE).

Bottom line is, being associated with a brand is not going to automatically make you successful, you need to create that for yourself no matter where you go so find a place with some good, tangible resources!  Good luck!!!