Best online only brokerage firm to affiliate with?

Question

Hello and thanks in advance for any replies.....just joined the forum today.

I am an investor in Ohio that is looking to take my Ohio real estate licensing classes in January.  My LLC currently has 23 properties that I have purchased, rehabbed, then turned into higher end rentals.....I am looking to buy/remodel 6-7 more in 2016.

I realize that I need to have a sponsoring broker and have found one who has a special design for "investor only realtors", however I am looking at these online brokerage firms where you pay transactions fee's deal.  In particular Fathom Realty seems to be a one of the larger players in this space along with Premier Agent Network.

So my question is are their others that I should be looking at?  And secondly, since in Ohio I need a "sponsoring brokerage firm" what does it entail for them to "sponsor" me....I am going to be paying all my fee's for the courses myself.

Thanks again so very much!

Andrew Futty · Answer

Hi Scott - I was doing a Google search on online brokerages that covered the Ohio markets and your post from a couple years ago popped up. Did you end up going with Fathom as your sponsoring broker? If so have you had a good experience with them? I'm in the process of getting licensed and am looking for something similar for my personal investment properties.

Thanks!

Andrew

Thanks!

Andrew

Scott L. · Answer

James, thanks for your reply, and thanks to all of you for your replies thus far....your insights are appreciated greatly.

Let me clarify my earlier post when I said that I have no interest in working with a "traditional broker".....

I spend 95% of my week being a financial-planner and meeting with clients, only 5% of my week is spent with my Real Estate LLC employee's.  I go look at houses in the evenings and early early saturday morning.

So although I desire to have a great relationship with my broker, I realize that the less time and attention they give me the more profitable I am to them.

So I guess the better way of stating my thoughts would be that I desire a brokerage relationship that realizes I am an advisor and business owner first and foremost.  I don't want to be looked at as anything other than an investor who has a license for his own deals. An investor only gets their license in order to avoid the "middle-man", I don't want to have new headache's/middle-men with a broker who expects me to act all their other career agents. I know of an investor who hooked up with Cutler Real Estate here in NEO and although he was very clear about his desires, he soon figured out that he was being asked to do all the same things, attend the same meetings, as all the other agents.

Given that I own 90% of my properties free and clear I am exploring the idea  in 2016 of taking a chunk of my equity and making a large purchase on my first multi-family....additionally I will be selling my primary residence and buying another. Outside of those, I plan to purchase 5-6 more SFH's in 2016.

Given the above it just seemed that one of these online brokerage relationships might be the best fit.......however I could be wrong here and am willing to look at any and all options.  My only desire is to have a mutually beneficial relationship.

Scott L. · Answer

Thanks for the 2 replies thus far....

Yes, I am getting licensed only for my own investment purposes.  I do not have any desire to work with a "traditional" broker who will try to sell me on all their value-adds.  I want the highest payout with zero support.

Any others thoughts or insights are much appreciated!

Account Closed · Answer

I am also an investor/real estate agent. I got my license last January. Being sponsored just means you work under that brokers name. They all offer different incentives. Some pay all or most advertising, some pay none. Some offer great support, some offer very little. Ship around for a broker that meets your needs.

James Wise · Answer

Scott L.

Assuming you are buying 6 or 7 deals off of the MLS every year you should be able to find a broker to bring you on just to do that. Some charge monthly fees others charge a commission split. However you seem very adverse to support or contact with your broker which can be very scary from a broker's standpoint. As a broker my first thought would be "is this guy going to go rogue on me?"

I don't believe Premier Agent Network has a brokerage in Ohio.

Chris Soignier · Answer

Fathom started here in DFW, and is rapidly growing across the country.   I know several folks who work for them, and they seem to be happy.   Just be sure the local broker is investor-friendly, and if so, it really just comes down to picking the firm w/ the best payout relative to costs for the volume you anticipate doing.

Victor Patel · Answer

Scott,

Assuming you are only getting your real estate license for your own properties, you should be fine with Fathom.  I believe they are located in the Columbus area.  I would confirm with them if they are members of the MLS in your area.   You may also be required to join the Columbus area MLS.

Best online only brokerage firm to affiliate with?

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