Is this 100% commision brokerage legitamate?

Question

Hey guys!

I have recently passed my california real estate exam, and I am trying to decide what brokerage to go with. I have a pretty good connection with a top agent in my area who works for Keller Williams and he's willing to mentor me. However I recently discovered a brokerage called Thrive that claims 100% commision payout. http://join.thrive.us

They seem to have lots of high end listing s on their website and of course I'd love a higher payout. However if something sounds too good to be true It often is. Does anyone know anything about this company or have experience with them? I like the vision they describe on their website and they have an office close to my location. Seriously considering making an appointment to learn more. Any tips or advice from experienced agents/broker is greatly appreciated!!

P.s they charge a monthly fee of 50 dollars and a closed transaction charge of $375.00 which doesn't concern me considering in so cal 30 percent of my commision is much more.

Jake Thomas · Answer

The best education is actually getting out there and selling houses. You can read all the books and get all the help in the world but no leads means no money.  If you are extremely green then a brokerage like KW might be a good fit for a while. Personally I work for a brokerage like the one you are asking about and I love it. I get to keep more of my income and I sell more than most KW agents do anyways. Fancy names and training don't make you a top producing agent. YOU DO!

Good luck and I would at least sit down and talk with them. I highly doubt they offer training and support. I never needed it so I never cared.

Erez Jonathan · Answer

As one who just passed the California real estate exam ,I will highly recommend you to get a real good mentor and stop thinking on who pays more. Once you will know how to swim yourself than start making moves to who pays more and why.

Nicole W. · Answer

Hey Josh,

Have you tried talking to any agents that work for the company? I'm not familiar with the company but I when I first started I worked for Keller Williams, the training was good and helpful however I left after the first year and went to a 100% brokerage in Florida. They charge transaction fee and I pay monthly fee. I actually receive better training and support then at prior brokerage. Best decision for me and I get to keep more of my money with no gimmicks. Some 100% brokerage are really for agents with some experience.  So maybe join KW and go to ignite and other free training and then figure out what is right for you. In the end you want to have a broker that is able to support you and is available to you when you have questions and concerns. Also does the brokerage have a office space that you can use if necessary for clients? If you have any other questions feel free to PM

Account Closed · Answer

Hello,

From my experience Brokers that provide 100% commission are not for newbie Agents. Why do I say that? Most of them don't provide leads because marketing is expensive so you have to provide your own leads and you are pretty much on your own. That is why most new agents don't do well in that situation because they really don't know what to do next. It also depends on the Brokerage. If the Broker has 5,000 Agents, (Like some here in Florida) They can't possibly answer all of the questions you have in a timely manner. 100% Brokerage places are for Agents who can hit the ground running.

Nicholas Smith · Answer

Hey Josh:

First off, to choose a brokerage because they may have "high-end" listings on their site is not the right course. Those properties are not listed with Thrive, their website just pulls information through the IDX exchange with MLS.

Looking through their website, I find it very unlikely that they will provide you with what you need. As many people have said on this site, "you get what you pay for". What this means with the 100% commission brokerages is that they basically provide a space for you to hang your license. They don't provide any support or guidance.

As Eric said, take up the great opportunity you have with the mentorship over at KW. I have always been a big proponent of mentorships. It gives new agents the real world experience and tools that they need to succeed. No need to reinvent the wheel, learn how other successful agents succeed, and then duplicate it with your own little twist if need be. There is so much inherent knowledge and processes that go into making your career in real estate successful that the education that will will get with your mentor will be invaluable.

This comes with a caveat though, when signing up with a mentor, you want to have a clear road map of what involvement the mentor will have with you, and how you will be incorporated into their program. Unfortunately I have seen quite a few agents who thought that they would be great mentors, but never dedicated the time to their mentee, wasting both the mentor's and mentee's time.

More to the point, the invaluable access you have to brokerages that take a % like KW, is the access to their staff from the marketing to their Brokers and legal counsel that will help you navigate some of the more difficult and complicated deals that may arise. In the long run, it will pay off exponentially over taking up the 100% brokerages.

Sam Lin · Answer

Are you planning to do real estate full-time? I know plenty of new agents start out in 100% commission brokerage because they can generate leads themselves. The 100% commission brokerage in my area will still save your neck if you make a mistake (after all, you're hanging your license with them). I'd ask about how long they've been in business and the mix of veteran/new agents.

Of course if you want training, one of the national brands will work better, otherwise 100% commission brokerage have veteran agents you can shadow too. There's more than one way to succeed.

Brent Coombs · Answer

Josh L., seems like they love the numbers game. They could be betting that they will get MORE from those monthly fees (multiplied by the number of their newbie Agents who may hardly ever close a deal anyway), than they might by getting many fewer newbies to sign up if they only offer split commissions!

They might be right, too!

Jennifer Lee · Answer

education first. I joined Coldwell first then jumped to Krller Williams.

agree agents with 100% commission potential agency not for newbies.

get educated and setup network first.

Sarah Ziehr · Answer

I would ask yourself how a 100% commission is benefiting that brokerage?

The answer= there are hidden fees or they are providing nothing of value to you.

Is this 100% commision brokerage legitamate?

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