Which RE Agency to work for?

Question

Hello! I just passed my RE exam and am ready to go! Except I have no idea where to hang my license. I met with KW a while back and am interested in going there but not sure whether that is the best fit.

I currently work full time and will continue to do so until I can fully replace my income. I also have two small children (ages 1 & 2) and a husband I don't want to neglect. Therefore, I need an agency that can work with my schedule and not suck up 100% of my time. I also want to be able to shadow someone in the field while I get going and I want to learn as much as possible.

I hear that a lot of places suck up your time when you just get started and also take a lot of the money you generate; neither of which I want.

I plan to send out emails and meet with agencies to find the best fit, but based on what I've said can you recommend any?

Thank you!

Christopher Phillips · Answer

@Jonathan Greene

I joined the market center committee this year and one of the topics we debated for months was about new agent on-boarding. Part of the issue with new agents is that it's very much up to the agent to engage in the available training.

Many agents, especially part-timers, sign up to the market center and then disappear. Others come to the training but never follow up on the training. KW is very family oriented. Everyone will give you their shirts off their backs. But, new agents still have to follow thru.

We discussed having a mandatory on-boarding program, but decided against it. We didn't want to scare away people.

Christopher Phillips · Answer

@Kelli Thomas

@Jonathan Greene KW doesn't take a percentage on training. Training at the market center is free.

Here's how it typically works for new agents:

You hang your license with the broker. You pay annual dues to the local board of Realtors. $600-$900 per year depending on where you are a member.

The market center at KW will charge a monthly technology fee around $60-$70. This pays for the eEdge Customer Relationship Database (CRM). Free agent websites. Tech support. Free online training through Keller Williams. The KW APP for customers to search for properties... Basically, you get a ton of technology for the same flat fee. KW is always upgrading and rolling out new technology and the fee doesn't change.

"IF" someone wants a desk or an office at the market center, there is a monthly fee for that. Most agents do not get a desk or an office. Some do, but most don't. The cost depends on the market center. Most agents will work from home and occasionally pop into the office when needed.

Training in the market center is "FREE." Lunch and learns provided by sponsors are "FREE."

If you do any external seminar or coaching programs that would be paid directly by the agent.

So, outside of the initial setup with the local board and the technology fee, agents don't have to spend anymore money if they don't wish to.

Outside of the KW training, the local board offers some free and some paid training. Every agent has to take a minimum number of required continuing education courses either online or in a classroom setting over the course of 2 years. This requirement is set by the state you are licensed in. Most of it can be done fairly inexpensively.

Every agent should treat their business like a business. Everyone has to budget for marketing expenses and training. When you become an agent everyone is out there trying to sell you a service or advice. At the end of the day, you have to budget for what's important for the business and decide what really works for yourself.

Commission splits are set by the market center. A portion of the split goes to the market center, a portion to KW. Once you hit the caps for the market center, commissions go to 100% to the agent.

Here is the real issue with part-timers:

Part-timers have a hard time making it to the office for training and other meetings held during the day. Market centers sometimes hold weeknight or Saturday morning training, but people tend not to show up for those so it's difficult to keep that kind of training on the schedule. So, off hour training availability will vary.

At the end of the day, part-timers are at a disadvantage. Buyers or sellers that can or only want to meet during the day are out of reach.

Another issue is the lack of time to generate business. A full time agent usually sets aside 8AM to 11AM to generate leads. 11:30AM to 12PM to do follow up. 12PM for lunch or training at the office. 2PM to 7PM to either do more lead generation or go on appointments with buyers and sellers. Saturdays and Sundays for more lead generation or appointments or open houses.

Fortunately, there are numerous ways to generate business. The tricky part is figuring out what works best when you have a limited schedule.

Christopher Phillips · Answer

@Jonathan Greene

Opt-in isn't required.  It's an opt-in. You don't have to engage in productivity coaching. There are two in my market center. It's not required to join them.

At the end of the day, agents are independent contractors. You can't make them do anything. If one lone wolf market center does something, you just join somewhere else. There are at least 5 KW market centers near me to choose from and we're opening up another one at the moment.

Jonathan Greene · Answer

@Christopher Phillips - yes and no, but I know what you are saying. The KW office that I worked for would not hire you unless you agreed so for newbies they agreed. There are other market centers around with lower caps so there are always options.

Jonathan Greene · Answer

@Christopher Phillips - not correct, each KW office is different. I worked for KW and was a Technology Ambassador there. Training was free at my prior office, but all new agents were required to opt-in to a 10% deal for a productivity coach who "required" them to attend all trainings. You could not get hired at that time without agreeing to the productivity coach.

Jonathan Greene · Answer

@Kelli Thomas - KW would be happy to have you because they will be taking fees knowing you won't transition to full-time for a while. You have a tough choice because to find true mentorship you will have more chance of success at a big box brokerage, but your best bet to lower fees is to go to a local agency with outside-the-box thinkers and find someone who has modeled how you are starting. It's tough getting into the business with young kids, part-time, but finding a mentor will be imperative. Brokerages like KW in some areas take back more percentage on training and this can be overwhelming for you, in the beginning, to be "required" to be at too many trainings per your schedule.

Which RE Agency to work for?

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