Pros/Cons: Regular Broker vs Online Broker?

Question

Hi there, I'll be getting my real estate agent license in Los Angeles (as soon as CA Gov gets off their butts and gives me my exam date), and was wondering if anyone that has hung their license with online brokers would like to share their experiences in doing so.

I am keeping my day job as a personal trainer/coach, but am getting my license for some "near future" side investing (flips for capital to buy/hold etc). I had intended on just hooking up with an online broker, but am wondering if I am limiting myself to much better networking and learning, by not signing up with a regular broker. I didn't think a regular broker would be interested in a part time agent with one eye on future investing, but the more I read the boards, the more I see other people getting their licenses as part timers.

I was hoping that some agents would shed some light on joining an online broker, and the pros/cons.

Also, maybe you wouldn't mind answering some questions like:

-Did you do it when you first got your license?

-Did you need to have a sponsor when you first joined (some online brokers I've searched out require it)?

-If you didn't join initially, how long before you did; and do you wish you did it sooner?

-Were you able to network with other agents that were part of the online broker, or were other agents mostly uninterested?

Thanks, and Happy New Year!

Derek Jones · Answer

I think it depends on which brokerage you choose. I'm in California with eXp Realty and we have state meetings in the cloud every Tuesday and contracts class every Wednesday. In addition to that we have a mentor program for new agents to help with the first 3 transactions. You can meet with that mentor face to face. I've been at a traditional office and it seemed the people in the office all the time were the ones doing 1-5 deals a years and they were mostly there to drink coffee and socialize.

If you go with eXp they do require you to have a sponsor or they will assign one to you. The sponsor is the person who was most influential in you joining the company. Same with KW or anyone who offers an agent referral compensation plan.

I can't speak for other online brokerages but at exp we hae Workplace by Facebook. Think of it like a facebook website only for exp agents. In workplace we have groups just like on facebook so we have socal groups, norcal groups, referral groups, marketing groups, etc.

Clarence Johnson · Answer

Online brokerages are becoming more popular, however there is no substitute for being in office attending training's and having face to face interactions with colleagues and brokers. If you choose to go to an online broker after learning the ropes, then that may be a better idea than starting at one.

Martha Nowlan · Answer

I'm full time so it's a bit different, but I don't think you will ever get past the value of in person training and interaction with other agents and your broker. If you don't plan on doing any business besides representing yourself, maybe it doesn't matter. But if you want to actually become a resource and maybe plan to shift to full time at some point, the training you'll get from a physical brokerage is worth it.

Clarence Johnson · Answer

Keller is an excellent place to start, I worked there for a year and still use their books and systems. Ultimately I dont like their broker split so I would not stay once you are self sufficient.

Shawn Regnier · Answer

@Clarence Johnson Thanks for the response. The more I research, the more it's becoming apparent that it would be a better choice to start with a brick and mortar broker to learn the ropes, and grow with.

Keller Williams and Century 21 seem to be the names that get recommended mostly to new agents.

Thanks again.

Keller Williams and Century 21 seem to be the names that get recommended mostly to new agents.

Thanks again.

Pros/Cons: Regular Broker vs Online Broker?

Pros/Cons: Regular Broker vs Online Broker?

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