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Updated almost 12 years ago,
Please advise
Hi BP
I know this topic has been beaten to death.
But today I passed my licensing course....waiting for transcript to take exam.
I have spoken with 5 brokerage. I didn't know if I am allowed to name 'em. Big brands.
My situation is such that....
I've bought 2 units in last 90 days(personal and investor)
1. I am in the middle of a flip renov. (Investors) ready for market by MARCH.
During the interview, I have asked the brokers to advise me...and judging from their answer I know if we are in same page, or they know the market,
2. Have another investor waiting to buy....I'm waiting to get license bc 2 freebies.....no thx. My time is $$$ too.
All say I can be ready to sell by March, if not under their name.
Help me figure out which brokerage to hang my license:
3 I have written off:
1. Too high fees to get split, need to more experienced anyways, on your own brokerage. I NEED TRAINING, WEAKNESS IS MARKETING
2. Agent churning machine and the broker was CLUELESS, BAD ADVISE. chaotic work environment
3. Thought it was the one, BC LAST 2 deal were their listing. THEY DOMINATE MY FARM MARKET. but there is no advancement. They pay for everything 50/50 forever, 30/30/30 in house, 100% mine.
If I only did my deals would it make since? Low cost but they are restrictive. Large local only. Not nationwide. Profit sharing, referral....
I'm confused between these 2:
4: well known large, my broker works there. Graduating commission, start at 50/50, annual cost 1800.
Free education, I'm taking their classes now. Broker is knowledgable.
I CAN'T sell my own property for 90% until:
I earn 12,000 in commission... I have to sell 500,000
to work up to 90% I need to earn 173,000...5,000,000 in sales
But this is accumulative. Now I know why my broker doesn't move....she is at 90%
And I can only transact my own deals 2x a yr.
But they are strong in marketing, education, professional group.
Have floor time and open houses...
5: this one is not so well known in my area, but they are a big brand. They are investor friendly.
I feel As an INVESTOR I should join them.
They will help me build me business.
The commission is 70/30
But it's really 6/64/30... Franchise/me/broker....
when franchise reach 3000 (1,000,000 in sale) .....I get 70/30
And when broker cap at 18,000(2,000,000 in sale)......... I get 100%
All that is well an good, but its not accumulative, it reset on my anniversary.
So I will be in 64/30 for a long time.
But they will let me structure my deals anyways I want.
Waive commission, only give buyer agent etc. and I'm not sure if I m restricted to 2xs a yr.
This one also has a profit sharing that sound like a ponzie scheme (spelling)
The broker is super nice and been in all of the brokerage I mentioned. And told me why she stayed here.... Good reasons.
No floor time, there is a call line up, no open house requirement.
For both I can venture into commercial if I choose....don't know yet seeing I own more commercial.
The split is not the main issue, although its the bulk of this post.
I only heard #5 has good education. But don't know first hand
I made the "mistake" of googling the 2.
#4 came out clean, good review, or nothing but their sites and products
#5 had sooooo many unsatisfied costumer...unethical, ripoff, scam
I was shocked.....granted they were directed to particular agents or agency none in my area.
Reviews of their agents were glowing and professional.
I'm just really confused.
My goal, is to get license, so I can be trained to sale my flip and buy my other investors property.
I will be part time RE agent and full time investor until fall when my son is in full time school.
Where I can dedicate more time
Bc my husband and I plan to obtain more buy/holds, I'm thinking getting my broker license so I can legally property manage in PA.
And advise is welcomed.
Thanks in advance