Advice for New Agent Choosing a Broker

[Bryan Montross]

I am just about to get my real estate license in MD. I currently have a full-time job and looking to start part time while I grow and potentially come full-time in 1-2 years. I have been interviewing brokers to find who I would like to work with. I narrowed it down to two great, and very different, choices. I was just wondering if anyone had any thoughts.

1) A very large brokerage with 100+ agents just in the office I would be in. They state that they have a new agent training program and lots of educational opportunities. I would be a member of a team that all supports each other if another agent is out (e.g., sick or vacation). All listings are listed under the team name and not my individual name. The team lead pays for all licensing renewal fees, subscriptions, insurance. However, the compensation starts at 55% and gradually goes up to 70% by the time my gross commission income reaches $100K (no cap). I would also have to pay $50/month to the overall brokerage. I have used this team in the past for purchasing some of my properties.

2) A small brokerage of ~25 agents. The broker states he focuses on mentoring new agents and teaches them how to build their clients and get more referrals. He also provides at least 1 training class every month in the evening because he caters to agents who have other jobs. All listings would be my listings under his brokerage. He would basically walk me through everything on the first 2 deals paying for everything with a 50/50 split in commission. Then he would do a 70/30 split for the next 6 deals while he is still intimately involved in the deals, but I would pay all marketing. After that I would get 100% of the commission and pay $295/month plus I would be responsible for all my fees. My wife used the broker to purchase one of her homes over 15 years ago and still speaks very highly of him.

I just want to make sure I get started on the right foot for hopefully a long career in real estate. I'm not looking for someone to tell me which to choose, but maybe to tell me the pros and cons of each based on the information I have provided. I appreciate the help.

P.S. Does anyone know if David Greene's new book Sold addresses selecting brokers and if it would help in making this decision? I have not had a chance to pick up a copy yet. Thanks.