Seeking Investor-Friendly Broker in the DC Area of Maryland

[Johanna Anderson]

Hi Everyone,

I'm taking a pre-licensing class to become a realtor in Maryland, and I'm looking for an investor-friendly broker with whom to affiliate. I'm very interested in the probate investment niche, so ideally, I would like to work for a broker who will give me latitude to work this market as a seller's agent.

If you are an investment-friendly broker in the DC area who is interested in working with new agents...or if you know such a broker...please contact me! I will have my license and be ready to roll in mid-December.

Thanks,

Johanna Anderson

[Russell Brazil]

I would actually recommend against going with the smaller so called investor friendly brokerages.  They will offer you nearly zero training and oversite, thus making it possible for you to get yourself into trouble in the market place.

[Trey Williams]

Russell Brazil could you give a little career advice as what is the best course of action for us newbie agent/investors if small firms are not the way to go.

[Johanna Anderson]

Thanks, Trey.

[Russell Brazil]

@Trey Williams I think that the big name brokerages are good for two types of people.  The first is for bran new agents....even if your goal is not to make a living as an agent, the training they will provide is important. Not only will they teach you how to build your business....but also the proper protocols and etiquette that are expected of you in the market place.  I often receive contracts from new agents at small brokerages that are pretty bad looking, and it is obvious they dont know what they are doing.

I also think the big name brokerages are good for the big name high volume agents, as they want to piggyback off the marketing that the larger company has done.

Those smaller investor friendly brokerages are I think better for the people in between. You already know how to operate in the market place, so you dont need that guidance from a broker that a new agent needs...but maybe you arnt interested in doing 30 deals...maybe you just want to do 5 or 6 and keep a high percentage of your commission. So those are good for the in betweeners.

It is also the path I took. I started at a big name brokerage, did the agent thing part time for a few years. Then I went to a small brokerage, still part time, but where I was just doing most of my own investing transactions....then when I wanted the agent thing to be a bigger part of my business, I moved back to a big name brokerage.

[Trey Williams]

Thanks a lot Russell. That advice helps me out a lot. I have spoken with people at Long and Foster that seems to be a very good place to start.  I am hoping their national exposure can help generate some leads along with friends, family and BP.  Their educational program seems great too. Thanks again 

[Johanna Anderson]

Interesting, Russell. I want to work part time, and I was under the impression that the big name brokerages really want full time agents. 

[Russell Brazil]

@Johanna Anderson It depends on the individual sales office at the big name brokerages.  My office does not take part time agents....however there are plenty of L&F offices that do. I think that is pretty similar at KW, C21...their top offices wont take part timers, but the less volume ones will.

The reason for that is that the top producing offices will typically have a larger support staff that need to be paid.  I think we have 5 salaried support staff employees here which is a lot.  So every agent then really needs to be producing in order to pay the higher costs that come with a big office. 

The smaller offices that do take part timers....make up for some of that lack of staff by having the agents do some of the things that need to be done.  Some will have agent requirements of "Floor Duty" to answer incoming calls so they dont need to hire a receptionist. Or they may have some sort of fees associated with working in the smaller offices to make up for the lack of production.

[Johanna Anderson]

That makes a lot of sense, Russell. Thanks for the knowledge.

[Marlon Wilson]

Welcome to Biggerpockets @Johanna Anderson Wish you success!

[Damien Dupee]

@Johanna I would highly recommend Exit Bennett Realty in Greenbelt, MD. I am a licensed agent there and that office rocks. The broker is a full time real estate investor/ rehabber PM me for more info.