Newly Licensed realtor in NOVA whats next?

Question

I just recently passed the VA realtor exam and was wondering what made people choose a certain brokerage to work with, and what sort of qualities they looked for in one versus another

David Fernandez · Answer

I absolutely think E&O insurance is necessary. Luckily, I haven't had to use mine either and hope I never have to. Sorry if I didn't make myself clear @Joe Norman. I meant that most brokerages pass that cost to the agents. Mine doesn't.

When I was starting one of my goals was to keep "fixed" expenses at a minimum to invest the money in marketing to help grow my business. I interviewed with 4 brokerages and realized that in addition to the MLS, NVAR, Sentrilock, and similar necessary fees to play the game, most of them charged other fees such as "desk" fee, E&O insurance, admin fees, technology fees, etc. that I didn't necessarily understand.

Now that I am a more experienced realtor and earning regular commissions, I won't mind paying for some of these items, but why do it if I don't have to! I rather invest those $2-$3k and get 1-3 sales/listings.

Wale Lawal · Answer

@Bakary Bojang

I will look for brokerage culture, training, quality mentorship, better commission split and less CAP ($16,000 or less), The brokerage should also cover all the US 50 states at least (If International is even better) because you can make money from referrals if your brokerage have agents in the state or country.

I decided to join eXp Realty because is the Amazon of Real Estate.

Below are the benefits eXp offers ALL agents regardless of years in business:

1. 80% - 100% commission split.

2. Very low CAP at $16,000  (which can ALL be awarded back in eXp stock if ICON status is reached). After you Cap, you keep 100% of your commission.

3. $85 monthly fee only.

4. Agent Own Brokerage and ICON Agent Award.

5. Lead Gen - Free kvCORE account (which is the leading real estate CRM), Making it Rain, Opcity and Branding Tools.

6. Highly Discounted Health Insurance.

7. No Real Estate Royalty Tax

8. Revenue Sharing - Agent Attraction - Retire early with less stress and effort - This optional.

9. Free Stocks and 10% discount IF you purchase.

10. Publicly traded EXPI (May 1st eXp stock was at $8.84 / As of today 2.15.2021 is at $155.77).

11. Debt Free and sustainable brokerage (Check SEC 10K).

12. Cloud-based, A lot of training, and Agent focused.

13. Best Technology in the industry (Amazon of Real Estate).

14. Investor/Entrepreneur Minded. Rental Cash-Flow Vs. Equity Passive Income.

15. iBuyer Option through Express Offers - Create Multiple Offers for your sellers.

16. Free Regus Office Space Membership.

17. Buy or Sell your personal properties for FREE (It's a $550 flat-fee after 3 transactions).

18. Access to a Network of 55,000+ agents across 12+ countries.

In addition to what eXp Realty offers, I also joined eXp Realty because of what my team offers:

1. Free Access To Flipping and Buy & Hold Courses/Mentorship and Strategies - Worth $25,000

2. Wealth Passage and Investor Army - 2 FREE private coaching group.

3. Free YouTube Training and Setup to build your business. Over 100 Video Trainings.

4. Access to Free Weekly Private Mastermind Group that helps me grow my business.

5. Teach you how to build Risk-Free International Cash-Flow Business.

6. 🤩  Access to ALL of our team paid courses for FREE (Retail for thousands of dollars)

7. Access to the entire YouTube team (Editors & Designers)

Goodluck

Fabian Friedrich · Answer

Hi Bakary,

Congratulations. i decided to join Samson when I got my license following the criteria above - definitely check them out:

https://joinsamson.com/kind regards,

Fabian

Joe Norman · Answer

Makes sense - thanks for clarifying!

Adrienne Green · Answer

Hi @Bakary Bojang! It's great you're doing this research into brokerages. I didn't interview that many brokerages when I started, and while the one I was at worked, I think I would've been further faster if I'd joined my current brokerage from the get go.

I think @David Fernandez does an excellent job summarizing the key factors to consider.  I'd add to the point in his last paragraph: it's important to join a brokerage with agents performing at every level, so there are always people a step ahead of you to motivate and guide you.

Joe Norman · Answer

Great list, and I agree with 99% of this. I'm surprised to hear that you think of E&O Insruance as an unnecessary expense though, frankly I just assumed it was something that all agents carry to protect themselves and their clients. So far in 6 years in the business I haven't had to use mine yet, but I'm happy to pay the minimal monthly fee to carry it.

Ash Fields · Answer

Hey @Bakary Bojang.   I'm not knowledgeable about your area, but for a brokerage culture is important.  That word gets thrown around all the time, but it's a great start if the firm and/or team have values that align with yours.  I'd ask how meetings are run.  Are they quick and to the point, or long and drawn out.  Do you have to start in a particular area of real estate, or can you do anything you choose (buyer's agent, seller's agent, residential, commercial, investors)

On going, practical training is good as well, beyond just how to fill out a contract, use the MLS, and run comps.  You'll learn and stay more engaged.  What tools/platforms do they have to make you better?  Ask about the CRM, as it can make your life much easier.

You'll want to ask about commissions and fee structures.  That doesn't have to be the deciding factor, but you want to know.  Shop around, ask lots of questions, and remember they need to sell themselves to you.

That's my take.  Best of luck with it.

David Fernandez · Answer

Hi @Bakary Bojang!

I chose my brokerage based on (not necessarily in this order):

1. Onboarding program for new agents: If you are a new agent, this may be critical to building your career foundation. Most agents don't last past 1-2 years and the lack of mentorship/onboarding is most likely the reason. My brokerage pairs you with an experienced agent (mentor) to help you get your business started and to guide you for your first 2 buys and first listing. You pick the mentor you like after reading from 30+ bios and interviewing your top 3-4 picks to see who would you like to work with.

2. Costs: I didn't want to share a big chunk of my commission with my broker nor I didn't want to have to pay for monthly/annual expenses that will cut into my profit. I get 100% of my commission and I don't have to pay for any unnecessary expense (E&O insurance, "desk", etc.)

3. Resources provided to agents: I looked for a brokerage that provided training and marketing resources to help me build my business such as free website, lead generation, smart CRM, in-house print center, free branding videos, etc.

4. Local reputation: I wanted to be part of a brokerage that had a great local reputation. Some of the big ones have national name recognition, but not all of them are necessarily local players.

5. Self Branding: I wanted to have the option to promote my business, not only or not just the brokerage.

There are a few other things I looked at, but I'd say I made my decision based on the above five. I'd add that the brokerage you join will have a 10-20% impact on your success. It is mainly on you to want to build a successful business.

After my business took off, I am happy I joined my brokerage. I enjoy 100% of my commission, I take advantage of all the resources they provide, they also have training and mastermind groups for each niche (residential, commercial, investors, etc.) and annual agent production ($2-$5M, $5M-$10M, $10M+, etc.) which helps to always be bouncing ideas with other agents that are at your or slightly above your level, and I was able to build my own brand backed by a well-known local brokerage.

Newly Licensed realtor in NOVA whats next?

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