Vancouver (WA) Members! Investor/Broker? Who do you work for?
Investor · Vancouver, WA · Member since 2016 · 4 posts · 3 votes
I’m a small time investor (SFRs and Duplexes) who just passed the WA Brokers Exam. I’m looking for a local brokerage to hang my license on and I was hoping the BP community could provide some recommendations.
My preference is to hang my license at a brokerage where other investors are located. This way I would be working with like-minded individuals rather than a more typical setup at a big firm full of non investors. Since I’ll be a new licensee, I’ll have to work under the supervision of a managing broker and again this person would ideally be an active investor himself. Fee structures, training programs and other tools are secondary in importance to me.
What does everybody think? Does this kind of brokerage exist in Vancouver?
I would love to hear what brokerage you work for. Would you recommend them to another investor?
Are there any other brokerages you’ve heard positive feedback on?
Also, I’ve been a long time observer on these forums and I’ve decided now is the time to start being an active member. This is my first post but hopefully I’ll start finding other topics that I can contribute to as well.
Thank you in advance for reading my request and I look forward to talking with you all more often.
@Charlie Kazmar
Hey! Welcome to BP and Congrats on getting licensed! I know you think I’m crazy offering you any suggestions since I live all the way down here in Houston, TX. But nonetheless I wanted to share my experiences with you!
I’m currently partnered with eXp Realty (Don’t worry it’s not local to Houston!) and I’ve loved the experience so far. I joined under a team of agents that are mainly focused on their investing business and passive income so I think it’s a great opportunity! It sounds like you’re looking for some guidance in terms of real estate investing?
Anyway hope I could help! And Goodluck!
@Charlie Kazmar, I don't have the answers to your questions, but I'm following this thread because I am interested as well. We just bought our new primary residence with Mike Barnhart at Real Living on 192nd (not an investor yet, but a personal friend, I just texted him to ask if his managing broker fits your criteria). We also rented out our departure residence through Joe Ragusa at Utmost Property Management, which is located in the same building. I'll be happy to make an intro if that might be helpful to you.
@Charlie Kazmar, I have heard eXp Realty and Premiere Property Group have the lowest rates to hang your hat. I would be more focused on picking the best cost structure and then roaming free to network with agents from all different brokerages. As for property management do a lot more research to make sure you land at one that provides your needs at the right value. Look at all the fees charged.
Thank you guys for the responses. I’ve seen eXp and Premiere mentioned elsewhere in old forum posts so its good to hear they are still recommended. I’ll reach out to both of them and compare.
The eXp brokerage sounds intriguing. An entire virtual world for agents is quite a contrast to everything else out there. Maybe that’s where things are heading now-a-days? I would like to be part of a local team that I get to at least occasionally see in person though. The Premier website is a great advertisement for their group. Everything looks very professional and high class. My decision might come down to who is running the local branches or teams.
I’m also looking to acquire a couple more properties right now so I’d love to get my license setup right away but of course I don’t want to make a rash decision. I wonder which brokerage could get me up and running faster. Maybe another reason to go the virtual route with eXp? Hmm, I guess I’ll see.
I’ll let everybody know things go and what I finally decide on.
Anybody else out there please chime in if you have any other recommendations. I’d love to hear to hear more!
@Dan Stephens and @Uwe G.
I went through an exhaustive search around a year and a half ago looking for a management company. Fees and contract restrictions were a big sticking point for me. I was surprised at how many companies wouldn’t budge on them either.
I decided on YQC Properties. They were able to give me a better price than others and work with me on adjusting some of the contract details. I’ve been very happy with them since.
@Charlie Kazmar, that is great you were able to find a Property Manager that works for you. Extremely important for scaling your investing.
With your license are you using it more to acquire properties for yourself or also act as an agent for others? Maybe Jenny at YQC will let you hang your hat there? I feel that no brokerage is really going to help you that much...it is more about you seeking the help you need from professionals in the industry. That can be in your brokerage or even outside your brokerage. I would go with the lowest fee structure that fits your business model. Unless you are specializing in the luxury market I don't think the brokerage matters....what matters is the individual.
Let me know if you every want to chat over the phone or meetup locally (when it is safe to do so). I like meeting up with folks that have similar interests and goals within real estate.
@Uwe G. you have some great points and I've been wondering how much support I’ll get from the brokerages. Since I’m a new licensee I’ll have to go through some version of a training/mentor program and if I can find a mentor that is also an investor I think that would at least be a good starting point. I mean the mentor is forced to work with me right?! That’s my hope and if it turns out my mentor and/or brokerage doesn’t really help me then I’ll just move onto another brokerage. Like you said though, I have to seek out help and partnerships elsewhere too and that’s what I’m doing. I won’t limit myself to just my brokerage.
As far as Jenny at YQC, I have already talked with her actually. She is open to the idea of taking me on but we agreed to talk with other brokerages first to find out what they are offering. She doesn’t have a new agent program setup yet so we both wanted to see what else is out there.
My primary reason for obtaining my license is to have more control over buying/selling my own properties. I got tired of having two middlemen between me and the other party. I want a more direct connection to what is going on during the sales process. I also want access to all the data and tools that comes with being a broker. So yeah, all of that is for my own investing purposes but I’m also interested in seeing what it would be like to help others buy and sell. I feel I have a decent knowledge base at this point and if I can use that to help others then I’d like to try it out.
So here’s what I’m looking for in a brokerage:
- Good mentor/training program with strong one on one support and not too “Ra-Ra” like KW (just not my thing).
* This will help expose me to the life of being a regular agent so I can see if it is something I want to expand upon or not.
So far I am liking what I see at Premier Property Group. They have a mentorship program that sounds pretty good and they do have some investor/agents that are mentors in that program. The commission splits are high for your first couple transactions but after that the pricing is quite good.
Honestly, eXp Realty has been frustrating to get any detailed information from. They’ll send you brochure after brochure supposedly giving you all the information you need but once you start asking tougher questions they just start ignoring you. A few times their answer has been “Well, you’ll get that information once you sign up.” Seriously?! You can’t tell me now?
I’ve talked with a couple other brokerages as well but they didn’t really stand out.
I’m definitely up for talking some time. I’d love to hear about your various investment plans/projects/etc. I’ll send you a PM.
@Charlie Kazmar who at exp are you asking questions?
@Charlie Kazmar
It sounds like you’re having a tough time getting some detailed information about eXp realty? You seem to know enough about eXp, but would really like to address some specific concerns. I’d be happy to give you a more detailed breakdown and answer specific questions you may have if you haven’t given up yet!
@Charlie Kazmar Looks like Premiere Property Group is a good starting point. I would jump in and not overthink it (you can swith easily if needed). Also realize that the success of the mentorship lies in your hands. So anything you can do to help out your mentor (i.e. Open Houses) then they will help you out in return. Take your mentor to coffee and pay for it. Come prepared with exact questions you need answered and ask questions about how you can best self serve. Partner with agents, so do most of the work with their guidance and split the commission with them. You will need to incentivize people to work with you and teach you.
Build a relationship with a title company and fine a resource there that will help educate you. They are constantly offering stuff like that. Also, attend local meetups because like minded folks are at these that enjoy mentoring.