Being my own agent

Being my own agent

Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes

I am close to completing the broker courses for Illinois, and so now I face the task of finding a place to hang my license. I was wondering if I could get the BP community's feedback on whether I should go with a traditional brokerage once I get my real estate license, or whether I should go for a discount brokerage that doesn't give me much overhead.

As back ground,  I am hoping to use my license primarily for access to the MLS and for access to properties. I have a good full-time job, and my primary focus will be on using my license for access and information to help me invest.

I see the traditional agency's as being advantageous in that you get "mentoring" and training. Obviously, they would probably at least try to offer more support for a new agent than the discount places. Does anyone have any feedback on whether the support from these agency's is worthwhile?

I see the discount places as being advantageous due to the low cost of maintaining a license. I found a brokerage that costs $35 per month and charges transaction fees of $200 per deal. This means I could keep all other commission on my own deals. Would I be able to figure out the rest on my own without mentoring? Thanks in advance for the feedback!

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  • Herndon, VA · Member since 2014 · 1k+ posts · 324 votes
    11y
    Originally posted by @John Warren:

    I am close to completing the broker courses for Illinois, and so now I face the task of finding a place to hang my license. I was wondering if I could get the BP community's feedback on whether I should go with a traditional brokerage once I get my real estate license, or whether I should go for a discount brokerage that doesn't give me much overhead.

    As back ground, I am hoping to use my license primarily for access to the MLS and for access to properties. I have a good full-time job, and my primary focus will be on using my license for access and information to help me invest.

    I see the traditional agency's as being advantageous in that you get "mentoring" and training. Obviously, they would probably at least try to offer more support for a new agent than the discount places. Does anyone have any feedback on whether the support from these agency's is worthwhile?

    I see the discount places as being advantageous due to the low cost of maintaining a license. I found a brokerage that costs $35 per month and charges transaction fees of $200 per deal. This means I could keep all other commission on my own deals. Would I be able to figure out the rest on my own without mentoring? Thanks in advance for the feedback!

    If you are part-time and using it primarily to research the MLS and buy, I would be very inclined to go with the discount brokerage. For the particular one you mention it does sound almost too good to be true. I would talk to a couple agents to get an idea of the true costs - if you can find a former agent even better.

    One exception would be if you plan to focus on a particular local area for your investment.  If that is your plan, I would look for the brokerage that is most effective in that area.  Not only would you want to work in that brokerage, but you should try to work with the agents that work in the type of investment that you are looking for.  If you plan to buy and hold one area you could probably get started pretty easily would be representing renters(and to a lesser extent landlords).  It isn't preferred by agents due to the small commissions, but you can get a good idea about the rental market for experience in that area.

  • Residential Real Estate Broker · Antioch, IL · Member since 2013 · 87 posts · 34 votes
    11y

    I agree with a discount brokerage. I am in the same boat as you just using mine for my own info purposes, and to see and list my own houses.

    You'll have to join a realtor association as well to get the MLS access, and they also provide a lot of training material and support.

    Not sure what part of IL your in, but I'm with a very good local low cost brokerage covering most of northern chicagoland and burbs. No monthly fees or other costs (other than joining an association). And very friendly commission splits that get better after every deal. The managing broker has been very helpful in coaching me through my first transactions.

    If interested let me know.

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