Which brokerage...

Question

Hello everyone, I have completed my pre licensing class and will be taking my exam this Monday coming up... (im suppperrr nervous)... Anyways, I knew that you have to affiliate with a brokerage within one year of passing your exam. Im 21years old and im not sure that im asking all of the questions that I should be asking when interviewing a broker. Ive taken startup costs into a big part of my decision (due to my young age and barley having any money saved). Ive spoke with Long and Foster, Coldwell Banker and Keller Williams. I am very impressed with Keller Willams and I am thinking about affiliating with their brokerage, yet I would like some insight.

Which brokerage out of the three are your top picks and why.

Patrick Britton · Answer

I have a friend who is going through David Hutton's school up in my neck of the woods, Bellingham.  He provided her with a list of questions to ask the managing brokers which in turn would help her decide where she should hang her hat.

I think that it really does depend on a whole range of things, including your level of experience and/or knowledge.  It will also depend on your immediate needs.  For example, if you need a steady paycheck immediately than you might have to look for a team who will bring you on as an assistant and provide a base salary.

I've heard nothing but great stuff about the education and training that Keller Williams provides, but I've also heard that the payouts are somewhat diluted.  Obviously, at a place where you get 100%, you should expect to receive very little training or support.

I would go so far as to make the argument that no one brokerage is better than another.  I would state that each brokerage is designed a certain way and you should go to the one that fits you the best.  Consider interviewing everyone, not just Coldwell Banker and Keller Williams but also RE/MAX, Windemere, Muljat, etc.

This is an extremely important decision and could make or break your career.  I know someone who joined Keller Williams and was thoroughly dissatisfied and left the business after only six months.  Conversely, a close friend of mine joined KW two years ago and is one of the top producers in the entire county.

Think of each firm as an individual with a unique personality.  You will be working for this individual (firm) and if you don't get along it's not going to work out.

good luck

Adrian Chu · Answer

Yes, the MLS and Realtor Association are independent organizations in my area (Seattle, WA).

JOAN DICKIE · Answer

@Ti Jackson, you mentioned a mentor program and about the costs.  That may be a market center specific program, so I have no answers for you.  In the market centers I've been associated with, I have been able to meet with the team leader on a regular basis for no cost as long as I'm doing the work the team leader has set.  Your market center may have different programs.

If you join an other agent as their buyer's agent (which is a great idea to start out), the % is worked out between the two of you.  There is no set amount.  My recommendation is that if you pay a high percentage to them, have them pay for some of your costs.

Ask the team leader about starting costs.  It will vary by location.  The KW costs are minimal, however there will might be Errors and Omissions insurance costs (mine cost a little over $100 for the year).  There is also the larger charges for joining National Association of Realtors, State and local associations.  The team leader will have a break out of the costs.  If not, find out the phone for the local association and ask them for the dues.

Leads were handed out to whoever was on "floor duty" on that day, ie scheduled to be in the office all day.  Usually very few leads come in through the office.  KW is very big on associates building their own brand.  KW doesn't advertise like the other big brokerages to get leads.

Circumstances vary by local, as laws vary and business practices vary.  Good luck and ask the team leader a lot of questions.

JOAN DICKIE · Answer

@Adrian Chu, are you allowed in your area to use the MLS without joining the realtor's association?  That is great!  In my area (Western Wisconsin), I have to be a member of NAR, the state and local associations.

Adrian Chu · Answer

I work with a 100% commission desk-fee firm and it seems to work best for my situation.

Also, it helps not having to pay the hefty $700-800 Realtor Association membership that many firms require.

Good luck.

JOAN DICKIE · Answer

Disclosure, I'm with KW.  With KW, you have a lower takeout, but you pay for almost all your expenses.  There is generally no company advertising, as KW is big on associates building their own brand (within state limits).  The KW market centers that I have been with don't give out any leads, so if that is important to you, you might check out other brokerages.  I like the general concept of KW, however, each market center is different, so, talk to some associates there to get their opinion of team leader and other admins.

Good luck!

Shawn Mcenteer · Answer

I switched from a popular brokerage in my area to join KW.  Education and structure is top of the line.  Payment structure is awesome as well.  I highly recommend KW.  Happy to help answer any questions you may have, best of luck.

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