All Forum Posts by: Kristel Daugherty

I like @Sean McDonnell's advice, and would add that what I like about Keller Williams is the culture.  They provide a lot of training, resources, education, and coaching in my brokerage, and the additional culture emphasis I believe is what puts them ahead of other agencies.  It's more than just Red Day or Profit Sharing, but the Belief System

I really like my brokerage, but each one is individually owned and operated.  [Solicitation Removed by Moderators]

@Timothy Gordon- While you're exploring, check out local investor groups like REAPS and start networking.  You may find a local niche that you can start fitting into now, and you'll build up your knowledge base at the same time!

If you switch careers into real estate or something with variable income, you'll typically need 2 years of proven income in order to qualify for a loan, so I would consider that as well.  Maybe you can stay in your current job for six months to a year, build your networks and knowledge base, and then make the leap?  Sounds like Timothy Tooker would be willing to talk about the local markets too, and that would be a great relationship to have in your team.  Good luck!

@Nathan Killebrew - my top tip for networking is the same whether they're high-profile or your next door neighbor.

Come from a place of contribution.  Figure out what they need help with, or how you can meet a need, and do that.  It doesn't matter how big or small it is.  This shows that you understand how you can be of value, that you have gratitude, and allows for gratitude to be naturally returned.

It can be as simple as making an introduction, providing an insight, and I've even heard stories of people giving rides to/from the airport just to get the bonus one-on-one time!

Hi @Alan J Mowder!  Congrats on your service, and good luck with your exams!

Finding your brokerage has a lot of elements.  One of the first things you can do is research which brokerages have the most market share in your area.  This is important because you'll be able to align with the most recognizable name.

Look at the resources that they offer, the commission splits, and training opportunities.  Another thing you'll discover is that all of the testing that you're studying for is great, but doesn't prepare you for the business end of things!  Do you want someplace with in-person coaching or online resources?  What kinds of ongoing learning is available?  Is there coaching, and what is included?  What are the monthly fees?

Ask if you can attend some of their events before you sign on.  Is there a weekly or monthly training/sales meeting you can drop in on?

Finally, stop by a few open houses that the top brokerages you're considering have.  Talk to the agent there and get a personal sense of what they get out of the brokerage.

If you have the time and want to do the research, any or all of these should help you make a great decision!  Good luck!

Hi @Grant Baker - I'll give you a contrary opinion so you have a balanced response!

If you work with multiple agents, expect them to get frustrated with you and eventually get little or minimal help from them.  They'll know that you aren't dedicated to them, so they will similarly not be dedicated to you.  This is how investors get a bad rep within the real estate agencies.

However, if you interview several agents and let them know you're looking to work with someone exclusively for your investment portfolio, you can vet each agent to find one that works well with you.  Ask them about their experience, their own investments, their connections, how they've found deals for other investors...  You'll find that some of the agents that you interview aren't up for the job.  Hopefully you'll have a few to choose from, and then pick one.  If you're still hesitant to work with one agent exclusively, just be aware that you're likely not getting their best.

If you interview them properly, you'll find someone that you can work with over many years.  That person will know how you work, what you're looking for, how you like to do business, and can keep an eye out for things that you may not come across.  They'll be an asset to your team and can even help you expand within the greater context of your portfolio, if you trust and build that relationship.  If you go it alone, it's going to be a much harder process with a new agent each deal.

Whatever you decide, I wish you luck and success!

@Ryan H. - that would be great!

It doesn't exist because there is a fundamental flaw in what you're trying to do. The real question you're asking is to quickly identify properties that are over/undervalued based on a faulty algorithm.  Because the algorithms aren't true estimates of value, it's still best to individually review properties to determine their market value and potential.  An algorithm can't do that well enough yet.

Alternatively, you could have someone with more coding experience run code with those algorithms and listing prices.  I think you'd find that old adage would start to reveal itself, "Garbage in, garbage out."

Each brokerage is independently owned and operated, so their policy on minimum commission will vary. As stated above, many offices will waive for one transaction per year, usually for self or family. 

The next part of your question is why are you asking about minimum commission for friends and family? If you’re working as a broker, please know the value that you bring to each deal and be cautious of undervaluing your worth. Sure, you can reduce your rate for close relationships, and yet remember that you’re running a business and it’s ok to charge for your services!

I think it depends on your learning style. They vary a bit by state, so the best advice I can give you is to actually start interviewing local brokerages. Their course recommendation(s) would be one of many great questions to ask as you get a sense of the brokerage you want to work with. 

@Dane Larsen - I think you've gotten the word from above, and I can tell you that you don't need a license or certificate to be a landlord for properties that you own.  If you want to manage properties that you don't own, then you'd need a license.

You'd benefit from connecting with other landlords in the area that you do business in so that you learn the local regulations and requirements.  It's also good to keep up to date with legal changes (WA is starting to lean more and more towards tenant-friendly laws, especially the closer you are to Seattle).  Let me know if I can help further!