All Forum Posts by: Frank J.

He’s NOT paying the broker fee but I’m free to rent them out and pretty much do anything I want with the units as long as he collects rent for units rented he is fine. I will be getting a small management % fee as a property manager too.

I’m having hard time trying to figure out how to make something out of this situation other than just renting the units and making a small fee/commission. The building is located in the busy town center.

Any ideas or thoughts on how to make additional money out of this?

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Does anyone know what the monthly dues, average spilt, caps etc. are for Sotheby's International Realty? Thanks

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Originally posted by @Frank Wong:

Originally posted by @Frank J.:

Originally posted by @Frank Wong:

Originally posted by @Frank J.:

Originally posted by @Frank Wong:

Hi Frank,

If you are brand new. I think its best to join an office. You get to piggyback off the other top producers learn from them and use the company name.

Now if you are established and got a pipeline of clients then you can just go on your own. For me, I am a broker but I prefer to work with a company. The company pays for my assistant and I have support if needed. This has allowed me to focus on what I do best is getting my clients results.

If you join an office as a broker is the split more than a salesperson?

No, your split is determined if you have skills or not.

No offense but in real estate skills are subjective and the bar is not very high. A monkey can put a listing up on MLS and anyone can show an apartment. I think it all comes down to clients and the business you bring to them. Ive learned that RE offices will hire anyone with a license and a pulse.

Those are the skills I am talking about. The only ones that matter. Clients and Sales. No clients your split sucks skills and clients = high split.

Yes, agree. How do you join a team because I dont see many team advertise positions online?

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Originally posted by @Frank Wong:

Originally posted by @Frank J.:

Originally posted by @Frank Wong:

Hi Frank,

If you are brand new. I think its best to join an office. You get to piggyback off the other top producers learn from them and use the company name.

If you join an office as a broker is the split more than a salesperson?

No, your split is determined if you have skills or not.

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Originally posted by @Frank Wong:

Hi Frank,

If you are brand new. I think its best to join an office. You get to piggyback off the other top producers learn from them and use the company name.

If you join an office as a broker is the split more than a salesperson?

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I got my brokers license and Im trying to see if its better to do it on my own and setup an LLC or join another company as an associate broker?

Any brokers out there who can give me some solid advice would be greatly appreciated.

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Originally posted by @Steve L.:

Errors and Omissions insurance is typically paid by the RE agent or factored into the costs. So you wouldn't pay more.

There is more liability, as the broker is the one signing everything (agents are not allowed). We typically fix whatever clients complain about if it is legitimate anyways..

Quick question: Did you have any issues getting your previous broker sign off the (3yrs/25hrs per week) employment form? I just did my class and this is my next step now. Thanks

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Originally posted by @Tyler Roicki:

Originally posted by @Frank J.:

@Nick Paul that is exactly my thought.

Yes, he offers office space but Im never there. He is very old school and too cheap to spend on any marketing. I worked at another boutique office for 2+ years prior to this one and they provided leads regularly, spend money on advertising so thats why Im concerned if this place is a good fit.

Sounds like you had a better thing going on at the prior place you were at. What brought on the change out of curiosity?

They closed down.

I think at 50% and doing all the work + paying for ads myself is not worth it.

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Originally posted by @Derek Jones:

I personally don't see offices providing leads as much value. Highest converting leads are soi or referrals and brokerages aren't handing those out. They are spending money on google ppc, facebook or zillow ads which is anywhere from 1-6% conversion ratio. So every 100 leads I might close 1 or 6 of them over time. We are our own business, independent contractors (unless you are an employee of redfin or similar) and as such it is on us for business. The brokerage should be there to give us tools and support to get our own business and be successful on our own.

But then whats the point of working for an office? I can just get the broker license and do it on my own and keep 100% of commission.

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Originally posted by @Derek Jones:

Welcome to real estate. Most brokers don't provide their agents with leads and the ones that do seem to charge a hefty price for the leads. I was previously with ZipRealty and they provided leads but I would never rely on them. They take 30% off the top for leads they give you, then they take the 50/50 split. So if it was a $10,000 check you'd be left with roughly $3,500. Of you can work with a company like redfin or purplebricks. As agents we are independent contractors and it's up to us to get leads. The brokerage should provide support and tools to help get leads but not the leads themself. If you want leads look into joining a team.

The previous broker I worked for did provide leads all the time because he saw as if I was making then he was too with very little effort. I know quite a few other offices that do provide leads to agents. I mean whats the point of the office broker if he just takes 50% of your hard work by doing nothing. This is not the 90s or early 00s anymore. Offices have to offer some kind of value to their agents to keep them otherwise they will lose to competition like Compass.

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All Forum Posts by: Frank J.

Frank J. has started 4 posts and replied 16 times.

Post: Commercial office building potential?

Post: Sotheby's International Realty Fees and Splits ?

Post: Got my brokers license. Should I go with a big company or solo?

Post: Got my brokers license. Should I go with a big company or solo?

Post: Got my brokers license. Should I go with a big company or solo?

Post: Got my brokers license. Should I go with a big company or solo?

Post: Is it worth getting a brokers license???

Post: Broker provide leads to his agents?

Post: Broker provide leads to his agents?

Post: Broker provide leads to his agents?