Dec

How To Choose the Right Real Estate Brokerage

By Emily

If you are a licensed real estate agent, I need your help!

Right now, I am struggling with a question I’m sure many newly licensed real estate agents face – Where should I hang my real estate license?

When I first decided to get my real estate license I liked the idea of being self-employed, having a good way to get out-and-about in the local real estate scene, I wanted to see more properties and MLS data to help with my investing, and I wanted to be able to make money listing properties.

Initially I decided to work as an agent with Marcus & Millichap because I love commercial real estate and I liked the idea of working business days (9-5) rather than working nights and weekends. I did not want to give up my nights and weekends because that’s the time when I see my family.

Unfortunately, I recently decided Marcus & Millichap wasn’t going to be a fit due to the length of the work days (being out of the house from 7 AM to 7 PM was too long to be gone with a 6-month old baby at home).

So, now I’m stuck with that question – where should I hang my license?

My ideal real estate business model would involve blogging and online marketing via Active Rain, direct mail campaigns, and personal networking, to list and sell a few houses a year. I know people get concerned when they see "part time" real estate agents. My goal is to be a full time real estate expert, just not one who’s always showing homes to buyers.

I talked to one realtor named Katerina who works on short sales and luxury homes in Florida. She suggested going with a firm that allows me to market MYSELF first, rather than the company first. She named ReMax or Keller Williams as two firms that were strong in this regard. She also suggested always reading the Independent Contractor agreement before deciding to move forward.

I also looked at ZIP REALTY which is an online brokerage with a very compelling model. They have an online property-search website that collects leads and sends them to agents for free. Agents then work these leads and get paid a discounted commission when they close. The problem with this set-up was I didn’t want my focus to be as a buyer’s agent. They told me that 90% of their deals are buy-side, and my understanding is that is a very labor-intensive side of the business.

Right now I’m trying to get in touch with RedFin which is another online real estate broker in the Seattle area. It was actually started by someone I went to high school with (how cool is that?!). Their model is a pay-by-the-job model. Field agents there are paid a flat fee, like $125 or so, to go out and show a property, let in an inspector, do an open house, etc. It’s good walking-around money, and might be a good way to keep my license active and get me out in the field a little more.

If you are a licensed agent – I’m curious… what do you like and dislike about your broker? What do you wish you’d done differently when you decided where to work? Do you have any suggestions for me?

Thanks in advance for your help! I really appreciate it!

Emily

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