One of the toughest decisions you’ll get to make as a new real estate agent is who to affiliate your license with. In other words, take a great deal of care in choosing a real estate broker.
Here are some very important items to take in to consideration;
Are they company focused or agent focused?
What is their new agent training program and do they have proof of success?
The state says that the broker owns all listings. Fine. What is the broker’s policy if you choose to leave? Do you get to take the listings with you or does the broker keep the listings?
Same with your database. Does your database of current and future clients belong to you or the broker? Or, does the broker have rights to your database after you leave?
What is the culture of the brokerage? All for one? Or mind-your-own-business?
Do the agents have a say in how the office is run?
Who do you have access to that first year?
What is the market share of the brokerage? (Do you want to be part of a small office or a big office? – There are trade-offs for both.)
The list above is not all encompassing. But it is a great place to start. Seek your own answers. Research. Ask to speak to some of the broker’s agents. Ask to see the office’s trends. Are they growing, staying the same or slipping back?
Here in Kansas City we have a lot of great brokerages to choose from. Some are very limited service, some full service and everything in between. Some have been around decades and others are startups. Some small, very small. Some large, very large.
You really have a Good, Better, Best decision to make, in choosing your broker. The income difference between Good and Best, can be significant. So research, make a decision and then make the decision right.
Most people interested getting their real estate license in Kansas want to start with the question of, “How to become a real estate agent?” I’d like to proffer a different question, “Why do I want to become a real estate agent?” And that is the better question here in Kansas, or Missouri or Maryland or Hawaii or, well, you get the idea.
As someone who has been licensed since 2002, is the Team Leader of the Olathe, Kansas Keller Williams and an owner of a property management brokerage as well as a national MAPS Leadership Coach (the coaching wing of KW) I’d like to share with you the most popular reasons I hear for getting a real estate license. After all, I have interviewed literally thousands of would-be and current real estate agents.
CONTROL MY TIME
Well, yes. And no. When you get your real estate license you are opening a small business. If you are going to depend on that business to feed you (and your family?) as well as provide housing, transportation and some of the funner things in life, you better treat your business like a business. This means long hours and hard work for a few years. After you have build a reputation and client base and learned to leverage then, yes, you can control your time. This may take months for some, years for others and never for still others.
If you are working part time or the realtor income will be disposable (extra), then you can be more relaxed and work at hours you pick and choose. In the beginning, there is a direct correlation to how much effort you put in and how much money you will make.
MAKE MORE MONEY or CONTROL MY INCOME
Considering it takes less than $2,000 to get a real estate license and get started with all the MLS, business cards, etc, this is a FANTASTIC business, returns wise. I’ve seen people walk in the door and make over $125,000 their first year. I’ve also seen people walk in, sit at a desk and look all around the office for a paycheck three weeks later, because that was what they’ve been trained to do in the previous life in the job-world.
Folks, this is a business that a college drop out (or never-was) can earn professional level income. Though lets be clear, it is YOUR own business… and all that comes with that.
“I LIKE HOUSES”
Please. I’m not sure I want to write how I really feel when someone says to me, “Well, I love watching HGTV and I really like houses.” Well, I really like beer but I’m not going to start a brewery. I really like bicycling, but I’m not going to start a bike store.
Listen, if you have the money and the time to just bounce from house to house looking at decorating ideas and if you sell one or two houses a year, GREAT! For most realtor business-people houses quickly become a commodity. A unit. Now don’t get me wrong. Don’t misquote me. I’m not saying that houses aren’t a great commodity. I’m not saying that there is incredible honor and satisfaction in helping people choose, acquire and release a house/home. I’m just saying this is a lousy hobby for most people. So much cost, risk and detail.
There you have it. Those are the TOP 3 reasons I hear people say as to why they want to be a real estate agent.