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Ricky, Real Estate Pro in New York, NY

As a new agent (3 months) is it better to be at a small firm or one of the big firms? I live in NY and have

Asked by Ricky, New York, NY Thu Aug 14, 2008

been doing rentals at a boutique firm, and I already lost a rental exclusive because I was not with a big firm. Also, is it possible at a larger firm to be part of a team in order to have the support and hands on experience. Thanks

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Christina’s answer
As a new agent, I strongly advise that you make sure you are not putting all your eggs in one basket! Why not work for yourself and get the job done!

Here is a cutting edge tool that will enable you to make deals happen faster than any firm!

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0 votes Thank Flag Link Thu Aug 14, 2008
It's always best to go with one of the largest firms. Typically, they give you the best support system, resources and training to make your career grow. However, many large firms also have higher sales quotas...so you really have to work hard. We are the largest in NY area and 4th largest in the U.S. by sales volume...but desk space is at a premium...if you don't produce, you are asked to work from home.
A word from the wise...gear your business towards working with sellers/investors...there is an old saying in the business..."if you don't list, you don't last" 80% of the time when you're working with a buyer/renter you don't do a deal...80% of the time if you have the listing you make money!
Web Reference: http://www.elliman.com/gjm
3 votes Thank Flag Link Fri Aug 15, 2008
Dear Ricky,
I work in the number one real estate office on the planet. There is some competition between realtors, but mostly it is a friendly comraderie. I have to disagree with Glenn. In the old days the saying was " You have to list to last". However in our current market working with qualified buyers 90% of the time has been better for me. Having something for sale is nice, but it pays no commission unless it sells. It won't sell without a buyer. So if you have a solid buyer, that is like having money in the bank. While I have 1-2 listings at any given time, sometimes they may sit there a little longer than I would like. They key is to find what works for YOU! Good luck!
Betina
Betina@KW.com
2 votes Thank Flag Link Fri Aug 15, 2008
There's just 1 problem with your response. If you have a qualified buyer it is like having money in the bank. However in my expertise, I have found that having a listing exclusive to you will ultimately bring you in contact with serious buyers. Having 1 buyer is never better than having 1 listing. It is similar to saying you'd rather sell 1 pig than manage the whole farm.
Flag Mon Dec 30, 2013
Just curious, what makes your office number one on the planet?
Flag Sat Feb 16, 2013
Ricky: I will echo Betina's answer... talk to your local Keller Williams office. You will NOT be a number in a big firm, you will be an integral part of something really big! There is as much or as little training as you'd like. You can go it alone and develop a team yourself or join a successful team as a buyer's agent, lead coordinator, etc. Good Luck!
Maryann Lawler, REALTOR
Keller Williams Realty of Greater Manatee
Bradenton, Florida
http://www.MaryannLawler.com
Web Reference: http://www.kw.com
2 votes Thank Flag Link Thu Aug 14, 2008
I like to think for myself. I like to advertise as I see fit and deem appropriate. I believe in seeking out and paying for my own education. As an Independent you have a right to create, the right to think outside the box, the ability to quickly change to meet market changes. Don't be fooled by statistics, they can be manipulated. Statistics are like a bikini. What they reveal is suggestive, but what they conceal is vital. Remember quality always trumps quantity.
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Fri May 14, 2010
Larger companies generally have many offices each of which provides guidance and support to it's agents individually. The idea of a "larger" firm, whether it is franchised or a large regional independent firm like mine, is that it can generally afford to provide more services and training for agents. Depending on the company, you may have a "best of both worlds" scenario.

Don't forget to ask about what costs are incurred by the company and what costs you are responsible to pay. That is also going to vary. Do you have to pay for your own agent web site, print ads, etc... or does the company pick up those costs. You need to run to numbers.

As far as the debate over building a listing inventory vs. representing buyers, both are equally important. At the moment, ready, willing, and able buyers are harder to find. But we know the market changes over the years. Your best bet right now is to reach out to everyone you know to let them know you have a great new career that you enjoy...And associate yourself with the company you feel most comfortable with and will provide you will daily hands-on advice.

Again, best of luck!
1 vote Thank Flag Link Fri Aug 15, 2008
Larger firms usually give you a lower split, but they will provide more for you in the way of services and education. For the last year and a half I have been in the largest, number one office of Keller Williams. If you want a referral or sponsor let me know I can find somebody for you local.

If you have drive and determination, I would go on my own. If you need a mentor or someone to hold you accountable every day then you may want to join a team. The team lead will most likely have daily requirements or schedule for you to adhere to. There split may also be lower on a team, as you have to help pay the teams overhead most of the time. Talk to several teams and several individual agents and see what works best for you. Good Luck!
Betina
1 vote Thank Flag Link Thu Aug 14, 2008
Hi Stacy,

I have been in the business for over 6 years and I would recommend starting at a reputable boutique firm first. When you first start, there is so much information to absorb quickly that you can get a little lost in the shuffle at a bigger firm. At a smaller firm you will get the hands on training you will need to minimize your learning curve. Best of luck.
0 votes Thank Flag Link Sat Mar 1, 2014
I started with a small firm an stayed with them 5 yrs but now that I made the move to a large firm Keller Williams I wish I would have made the move 5years ago. I have learned more in the last 5 mos then I had int 5 yrs. Amazing training, so many more successful agents willing to help work as a team and the name recognition alone is huge for your business. Make the move you won't regret it
Web Reference: http://Www.soldbystacy.com
0 votes Thank Flag Link Fri Feb 28, 2014
If you join a large firm - your best bet is to join a team. Otherwise they will chew you and spit you out.
0 votes Thank Flag Link Fri Feb 28, 2014
When I got into the business I started with a small firm and within 4 months moved to RE/MAX and have stayed there for 7 years now. My recommendation would be to go with one of the large firms for 2 reasons. The big brands are recognized for most consumers and they usually have more to offer in terms of exposure, tools and training.
0 votes Thank Flag Link Sat Feb 22, 2014
Hi Ricky,

It doesn't matter if it is a small firm or a larger firm. What matters is that the company has regular training for their agents. Also, Ricky, it is what your prefer but training is very important.


http://www.mybronxhomesearch.com/
0 votes Thank Flag Link Fri Feb 21, 2014
My advice would be to get a mentor. Some small offices have them, some big offices have them.

Real estate is TOUGH. You need somebody that can teach you the ropes and help you succeed.

Good luck!!
0 votes Thank Flag Link Sat Oct 12, 2013
The best type of firm to work with depends on your location and preference. Working with the larger firms will come in handy more when in rural areas since most owners will tend to gravitate toward well known companies. In more urban environments however many owners are trending towards lesser known firms for fear that the big name firms will not give their property the proper attention. Also you would have to factor in the things you yourself need as an agent. Smaller firms tent to have a better support structure while larger firms offer more resources. I personally find that the most important aspect of any company is the atmosphere generated by the agents themselves. Working at any business where the atmosphere is full of positive energy will more than likely result in positive results. Happiness is contagious. Happy to help all 646.406.4216 anytime for advice.
0 votes Thank Flag Link Sat Oct 12, 2013
A small Agency could be described as a firm that has between 5 and 30 agents. Combined with advances in technology, low overhead, and a personalized managerial style small firms have an advantage over the larger franchises. In uncertain markets clients and customers lean toward well-established firms that have survived tough times. Most sellers are looking for a firm that demonstrates stability and a hands on broker. Sales agents leave many big companies where there is a lot of dead weight, anonymity, and your on your own attitude. They find solace at small companies due to more personalized training, guidance, and broker access. Buyers and sellers also realize small agencies allow the same access to peruse everything that's on the market. I hope this will assist you when deciding to choose a real estate firm to represent you.
0 votes Thank Flag Link Sat Sep 21, 2013
I am fairly new and I love being with a smaller firm with a family feel.
0 votes Thank Flag Link Wed Sep 18, 2013
That's a question on the minds of most new agents. It really depends on the firm. I'm with Rutenberg Realty in Midtown. They are a larger firm but provide as much training as you would like to get. I'm very happy with their training. From some of my associates I hear some of the smaller firms are also good as they pretty much will hold your hand. I would interview with different firms and also talk to other salespeople to see what they have to say about the company. Ultimately it's up to you and how much you put into building your real estate business
0 votes Thank Flag Link Wed Sep 18, 2013
I would go with whoever has the best training. Find a mentor or a team that will take you on and teach you the ways of the real estate game. Good luck!!!
0 votes Thank Flag Link Wed Sep 18, 2013
Go with a large firm on a small team
0 votes Thank Flag Link Wed Sep 18, 2013
Dear New Agent
First of all welcome to the real estate business.
Now you are not an employee now you are an entrepreneur. And you need to go out there and interview as many companies as you can. Each company is unique with its strategies advertising and management support. What i can suggest you as a new agent you need always to ask your prospective company : do they have E&O insurance. In my point of view it is crucial factor that can save your carrier from mistakes that you might do as a new agent. Unfortunately not every company in NYC has it. Well, good luck with your search and if you have any more questions you always can contact me at Coldwell Banker Ac Lawrence Company 347-418-2581.
0 votes Thank Flag Link Tue Sep 17, 2013
Congrats on your decision to become a new agent! My biggest piece of advice is to get a mentor. I've been a part of a small office, and now am part of the #2 Century 21 in the country. Go where the training is!
0 votes Thank Flag Link Mon Sep 16, 2013
As a new a Agent, I strongly recommend you go with the larger firms and take advantage of their fantastic training. It will help you put together the tools to make you a stronger Agent.
0 votes Thank Flag Link Sun Sep 15, 2013
I think the better question is: where would you prefer to end up?
If you want to end up in a big firm with the power of brand then you should start at a smaller brand learn all the ins and outs and then branch out. If you want to create your own brand then you should learn from a powerful brand first.

Hope that helps.

Kevin Wong, CPA
0 votes Thank Flag Link Sat Sep 14, 2013
...It is 'better' to be with the 'whom and where' feels right to and for you! What feels like 'home' to you? Will you be trained- not just in real estate transactions, but in following the proper legalities of this business? Mentored? Properly vicariously managed?

A rental, sales, or even buyer exclusives/agreements are typically not lost over the size of a firm- rather, the comfort level, or lack there of in either price, commission, or agent making the presentation. When interviewing firms to find your right fit, just as in Teams- do your homework- ask questions, and always- have it all in writing!
0 votes Thank Flag Link Fri Feb 15, 2013
It's not so much the size of the firm as it is the quality of the training you are receiving at the firm. There are many boutique firms that have some of the best exclusives in the city. It's more about developing relationships. There are big firms where you can easily get lost because of the number of agents. And there are plenty of firms employing the churn and burn strategy of hiring and firing. I would encourage you to develop relationships in the the industry and to find someone act as a mentor to you.
Web Reference: http://www.ccrny.com
0 votes Thank Flag Link Thu Aug 21, 2008
Everyone has different needs. Do you want Company recognition? Do you want to work at home? Do you need to be around other agents to get you motivated? Really decide what will work better for you. If you don't feel confident about your own abilities, maybe you need to be on someone's team to learn from their experience and knowledge (this doesn't matter if you're with a large or small firm) And Ricky, you didn't lose the rental exclusive if you never had it! Think about the choices you have and you'll make the right decision!
0 votes Thank Flag Link Fri Aug 15, 2008
It may not be the larger or smaller firm that is the question: It might be your training and knowledge.

Learn about objection handling to your potential clients: On the positive note: Bigger firms...you are lost in the crowd and only a number. Smaller firms...you are more important to us and we provide personal, hands-on attention to your needs.

See what I mean? A successful Realtor should be successful wherever they go. Clients do not particularly hire a firm...they hire the individual.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Aug 14, 2008
I would recommend a larger firm that has the resources to provide in-house training and perhaps a mentoring program. It's not easy getting started, but if you have support, it helps!

Best of luck!
0 votes Thank Flag Link Thu Aug 14, 2008
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