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rjb409, Other/Just Looking in Montclair, NJ

Broker involvement with agency

Asked by rjb409, Montclair, NJ Fri Apr 6, 2012

Hi. I am starting to learn about the business and I have registered to take the real estate license course. One question: I know that an agent must have their license held at a brokerage. But how involved does the broker have to be in daily transactions at a real estate agency? Can there be an "absent" broker or a broker with limited involvement?

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I am new to the BIZ TOO ! Congratulations. & Welcome!

Now, I am coming to find that this is my business and I get what I put into it. I work for Coldwell Banker Flangan and am very fortunate that my broker and manager are there when I need them. BUT they are are not over my shoulder. The answer to your question really depends on the broker of which ever agency you become involved in. I don't even think I would want to participate with a Broker who was limited or absent, think about it..
0 votes Thank Flag Link Sat Apr 7, 2012
1. It depends on the broker.

2. Consider signing up for Mike Ferry coaching and training. http://www.mikeferry.com/main/. Mike Ferry will change your life and get you business organized far beyond what any broker will do for you. If you learn the Mike Ferry system from day one your business will have the best opportunity for success.
0 votes Thank Flag Link Fri Apr 6, 2012
In NJ, a Broker is required to "Supervise" all the Agents in that Brokerage.
They are responsible for their actions.

The day in and day out activities do vary by Agency, based on the Business plan.
Choose wisely, my friend
0 votes Thank Flag Link Fri Apr 6, 2012
A broker's involvement will vary. However, keep in mind that any transgressions or errors by agents are the responsibility of the broker. So no professional broker will choose to be absent or limit his/her involvement. It's his/her neck on the chopping block if anything goes wrong.
0 votes Thank Flag Link Fri Apr 6, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
BTW,

MOST agencies will pay all or a portion, if not all, of the cost to take the licensing course if you agree to work for them.

Have you interviewed at a few agencies to see what their commission policies, training methods/programs, benefits, and out of pocket costs etc are?? It might be worth your while to do that first, then take the course and have an agency waiting for you when you pass the exam
0 votes Thank Flag Link Fri Apr 6, 2012
rjb409,
The managing broker is just that. The manager of the office. Duties are defined by the state where the company is located and licensed to do business and the owners of the business. Some states allow the managing broker to manage multiple offices.
0 votes Thank Flag Link Fri Apr 6, 2012
RJB,

Basically the "broker of record" is ultimatly responsible for all their agents but it depends on where you work as to how involved the broker is. Usually you have more contact with the broker/manager.

In a small agency (like one office) usually the broker is also the manager.

In a large agency (like mine) where there are 17 offices, there is a "broker of record" for the company, and each branch office has an individual broker/ manager. So technically the "broker" is absent because he is not involved with the daily routine of each office.

In both cases the broker/managers are usually involved in training a new agent, monitoring their activities, guiding them, making sure they adhere to the rules and regulations, helping them with a marketing plan, and there to answer questions etc.
0 votes Thank Flag Link Fri Apr 6, 2012
HELLO TO YOU, TOO; I AM CURIOUS, IF JUST BECOMING A LICENSED AGENT, WHY WOULD YOU NOT WANT YOUR BROKER INVOLVED? THEY CAN GUIDE YOU, PROTECT YOU, HELP YOU AVOID ERRORS AND HELP YOUR BUSINESS GROW; IF YOU APPROACH IT LIKE YOU ARE IN THE C.I.A., THEN NOBODY WILL KNOW YOU ARE AROUND AND ABLE TO DO BUSINESS; NO, I AM NOT A BROKER, JUST SHARING MY THOUGHTS;
0 votes Thank Flag Link Fri Apr 6, 2012
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