Agent2Agent in Van Nuys>Question Details

Howtema, Home Buyer in Los Angeles, CA

New Salesperson in S.California starting out

Asked by Howtema, Los Angeles, CA Tue Apr 28, 2009

I am considering sitting for the RE Salesperson exam this summer. In the application I am checking NBA (Non-broker affiliated) since I have not yet contacted any broker that I might want to work with. I am not even sure about all the details I need to interview and choose a broker.

Since most the transactions occurring now-a-days are REO or short sales, I have the following questions from experienced professionals;
1. Are there certain brokers that specifically deal with REO, if so, how do I find them.
2. For someone starting out in this market, what should I do to find and select a broker to work with. I am aware that finding a mentor is beneficial.
3. How responsive would brokers be in this market to new comers.
4. What kind of money can I realistically expect to make in this market.

Thanks for taking the time to answer.

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Answers

6
Yes, I am responsible for hiring.

No, I sell a lot of properties in the Valley, but I have an office in the Westside. It makes me accessible to both pools of clients.

We don't have any mandatory events. We always appreciate and encourage agents to come in, but there are some who come in very infrequently.

Let me know if you have any other questions.

Richard Schulman
310-482-0173
schulmanrd@yahoo.com
1 vote Thank Flag Link Wed Apr 29, 2009
Howard,

Most brokerages focus on all properties, REO, Short Sale and "Regular." At Keller Williams we have an REO division that provides training and access to REO properties, in addition to a commercial and luxury homes division. You probably only have 1-2 years left of solid REO/Short Sale business, so you don't want to limit yourself.

A broker needs to provide training, support and a generous commission structure. At Keller Williams we have 1-2 training classes every day, in addition to marketing and lead generating sessions. We also have the best commission structure.

We hire 6-10 new comers every month and put them through our 2 week training program, with mentoring and coaching provided for 1 year.

You should be able to make over $75,000 first year, if you have a solid sphere of influence, you work hard, market yourself and meet people. We can customize a business plan for you, so you can hit your goals. Many new agents make more than that depending on their level of ability and influence.

Call me to set up a meeting.

Richard Schulman
Keller Williams
310-482-0173
1 vote Thank Flag Link Tue Apr 28, 2009
Howtema..I think that you have compiled a great list of questions for any competent career counselors at a brokerage. The key is of course of how the answers are presented (are they making things up on the spot or do they know their stuff).
I agree that you must interview with several offices before settling in with the right one.
I would only caution you to only seek companies that REO oriented. Markets, change and so do the types of listings we represent..the brokage you work with should be diversified enough to have business now and plans for the future.
Web Reference: http://www.c21ab.net
0 votes Thank Flag Link Sun May 3, 2009
You are right about most transactions being REO or short sales. Many brokers or their listing agents have REO listings you can probably find someone in most any office that has some REO's. A busy listing agent doesn't usually work with the Buyers, they are representing the Seller (bank, short sale, or regular sale), Then there are the Buyers agents who represent the buyer side of the transaction, show property, hold open houses, make offers for their clients, etc.

Having a mentor is very beneficial in the beginning, since every deal can be a little different and it is nice to have someone to ask questions. The larger companies take quite a commission split to a new agent who needs mentoring, and some of them want to charge you additional money for coaching.

Some companies are responsive to the new agent, and some aren't as they don't have time to teach someone the business. I know when I started I went with a large firm, with lots of costs, but ended up feeling like a little fish in a big shark tank, and seeing most of my money going back out the door to pay to be in the real estate business.

Realistically the money, that will depend on the kind of business model you hang your license under. There are many places that will give a new agent a chance, start you out at a 50/50 or 60/40 split, but then on top of that there is a monthly fee, a franchise fee (usually 6%), transaction fees, E and O insurance, and various other fees, in addition to a coaching fee for your mentor, so when it comes down to it your check is no where near where you thought it would be. I finally found a company that does not charge all of these additional fees, offers you a technology package to help you build your business, welcomes new agents starting them at 70/30 including a mentor, and a less competitive environment. So realistically your income will depend on how much you are paying out and how much you apply yourself.
0 votes Thank Flag Link Sun May 3, 2009
Talk to at least three brokers....ask THEM for references from their newest rookies. Talk to the rookies...listen to what they have to say. Ask the brokers for a BAD reference from a fpormer employer...call that person and ask what happened.....listen and choose carefully!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Fri May 1, 2009
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Richard,

Thanks for your response. Based on your post I had a few follow-up questions.

- Are you the agent responsible for hiring agents?
- I am in the San Fernando Valley area, does that make a difference if I want to work in this area?
- Do you require the agent to attend mandatory events at your West side location or does the go out on their own and not have to report to the home office until there is a deal to be made?
0 votes Thank Flag Link Wed Apr 29, 2009
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