Interview a few companies and ask to see what an average agent takes home at the end of the year after commission splits. Then ask how that company will help YOU grow your business. ...
I meet with Keller Williams.. and Remax... and could not believe how different the fee structure and culture is, My accountant who works with various realtors, was also suprised at how much I kept after commission splits. (He called after I submitted my tax info to him and wanted to know what was missed.)
As a new agent, you will need tools and models to help you get started. Then you'll probably want to re invest your profit back into your buiness. You are welcome to call or e-mail with any questions, I'm willing to share my experience.: email@example.com or 503. 939. 8201. Good Luck to you! Cristina John
To Diego. I am sorry your question got high jacked. It's unfortunate that some posters feel that they need to disparage another real estate company. I hope you'll still be able to benefit from some of the answers here.
To Carlin. I am not sure why you are so anti-KW. Apparently you decided that KW would not be a good fit for you and I could not agree more. Can't you just leave it at that instead of making baseless accusations and calling it a cult and pyramid. I hope you understand the difference between a cult and culture. It is obvious that you don't know what makes a pyramid scheme illegal because if you did know, you'd not think that anything about the KW system resembles a pyramid. You have already expressed your sentiments about our President, but I can assure you that the justice department would have shut KW down long time ago if it's business model were not legitimate. It may be different from the traditional real estate business model, but different is not always bad.
Welcome to a wonderful profession filled with wonderful people on both sides of the desk (and one or two poo-poo heads but we won't discuss them :-). Choosing the "best" real estate company to work for is very subjective. Each agent will tell you that the office/company/brokerage they work for is the best. But what you really need to look for is what's best for you.
Are you a motivated self starter with lots of contacts, exceptionally organized and more of a "don't tell me what to do" mindset? Then a company where you pay a desk fee (an amount that varies from company to company for the use of desk space and in some cases, use of the company's "name") every month but keep most of your commission might be right for you. These types of companies do not usually offer much training to their agent's as most of their agents are more "seasoned" and have systems in place. Remax is a great example of a company to explore if this sounds like you.
If you are someone who likes to be part of a "group" and who believes that the companies name recognition with the public will be instrumental to your success then you should seek out one of the many marquee companies. Century 21 and Tarbell both fall neatly within this catagory. Both have good training available and also have many happy folks working with them.
If you are more interested in increasing your knowledge about the industry, want some name recognition for the company you are with but also want to build your own "brand" so that when folks think Real Estate they think of you, Keller Williams might be your cup of tea.
There are as many different companies as there are people who work with them. When I was looking for my first company, I went to as many open houses as I could find in the areas I wanted to work in and spoke with the agents I met.
I met several different agents who all worked with the same office and all said basically the same thing, you need to meet our broker. I also met some other agents who worked for a different company (and several different offices) and found that they were all pretty rude to me so I wrote that entire company off my list.
Ultimately, the company I selected had more to do with the people within that particular office than it did with the name on the outside of the door or even the commission structure. In fact when the folks I decided to work with left the larger "name" company and opened an independent office I followed them.
Go out and meet the folks you will be working with. Go to your local Board of Realtor's and find out what caravans are available in your area and then go to those (believe me, the broker's can all smell a freshly minted license and will be looking for you as well :-), ask your friends who have recently bought or sold a home what company their Realtor worked with and what they thought of them as client's and then pick the place where you feel you fit.
Once again, congratulations on joining what really is a noble profession and good luck with your choice whatever that may be.
Take care and have a wonderful day!
Tisza Major-Posner, Realtor, IVPG Realty
You attacked my company; same as me. And what has the President got to do with it?
Nothing else short of an apology to all the well meaning people who tried to help Diego here will be worthy
of any further comments from me. And I do apologize if I offended any of them.
Keep your own counsel. Don't know what Carlin's problem is, maybe over affectionate to his hobby horse when small.
Keller Williams, as Dot and I indicated earlier, is not a pyramid. I am a Capper ( When capped you keep
100% of your commissions). I capped selling homes, not recruiting. I personally have recruited two agents in 3 years. Not my business, just a profit sharing opportunity within the model of our business.
Best of all, once trained, our Associates have a powerful support group to depend on...We are like family. If you are looking for a great company to join, with lots of positive energy and great success stories, contact Coldwell Banker Paradise Ed Schlitt REALTORS.
Why are you so concerned about Keller Williams? Is it because it is the only major Real Estate company in the country last year with positive growth?
Incidentally, the broker with the Jaguar earned that as one of the top team leaders in the nation for CB.
Wonder why she came to KW?
Wow! This is definitely misinformation. I happen to be a part of a team, The Chance Team, and we are a family of real estate agents. My husband, daughter and I are equal partners and it works well for us.
Carlin, when you discover something great you share it with other people. KW is NOT a pyramid scheme, we do a lot of teamwork and share successes with each other. The profit sharing is just an added bonus to working with a great company with a truly great business model. Anyone that has truly given a good look at KW wouldn't be saying the things I am reading on this board.
KW is growing fast and there is a good reason for it. The support we get is amazing.
One more thing. You'll hear a lot of misinformation about Keller Williams. Their model is not a pyramid scheme. It's not a scam. It's not a cult and they don't drink coolaid. They do have excellent training and they are successful in every market, however, KW is not the only good company out there (thank goodness). I wish you the best of luck with your new career.
Keller Williams profit share opportunity is about the owners (each office independently owned) sharing the
growth with their agents who help provide that growth.
Get the information first hand.
extensive practical training.
I'm biased because I am a trainer, and the Keller Williams model is the most extensive, user-
friendly training tool in the industry. No exceptions! The culture is also one in which your peers
are more than willing to share with you, and help you along the way. They don't consider you
their competition, but their team member.
Feel free to call me if you would like to have more detail. Website below.
Because Keller Williams provides you with professional training, You have a team leader at your office that will guide you to your way of a success.
Keller Williams offers TONS of help, TONS of training - THEY CARE ABOUT THEIR REALTORS!
Thats the main reason why a new agent should take advantage of it.
Hope this helps...
For more info about Keller Williams, go to:
Good luck in your search!
Every brokerage is always recruiting. The high split is part of the draw to hirinig new agents. CB makes more of a new agent than they do off the established agent and they get the sphere of influence to add to their marketing reach.
Even if you can't grasp the reality of the fact that KW's business model is agent centric you should be able to admit if you read my post that the model is sustainable and not a "pyramid". What company do you work with and do they know that you don't try to get the best agents to come work with you.
Joining a team is a decision you want to analize closely. This might work for you if the Agent you are considering is just beginning to venture out into the Team concept. Agents doing this usually are beginning to generate more business than they can handle alone.
Years ago, when I began my career, I joined a two sister team who wanted to branch out on their own and open a small office. The split was 50/50 the first year. The split went to 60/40 after I started generating more of my own business. I did 23 transactions my first 6 months in Real Estate. The sisters were my mentors. I learned a lot from those ladies. They generated more leads than they could handle and gave me equal time on floor duty. I worked with them for 2 1/2 years. I left when they decided to go back to work for another agency. Seems they got too many employees and found themselves doing more managing of agents and administrative work and had no time for their first love of selling. I joined RE/MAX and have been with RE/MAX ever since.
I worked as as accountant in a large RE company for 12 years when I left the security of a steady pay check for sales. During that time I saw large numbers of new agent failures, first hand. NAR stats indicate that 170 out of every 200 agents fail their first year, and only seven percent renew their licenses. I determined that joining a new or small team would be the best way for me to get an edge on succeeding those first few difficult years while I learned how to generate my own business.
I hope my expereience helps you to ensue your success. Good luck to you
"From Wikipedia, the free encyclopedia
A pyramid scheme is a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, usually without any product or service being delivered."
"Profit sharing, when used as a special term, refers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses. In publicly traded companies these plans typically amount to allocation of shares to employees."
Sorry I am just so used to KW agents calling me trying to get me to join them. Their "profit sharing" is getting a small piece of everyones sales that they bring in under them in the pyramid. Dean I hate to tell you but I have it first hand as I once sat through a brokers whole speech. God Bless them, but I just feel that they should spend all their time trying to sell homes and not recruiting agents.
I don't understand why KW's profit sharing is so hard for so many agents to understand. I know the propoganda that the bigs put on it. It's a "pyramid scheme". Just Bunk! The profit that gets shared is company dollar not agent dollar.
When I was with Coldwell Banker the splits were so arcane. Basing the production steps on 1099 income makes it very hard to set your goals and budgets.
The KW business model is very simple. You earn a commission Gross Commission Income GCI. From that you share with the brokerage at a split, lets assume 70/30. 70% of the GCI goes to you 30% goes to the brokerage. I'm not going to get into the caps because it isn't germaine to the question. The 30% that goes to the brokerage, not any part of the 70% that is yours, is the company dollar. The company dollar is used to pay overhead, staff, marketing and the franchise owners profit. Part of that profit is shared with agents that work to grow the brokerage. Just to hammer the point - The money paid in profit sharing is from company dollars and not from agents dollars.
Why shouldn't an agent who feels they have discovered a good deal tell other agents about it. If an agent joins Coldwell Banker because I recommend the brokerage does CB share anything with me? Not in this lifetime. I'm working to build the brokerage thanks for sharing the profit I say.
I am not a KW agent. I was but left for reasons that don't pertain to the discussion. I strongly recommend "The Millionaire Real Estate Agent" by Gary Keller. He did all the research and compiled a book that lays out the best practices for agents.
In answer to Diego's question Star Real Estate is the best. Contact me.
Ha! That will never happen... Beware of "team" agencies.. Look for the realtor signs that say "so and so and team", A team is generally a pyramid scheme. Team leaders recruit young eager agents, promise the moon then take an additional cut from their commission
Get "real estate for dummies" read it, follow it..... more advice and training than given by the average broker!
Matthew R. Tomsic
There is no best real estate agency to work for as a new agent. You first have to figure out your motivation, your initial investment in the business and find out which office in your location offers the most training since it is the most important part as a new agent, TRAINING! Interview several offices and find out which office has weekly training where you do not have to pay for. If you have any furthers questions I know a couple of offices in Texas depending on the area that you are in. Give me a call so that I may further go over some important details.
All the best,
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
Following is the 411 from my limited perspective.
-Culture...I really like that they are open to you having your own business within the protection of their business...you can be on your own, yet part of something bigger.
-Fees, least expensive in my area, they encourage us to market in ways that don't cost us, until we are making money.
-There are more video trainings than a person can watch in a lifetime, in office trainings almost every day...LOTS, almost too many resources. If you have money they have extensive coaching programs, lots of events you can attend, etc..."MAPS Coaching"
-people are nice, at least at the market centers in my city.
-Gary Keller is very progressive and his books such as 'shift' helped agents weather and change how they did business in the downturn...this is an innovative company.
-If you are really selling, you 'top' out, which means no more franchise fee, and after a point 100% commission. If you rock, I don't know if you can do better than KW.
-after 3 years you are 'vested', and if you bring people in under you, you get a 'profit share' on what they earn. After you are vested you can leave the company, and still recieve profit share checks...your children can inherit your profit share. It is NOT a pyramid, but rather more like 'network marketing' (think Tupperware, or insurance companies)
-since agents are encouraged to build a downline there are LOTS of KW agents...LOTS. No small intimate group here...as a new agent there are times I feel like a number. Most of them very nice and encouraging, but LOTS.
-You have to be a go getter...no one is going to hold your hand here...the info is there, but YOU have to find it...you have to know what questions to ask, and often are answered with, "no, you need to ask so and so"...kind of like asking mom, then she tells you to go ask dad.
-I have been assigned a mentor/coach, who gets 20% of my commission for my first 5 deals. She's great, I like her...but personally feel I would learn better following an agent around, watching them work, attending listing appointments with them, hearing what they say, how they handle questions, etc. Some days I feel like my practical education consists of "you go do it, we'll let you know when you mess up"...I'm kind of OCD, I read the contents and prologue before I read a book, so this is hard for me personally.
-Teams...if you want closer coaching, join a team...this concept wasn't explained to me when I started (but I was reminded I was given a copy of the book "The Millionaire Real Estate Agent" ah ha...it's all there, I just needed to go look for it, and know where to look for it...and then know how to apply to our office...along with all the other information a new agent is given..."drinking from a firehose, so to speak").
A Team is a brokerage, within a brokerage...and they divide up duties, so everyone is specialized. They start you out as a 'buyer's agent'...so you only work with buyers...find a listing? Can't take it, can only work with buyers. You need to refer your listing to the listing agent. A team will feed you leads, and they will hold your hand, but the commission already being paid, is now divided again. On the plus side you will get your one on one training, you won't have to horse around with the contracts and dates, once the deal is agreed upon, you just move on to the next buyer (freeing your time to work quantity).
-there is no 'floor time', no schedule you have to follow, you are on your own. You need to find your own leads, and create your own disciplined work habits. If you are a seasoned agent, this would be heaven...for a newby, it's daunting.
Overall I have many more positives about KW than not. All companies will have ups and downsides. I think you just need to find what fits for you.
I think it's a pretty good guess that Diego is not longer a "new" agent, and has settled in somewhere - heck, who knows - maybe he isn't even an agent anymore!
In my career, I worked for 6 agencies:
WATSON – EXIT – KELLER WILLIAMS – CHARLES RUTENBERG – PRUDENTIAL – EASY STREET
I wanted a ‘lil taste’ of all of them.
READY-SET-GO: If you are a new agent….you has to learn ‘the ropes’. A company like KW is your best and should be your first step. Yes, it’s a little KUMBAYA and all….but honestly you need the camaraderie and teamwork it provides. However, it does not come w/o costs. 36% of everything you make up to the point you ‘cap’. When I worked there it was $21,000 GCI.
SUGGESTION: After you get your feet below you and you can ‘walk the walk and talk the talk’ you should get a ‘real’ - real estate coach. Be it Ferry or Stumpf, they will teach you to sell….with no brokerage BS.
MISTAKES: From new agents are found in the concept that they want to work for 100% commission brokerages (ex: Charles Rutenberg) problem here is that the support is limited and you pay for everything else….so in it’s essence your bottom line is still an issue.
LEADS: Remember, after you have made a decision that this real estate thing is ‘your gig’ it’s all about LEADS and converting those leads into APPOINTMENTS that turn into CONTRACTS that lead to CLOSINGS. But it all starts with LEADS, if you generate them yourself or pay for them ….it all starts with LEADS!
May all your endeavors be rewarded….Good Luck!
Know what you want to do with YOUR business and see how they align with those goals.
That's the approach I'm taking.
This is my business and will be treated as such, and I need my business to be as important to my broker as it is to me.
- Thats one reason why so far I haven't been impressed with competing brokers. But that's just me I've heard of nightmare stories and want nothing to do with it.
Diego, I am happy you asked this question. I am in the same boat, this is a big career move for me and I want to make sure I have a strong support system with my broker firm. And in this industry the first year are so about building your business I want as much of my spare $$ going to marketing and building my business as possible.
I have meet with several Brokers all personally they were great but from a business aspect for example: Do I want my cost right out to the gate to be (15,000 a year) Just to have you hold my license. MMM NO! Thats just crazy.
When I went to the KW, I felt the woman talking to me wasn't taking to the points that where /are important to me. But once I read over some of there information it was more attractive. But I still haven't made up my mind.
Love Remax local office but not ideal as far as the cost to get started.. Maybe if i was an established agent but there cost to operate and grow my business was just not realistic and no real establish training for new bees.
I hear some say KW nickel and dimes but that your options to pay for the additional items or not. And if you decide pay all the additional fees you still probably don't come out spending that same amount as other charge to just hold your license. And in the end you know exactly what you spent the $$ on and why.
1. Point I love about KW you can build your own Brand... Not so much with Better homes and Garden/ or Prudential..
2. There is a CAP-- Goals to work toward and hit.
3. Low monthly fee- that way I can spend more $$ on marketing my business (IMportant to ME!)
4. A defined training program.
I am going to check out Prudential one more time/ Century 21 and a different office of KW. This is an important decision.
Whats funny is KW was at the bottom of my list for several reasons..
Today ill be meeting with someone from Pru and Coldwell Banker ( An agent that i have been following career is there, so they must be doing something right!)
Wish me luck. And I pray, that you find the best fit for you. I am still looking too : )
Jess- REaltor with ( to be continued)
I am sure that you are far from a new agent by now, but for future reference I have learned that the company has a little to do with it but which company in your current market is leading the field. Keller Williams, Remax, Century 21 and Prudential are top real estate companies but for a new agent that might not be the right choice. You need to work for a company that gives you as much training as possible like if you were in your freshman year in college for real estate only. You have learned the laws but now you have to learn the sales. Interview companies and see which companies offer free training for their new and experienced agents. You can never have enough training it is alway important to keep the knife sharp.
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue