PS The most successful agent in Monmouth Beach works in small boutique office of her own.
I just today spoke with a seasoned agent in the Monmouth Beach area who left a local "boutique" agency to go with a name brand and she said "I should have left years ago, I'd have tripled my business." What prompted this conversation was my question to her "do u find value in a brand."
When I was entering the business, I did as you are doing by interviewing those in the industry as to how to best build my business. Hands down, in my area, Weichert was the top recommendation primarily for their training program and do feel I made a good decision, but often wonder if it was a cost effedtive decision. I do believe that knowing who rocks in your area is key to the decision process. In my first two years of business I made Circle of Excellence, which is atypical.
Feel free to contact me direct and I'll be happy to share my growing pains.
Love and Peace,
Francesca Patrizio, Realtor, ePro
732.606.2931 (DIRECT 24/7)
Much like any profession in which training is an integral part of one's future success, a larger firm will provide you with a more comprehensive training program, greater scope of business opportunities and a larger breadth of contract experience. For two years, I was the common interest development training expert for just one small part of the 2 week training program provided by Coldwell Banker, and having sat through their two week program, I can say that I was very impressed with the knowledge that they imparted to their new Realtors. While I have not experienced the training programs of other larger firms, having an established "curriculum" of material and experienced trainers who do the same program every month helps immensely in providing all of the new Realtors with the most comprehensive training program, and this is something you can only get from a large company. In a larger firm, you're also able to work with experienced agents, hold their open houses, and, hopefully, use their referral program to obtain new clients. This is not always possible in smaller companies with limited listings, limited active agents, and less transactions due to the lack of national advertising campaigns.
I'm not, in any way, attempting to discount the value of a smaller firm--in fact, I'm proud to be a Realtor in a decidedly smaller firm. However, if you do choose a smaller firm (especially, right out of real estate licensing exams), the responsibility to learn basic information about a sales transaction and contracts law, and to build your client base falls largely on your shoulders. Your success or failure within a smaller company depends mostly on your own "gumption" and drive, rather than upon some lead generation coming from the larger company's name.
Personally, much as was my experience in the CPA field, going through a large "national firm" first for training and experience is the best way to go. Once you have obtained the necessary training and have developed a good client list, then move to a smaller firm which will provide you with greater income and more freedom to develop your personal sales style.
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
I recommend that you talk with the Keller Williams office nearest you.
New agents need training. You don't want to waste any time re-creating the wheel. Why not learn from people who know?
I recommend two books:
The Millionaire Real Estate Agent by Gary Keller, Jay Papasan, and Dave Jenks
SHIFT by the same offers
Visit http://www.millionairesystems.com and check out the information.
Congratulations. I love real estate and I wish you much success.
It depends entirely on the type of training being offered -whether it's a boutique agency or a large franchise. Some of the large franchises have great training programs. Some will have you work under a mentor for several months and you'll have to split your deals with them, from what I hear. Either way, you want training because there is so much to learn about the actual business that they don't teach in real estate school.
I started with a boutique agency and was fortunate that they offered me one on one training with the broker -regularly. I sold my first house in only 3 weeks and didn't have to split anything with her. She helped me every step of the way. I absolutely loved it and LOVED the agency. I would have stayed except I moved to an agency closer to home. A friend of mine started with a larger agency but didn't really get formal training. She simply worked with a senior agent and she became petrified of handling a deal on her own. In fact, years later she still works with that agent on all her deals. Another agent worked with a small agency and received no training at all -which is the worst case scenario. So it's not always about the size but what they are doing to help new agents.
You should determine what type of environment you work best in. Do you learn best by doing or shadowing? Ask each agency what type of training is offered, if they provide a training manual (it's a good indication of how strong their training is if they have one), and if you have to shadow and split deals with senior agents and for how long.
I've always worked for boutique agencies and I work best in small environments but everyone will tell you something different. Some will tell you that the branding of a large agency is priceless. This could be true but I strongly believe it's how you brand yourself and how you treat your customers that will sell you better than any company brand -big or small.
Best wishes in your career,
Mountain Resort Properties
Excellent question. There are several points to consider; primarily, for "boutique" substitute "mom and pop". The very terminology evolved in response to the gradual corporitization of the industry and the failure of many traditional brokerages to adapt to the changing landscape. What I would suggest is an "independent brokerage", i.e. one unafilliated with franchises or multiple-office chains. Independent, single-office operations still account for approximately 85% of brokered transactions in the United States. We provide the same technical sophistication as the "name" agencies without the institutional baggage and, candidly, the imminent likelihood of bankruptcy in the case of some national franchises. New agents benefit as well from personalized training and support rather than the spurious classroom training programs (utterly useless in my opinion) offered as a recruiting incentive by many of the "hire-em and forget-em" firms.
Further, given the dramatically altered industry landscape and market outlook, the independent broker is best positioned to adapt to the rapidly changing challenges in our profession.
Another option to consider for new licensees would be a referral program which would enable you to ease into the profession without the costly out-of-pocket expense of MLS fees, Board dues, lockbox charges etc. Given the declining trajectory of sales in the Monmouth/Ocean market, now may not be the best time to jump in with both feet.
Best of luck with all of your future endeavours. Please feel free to contact us at any time if you have any other questions you think we can help you with.
Liam R. O'Connell, G.R.I.
Cary & Co., Realtors Inc.
Cary Referral Associates, Inc.