I am currently in the process of obtaining my Real Estate License. What are the Pros and Cons of working with a Broker vs going independent?

Asked by Jenbravo, Jacksonville, FL Mon Jun 16, 2014

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Bev West, Agent, Greeley, CO
Mon Jun 16, 2014
In Colorado you are required to work with another Broker for 2 years before going independent. Being new in the business I would highly recommend working with a company. There is a lot to learn with actually being on the job versus just taking the test and passing. That test and class room doesn't teach you the real stuff. Good luck.
1 vote
John Souerbry, Agent, Fairfield, CA
Mon Jun 16, 2014
The Florida requirement for becoming a broker is 24 months experience as a licensed sales associate (see link below for all requirements). Assuming you're thinking ahead to when you've completed that requirement, the pro's and con's of working on your own vary.
If you value an office trade name, feel you need supervision, or just like working around other agents, then maybe working with a broker in an office suits you fine. Offices also usually provide support services, such as transaction coordination, marketing and other administrative support. That support is never free, however, it is paid for by the commission split that goes to the broker.
If you're confident that you've acquired the knowledge, experience and skills to supervise yourself or even lead a team of own, then you might enjoy working as an independent. I left a big franchise office about 8 years ago and have never been tempted to go back to one. Working for yourself is the ONLY 100% commission split contract available, though you would be picking up 100% your business expenses, too. Working independently means you have to be self-motivated (in my never humble opinion, coaches are for wimps) and self-reliant. You may find that meeting with other brokers regularly provides a good source of peer dialog and professional development. I meet every month or so with an ad hoc group that is a mix of senior-level salesmen and brokerage owners, but the discussion is all technical, never motivational.
It all comes down to how you want to run your business.
0 votes
Josh Barnett, Agent, Chandler, OK
Mon Jun 16, 2014
Check with your state licensing regulations, you may have to work under a Broker starting out. Attorneys in Oklahoma do not have to, but its always better to learn through OJT then by mistakes.
0 votes
Brian Kurtz, Agent, Dearborn, MI
Mon Jun 16, 2014
In Michigan you have to have 3-years "full time" experience before you can take your second round of classes and take your brokers exam. The only way to avoid this is if you have a law degree or an MBA in which case you can skip straight to broker training/testing.

Working as a broker right out of the gate usually doesn't make sense. You need to focus on selling homes for at LEAST the first 3 years - not figuring out how to hire people to setup appointments, paying office expenses, paperwork filing procedures, logo designs and all the other stuff that comes with launching a new independent company.

Just sell homes. Once you are consistently earning 6-figures per year, then re-evaluate as to whether your want to start your own company or open a franchise. If I were to open an office myself, I'd actually go with an Exit Realty franchise and not go independent.

Check out their website to find out why here: http://www.exitrealty.com/about_exit.aspx
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Jun 16, 2014
In most states you have to work under a broker for a year before you can become your own broker. Check FL law for what is the law in your state. You can then choose to go with a large franchise or a local independant office. Each has pros and cons depending on how you want to work and what type of support you want. Franchises will have more support, but you are competing against large droves of agents in your own office. A small office may have less support such as classes and resources, but more one on one training to get you moving faster and and more opportunity. Interview with both
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