Agent2Agent in 08062>Question Details

steve_novosel, Other/Just Looking in 08062

Sponsoring Broker?

Asked by steve_novosel, 08062 Tue Nov 26, 2013

I recently registered for a sales agent pre-licensing course in NJ. The broker who is teaching the course has an option to sponsor the student (if he or she chooses to do so) and pay $200 of the $300 tuition fee AND allow that student to hang their license at said broker for one year. Is there a catch here? Do any of the veteran agents have any advice for me before I make any commitments and end up regretting taking the $200 for the course? Thanks in advance to any answers to my questions,

-Steve

Help the community by answering this question:

Answers

9
Interview all the Brokers in town and as a new agent go with the Broker that is going to offer the most education and training for your first 2 years.
0 votes Thank Flag Link Thu Nov 28, 2013
It sounds like a recruiting tactic to me. I would definitely interview several brokers and pick the one that's the right fit not the best deal.
0 votes Thank Flag Link Thu Nov 28, 2013
The fees for your NJ real estate license are so minimal that you may want to pay for it yourself and have the option to choose later which company you want to hang your license with. I would get a feel for the business during the class and talk to other agents and the instructor before committing to anyone. As a newly licensed agent you will want to look for a company that offers in house training, and on going support for new agents. You can also negotiate with them any start up out of pocket fees and tuition reimbursement once you pass your test. If they really want you they will work it out with you to get you on board
0 votes Thank Flag Link Thu Nov 28, 2013
Always interview multiple brokers before hanging your license. Taking $200 now may sound like a deal...but later you could find out its costing you more money. You want a broker who will be a mentor and that you can trust to guide you.
0 votes Thank Flag Link Wed Nov 27, 2013
There is a real lesson here that Steve is confirming.
Folks value what the PAY for.
Steve, being offered a FREE ride, is suspiciious and can not see the value in FREE!
-
Be aware, FREE, may not be interpreted as we think.
-
Steve, are you aware that 95% of new agents NEVER see their second year? In any other industry this failure rate would be labeled 'CRIMINAL!"
-
Yet, this broker has offered to invest $200 in you...
Do you have the tenacity, the strong fabric, the committment to become successful?
Here is someone willing to invest in you.
-
Do any veterans have any advise for me before I make a commitment?
Yes, I do. Can you describe your business? What is your product or service? What are your costs?
How much must you make to survive? What is your 5 year GCI gaol? When do you expect to break even? What will be your diiferientator?
-
Are not these the question ANY small business owner would be REQUIRED to answer? Perhaps this has some reflection on the criminal failure rate.
-
How can you select the 'right' broker if you can't describe your business? You are doomed to be a buyer agent until you sink or sort out your business priorities. You already know what happens to 95%.
-
I will, however, throw a suggestion into the black void that is your business as it is curently defined...
go with the broker that gets you engaged in transactions as soon as possible...that is not in five months, that means in FIVE DAYS. You'll need a mentor.
-
If you are not doing business, you are going OUT OF BUSINESS!
NO EXCEPTIONS!
-
It's not rocket science, but you do have to invest in proper research and planning.
As a small business owner, which all REALTORS are, this should be your expectation and responsibility.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
Move to the Front of the Line
(http://FirstLookHomes.com)
0 votes Thank Flag Link Wed Nov 27, 2013
If you go an interview with most brokers they will give you a discount coupon for a school with out any written agreement.
Be sure to check out Keller williams voted 9th best place to work at in the USA. Now the largest Real Estate company in North america
Great Training and culture. agent centric
0 votes Thank Flag Link Wed Nov 27, 2013
Hi Steve,
10 years ago when I got my license the schools, when affiliated with an agency, were not doing that. Their attitude was something like the concept of "separation of church and state". So I'm surprised to hear this. I would be a little apprehensive about a company that is in essence paying to recruit agents. If they have good benefits, fair fees, and/or beneficial training programs, they should attract good talent without having to rely on recruiting from the school.
Talk to Brokers of at least 3 or 4 different real estate companies- franchisers and independents- and ask a LOT of questions. Ask about commission splits, and what the variations may be; ask about other fees that can significantly impact your take-home pay; ask about floor time opportunity or requirements,(although it should not be mandatory many office s make it clear that it's expected) E & O insurance fees and co-pays, and if you must serve under another broker for a particular number of transactions at a reduced commission split. These are all questions I wish I'd known to ask when I started 10 years ago. Best wishes.
Kim
Kimberly Thomas, Broker-Associate
Brown & Pope Realtors
2105 Voorhees Town Center
Voorhees, NJ 08043
856-308-5989
Kim@KimCanHelp.com
0 votes Thank Flag Link Tue Nov 26, 2013
Hi Steve,
Knew someone who did that plan. It didn't work for them. Best to interview several brokers to see if it is worth saving the money. Compared to all the other cost in real estate the $200 is not much. Also you need to see what other fees you will pay for once in that office,and what will be your commission split? If you want to get your license bad enough just pay for it yourself and be a free agent to pick and choose your broker and office to work in. No strings attached!
Call me directly and can discuss more on the topic.
Sara Mulford, Realtor
RE/MAX Preferred-Swedesboro
sara@barnhardts.com
856-275-6945
0 votes Thank Flag Link Tue Nov 26, 2013
What happened with that person? Was there a catch that wasn't brought up before the papers were signed?
Flag Tue Nov 26, 2013
Hi Steve, I would say it all depends on the broker. You should interview brokers now as if you have already received your license. If the sponsoring broker is one you would work for anyway, then it's not a horrible decision. You should try to give yourself a year anyway. It's not always beneficial to hop around.

I would also advise you to think if $200 is really a lot of money in the grand scheme of things. I would say my best advice would be that real estate school prepares you for NOTHING in the real world of selling real estate. I would start with a company that offers training and consider starting as an assistant or agent on a team. You will get leads and learn the ropes.

Feel free to call me anytime!

Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
856.617.1212
axelson@kurfiss.com
Web Reference: http://SellingPhilly.com
0 votes Thank Flag Link Tue Nov 26, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer