What is the first things I should think of when starting a brokerage? Especially with regard to what computer / MLS systems are necessary? Anyone know the technical programs or services necessary for my agents I am recruiting? I own some pretty amazing real estate domain names for its web site. I am an attorney as well.

Thanks

nice! and that is just to start!

Thanks for that, as closing attorney I have experience, but am young to both professions. I appreciate the information!

I have a law firm a real estate law firm in the hamptons and alot of environmental and attorney friends willing to assist this. I am lacking on real estate sales or marketing experience. I have very good domain names for hamptons real estate in my portfolio. The law firm means conference rooms available. I want to do only high end or waterfront - there are so many general firm out here. I need a partner and would prefer virtual office primarily with all office machines available in the conference buildings. Several Office spaces available for agents in outlying office complexes. I also have a new construction luxury condominium complex on for the signing if I can create this brokerage

who cares about domain names. Get a solid business plan in place and be prepared for lots of competition. your experience, or lack there of, will be a big factor though. Good luck

i had two business plans but I hear so much diffrence on commission splits and plans that I dont think either is right

I also want to start an isurance brokerage and an accountant firm and a private detective service

I just dont know what one to start first maybe I should get my law degree finished first I can then take the broker test and then will finally move to the hamptons and be a broker with all that I have learned here

I am an atty paralegal now

I am in hampton mass but stay there in the hamptons with friends and they are environmental

Tell me what I need to know to start becomming a broker like how to get the liscense

cuz I want to be a broker atty in the hamptons word

Ok... lots going on here. Let me try and lay it out. But please keep in mind that what I am about to say pertains to California. You will have to check to see if the same goes for New York.

1- Getting the license. If you have passed the bar in your state, you may be done. Here in California, once you have passed the bar exam you can be a real estate broker.

2- Getting setup should be relatively easy. As with most businesses, starting is easy, staying is harder. You first want to create an form of organization (IE: Incorporate, LLC, etc.)

3. Check with your department of real estate for info on what hoops (IE:Paperwork) you have to jump through to establish a brokerage in your state. Out here, it can be as simple as a couple of forms.

4. Errors and Omissions insurance. This is huge. Do not do a single pennies worth of business until you have this arranged and confirmed in writing.

5. MLS access. If your system is anything like ours, you get a membership in the MLS as a broker and then your agents each get their own access as part of their involvment with the local association of realtors. As the broker, and assuming your going to have a brick and mortar office, you will need to create desk setups with computers that can access the internet to search the MLS.

From what I have read, I would not jump right into having your own office. At least, that would be my advice unless you already have a ready supply of clients to just work for yourself for a while. Even then, I would think twice.

It sounds like you need a little "seasoning" in the business. So here is what I would suggest.

Get the best split deal you can at an established office that offers good training. Gain all the experience you can. While you are doing this, be doing all the other things you need to get your own brokerage going. Just hold off on the paperwork to the department of real estate until your ready to leave the other real estate firm and open your own doors. This way, you can get to know other agents, get to know the practical reality of doing business in your area and accumulate contacts that you can use in the future. Once you have gotten a level of training that makes you comfortable, let your broker know you are leaving and send off that paperwork to the department of real estate and start your own office.

Remember that as the broker, your agents expect to be able to get answers from you when they need them. If you don't have any real practical experience doing what they are doing, your not going to be well equipped to fullfill your duties.

R

looks like you just need to focus on one business my man, your spreading yourself too thin. if you have no idea how to start a brokerage, honestly, its better you not

that was a joke Jerry guess it wasnt funny lol I was just responding to what I thought was sarcasm - oops anyway I am a real lawyer who wants to start a brokerage thats all

thank you for the posting of usefull information i appreciate more like what a split deal is going to be like as a broker going into a firm dont agents usually work for the broker not other brokers?

Hamptonsbroker sounds like a joke.

However, RebelBroker makes some good points. I'm thinking about starting my own brokerage with family .... no "outsiders" because it will be enough for me to just watch over myself and not make mistakes!! I know about the E&O - what other paperwork would be necessary for California brokers based on your experience RB?

Uh So SoCal you can go to hell ok with that dumb comment about me. I didnt ask you anything so dont address me to make yourself have something to say. If you have to ask about paperwork you should maybe hire me as your Attorney LOL !
Anyway things are going well I am thinking about having two locations in Manhattan and the Hamptons. Anyone want to buy a home in the Hamptons you other brokers can contact me about the land that MY Family is selling and also their luxury condos on the waterfront. Em me for details.
RJC Esq. LRB

Your ADHD ramblings just looked like those of a troll. That's all. And you really don't have to worry about me asking you ANYTHING. Trust me. You're all over the map. Go to hell yourself.

Hamptons Atty, I agree with VM Group. How about buying a franchise and let them set up their systems for you? They've already done all the research and legwork. Later, you can do it yourself.

Wow I really thought this board was for professionals or those aspiring to be.. Yes I am really an Attorney and a Broker with a huge cache of ready to sells over 1 million dollars here in the hamptons. If anyone was a serious broker I assume they would be interested in partnering considering my family has been in real estate law out here for over 50 years. I can say that all I have heard from is Hacks, Hecklers and Wanabes who are probably stilll in high school by the way they criticize others.
IF anyone wants to make some serious money then give me an Email. I would be willing to to cooperating brokers agreement - I am already a BROKER because they allow you to automatically get your brokers lic. when you pass and become a full Attorney at Law, yes that leaves you with quite a lack of experience as a Broker, however I can bring to the table my knowledge of property law and contracts obviously more, I do need a partner who is the opposite of me. The point is I am lic as individual already so we can start making money !

I do not need you hacks without so much as a degree yet bothering me or judging me - I am what I am and sorry if I dont get disuaded from starting out by people like so cal who are obviously not even lic yet- I am sure that my connections would be very valuable to a partner, no matter my lack of experience I am legally allowed to transact business and as an Attorney I have access to the biggest hurdle you face as a broker - the attorneys processes.

HamptonsBroker/Attorney,

I'm in a bit of an unique position to comment.

I graduated from law school, practiced for a few years and then went to DC (ended up running a congressional office).

My father had been in real estate successfully as an agent for some years and suggested buying a real estate company.

We did seven years ago and have grown it into a relatively large, multi-office company.

I think some of the hostility you are getting is because real estate professionals realize that is virtually impossible for an outsider to succeed without practical experience.

A few reasons:

* In the vast majority of cases, real estate agents are independent contractors. To an outside observer, that merely implies that they are responsible for their own taxes & benefits. It means far more. It creates an unique attitude --- very independent, reluctant to follow direction and willing to leave for the mildest of reasons.

* The industry is remarkably competitive. Look at your local yellow pages, home magazines or do a Google search. Consumers have a multitude of options in your local market. That's why commissions have declined so dramatically the past few years.

* Financial success is very difficult. One one side is the pressure from consumers to pay less for services. On the other is agents who want more and more from the brokerage (higher splits, more services, more training, etc.). Margins overall are very small and many brokerages lose money.

* There are no magic bullets. Everyone is looking for some marketing tool or tools that will cause consumers to flock to your brokerage. Some think it is a spectacular web site or domain. Others believe it is a specific relocation network, fee-for-service model, or the latest lead generation tool. The brutal truth is that the competition is simply too fierce for any item to provide a significant competitive advantage.

* Have deep knowledge in a single area (ie. the closing process) rarely matters. Consumers expect a real estate agent to have the requisite knowledge and they are reluctant to pay more for special expertise.

My fundamental point is that I suspect you'll find the business far more frustrating, far less rewarding and far harder than you might imagine.

Over the past seven years, I've personally been stunned by how hard the industry is. It looks far easier from the outside than it is in reality. I've seen folks with Fortune 500 experience, PhDs, and a wealth of real world experience in business struggle in launching a real estate company.

That's why I think you got the sharp, disdainful reactions you did. It wasn't very nice, nor polite. But, it flowed from a valid conviction that real estate is difficult --- even for an outside holding an advanced degree.

Best of luck in your future endeavors.

That was profoundly intelligent and I thank you. I do have those with real estate experience in the family too. I will take your advice and seek their involvement and counsel. I am sure then you know as a lead man in congressional office that politics are great leads. I myself am a committeeman for the GOP

Kind of a rough year for the Grand Ole Party . .

But, pretty typical for an off-year election. Luckily, here in Idaho, it wasn't half bad (we took an open governor's seat plus an open congressional race).

I was personally intrigued by the whole Mark Foley matter. His office was right down the hall from ours. He used to hit on my interns. I didn't know about the whole page bit . . but not surprising. I think Leadership really bungled the whole thing.

absolutley they dropped the ball

Good God.

I step away for a few days and everything goes to hell.

Ok, someone in a previous post in this thread (you know the one, WAY up THERE ^ above all this useless stuff above this post?) asked about paperwork in California.

There are really only a few pieces of paperwork that the california department of real estate cares about. Here are some of the forms you might need:

Broker Change Application (RE204)
DBA/Fictitious Name (Instructions RE282)

What you need to do is determined a bit by whether you are using your own name as the business name, whether your a incorporated or not, etc. However, your best bet is to just hit the following page of the CRE website:

http://www.dre.ca.gov/licensees_sub.htm

There you are going to find all the forms that might pertain to you. Also note the "Complying with the real estate law" section towards the bottom. Lots of helpful broker checklists and self evaluations to make sure your in full compliance.

Ok, so that takes care of the DRE. Now there is the state and local governments to take care of. If you incorporate, that is going to involve the state folks. You can incorporate using online folks or with your local attorney, that is up to you. I for one strongly suggest using some form of incorporation.

For the local stuff your going to have to get a business license which you can usually get at city hall or the county seat. To do that (again, unless your just using your name for the business) you will have to do a business name check and publish that name in a "newspaper of record", to give due notice to the world that your creating a business with such and such a name.

Once you have done all that, your set to open your doors... well... after you get E&O your set.

Now when I was first jumping through these hoops, I found that most folks along the way were very helpful. In fact, I actually called the folks at the DRE and not only got a human on the phone, but she actually was extremely helpful, so don't be shy about asking questions along the way.

R

Thanks RebelBroker - very helpful info.

Thank you for the info RebelBroker. I'll check out thebetteragent.com, too.

My advice to you is to finish one step before starting another.... If you haven't even gotten your Law License yet that would be my first priority... Work at that for a while and get a feel for it..