Hi everyone,

I am about to obtain my RE license (Montreal, Canada), and am now facing a difficult choice: picking which broker I want to work with.

I have narrowed down my choices to 2 brokers, which are, quite interestingly, extremely different.

Background info: I'm 33, university graduate, currently doing consulting work in the HR industry. I make it a point of being successful in what I do and always aim high. I'm not passionate about HR, and have ALWAYS wanted to be an agent. I like homes, people, action, negotiating, etc.

Here are my 2 possible scenarios:
Broker #1
Independent broker (successful). Local market. Small team. Access to open houses in the beginning to get the ball rolling. 25% split if client comes from her, 10% if I find client. Not allowed to advertise in neighborhhods where other agents have ''established'' themselves. No real leads, no training. No monthly fees. Basically, I'm on my own if I choose this one. I can keep my current job in the first few weeks/months, to help with the transition

Broker #2
Major team in the city - farming in affluent neighborhoods. Team approach: Salary of 40K (ouch) for the ''training period'' where I would basically learn from existing agents, book appnts, follow agents in daily activities, for the first few months. When they decide I'm ready, they pull the plug on the 40K. Leader gets all the listings. Agents work the buyers. Leader gets 50% of commission, agent get 20%. Rest goes to pool of commissions. (agents get a % of all closings, whether sold or bought). Monthly fees of about 900$ a month. Pros: leads are provided, no need for prospection. Of course, i would need to quit my job should I join this team.

I want to do real estate, BUT I do feel that the leader % in scenario 2 to be quite drastic. I understand I have 0 advertising expenses, etc...but only getting 20% of a commission I closed is, in my beginner's opinion, not fair. However, I do understand that I would get a small % of other agent's commission as well.

What do you make of all this..??

Help!

Are you seriously considering those two companies???

I personally think you need to forget about these two companies and go interview some additional brokers.

The first company you get nothing and the fact you can compete with other agents who have established themselves in a specific neighborhood is crazy

The 2nd company as you said is pretty drastic...
--Join one of those companies if you want to get out of real estate quick

Look into the Keller Williams office there

fyi - it's not that I can't compete with other agents...I can't advertise in their sector. If i choose this broker, I'll need to find my niche in an ''available'' sector.

And yes, these are my final 2!? I've met with quite a few brokers actually, and none of them ''felt right'', aside from these 2 (who both have pro's and con's).

As for KW, I'm afraid they aren't present in Quebec.

All right but I think that's essentially the same as you can't compete with them in the same area.... For example: If Agent A has all ready established herself in Area 1... Agent B can't advertise in that area but is allowed to advertise in Areas 2,3, or 4 .... Most likely since the people in Area 1 only see's Agent A's marketing (from your office) they will feel as though she knows the area so she can help us best not some outside agent from areas 2,3, or 4 .... Where does that leave you because I am sure if the other agents have been in business long enough they have established themselves in the area everyone wants to be in

How many did you interview before choosing these two brokers?

If those are your final two I would go with Broker #2 because as a new agent you will need all the training you can get and that will help you in the future. But I would not stay with that broker long term because your technically and employee and most of us know that as an employee of that broker your making them richer not yourself

If you are wanting to be on a team and be handed business, without advertising, without spending your own $$, without creating your own brand, without (for the most part) bringing in your own clients, expect to be giving up a large portion of what you bring in. You also will not be creating your own brand. I am not a fan of the team set ups (unless of course you are at the top of the team and it is your name being promoted), but some people make a good living as a buyer rep for a team and don't mind that their name is not out there. You say ouch about the 40k salary but remember that most agents starting out are guaranteed a grand total of $0....sink or swim.

Thanks to those who responded

I've actually talked to about 7 brokers thus far.

Last night I really gave it some thought, and I have come to the following conclusions...If I go with the expensive broker that only allows me 20% of the commission, I would need to close about 4 times as many transactions as I would with broker #1 in order to come out with the same paycheck.

If I were to invest that money in MYSELF (vs a team), I believe I would not only build my own client base, but my brand as well. Also, I get to chose WHEN I invest, and HOW I invest it.

I'm going with the #1 route, even if it means working harder at getting started.

Focus on training the first year. Work hard, seek and respond to feedback from your broker, and keep the client's needs above your own. Good luck!

Focus on training the first year. Work hard, seek and respond to feedback from your broker, and keep the client's needs above your own. Good luck!