Hi all, I have just recently recieved my license, and have been working for one of the biggest independent brokerage in East Toronto.

I have been working for a brokerage doing the admin work. They pay me $15 hr, the broker will go out with me to door knock, and give me one of his listings. They give 100% commission and $300 transaction fee. The desk fees are 100 month.

I don't know if I am having cold feet, or maybe don't feel this is the right place for me. I really want to work the downtown condo market. They don't have many condos in this neighbourhood. My only concern is that there is no one here that can help me with that. But I also feel like they are not making any time for me. They have 140 agents, and are recruting like crazy. I am wondering if this is the right fit.
Since I have passed my course, I have had to ask them what is it that I am suppose to do. I really want some organization, and the only info I recieved was prospecting is key. I am quite aware at what needs to be done, I just would like someone to sit down and understand what it is that I want to achieve. I feel somewhat scattered, but am i expecting too much. I just need to guided, and given the proper resources. I want to create a sustainable business, but am unsure if this is where I want to be.

The broker of record is a nice guy, and i am so passionate about the new condo/resale market. I am constantly during research on builders, mortgage rates, market trends, condo amenities etc....The broker of record told me not to waste time on that because prospecting is key. I understand that prospecting is key, but he told me indirectly that my passion does not matter, it is prospecting. I can't be a good prospector unless I have the knowledge I feel is adequate.


I refuse to work for the big brand names, but I am thinking i would rather work with a smaller brokerage where I don't feel overwhelmed. I went to a sales meeting today, and there guest speakers were just trying to sell their courses to us. This completely turned me off.

I have not signed a contract yet, so I am not tied to anything.
I have called other brokerages, but i wonder if the perfect place is really ideal or reality. Any help would be greatly appreciated.

I wish my broker had hammered that idea into my head when I first started out. Prospecting is the key to your success.

After reading your thread I'm not certain if you are ready or realize that you are starting your own business. If you are going to be successful it's up to you, nobody is going to make time for you.

If you want to work the downtown condo market, go for it, but don't expect anybody is going to give you a single client.

How much in-depth training, and one-on-one time with your broker, were you expecting for $300 per transaction? There's a good reason the firms with the best reputations for supporting/training their new agents tend to also be the firms that take hefty chunks out of those new agents' commissions.

In my book, the flat-fee firms are great IF you're a seasoned agent who already knows the ropes. In a system like that, new agents are all but doomed to failure, or at least mediocrity.

Working for a firm that isn't going to give you adequate support, in a market you don't have much interest in, doesn't seem like a winning proposition to me. Yes, prospecting is key, but you'll be a more convincing prospector if you are passionate about your market.

I know that prospecting is key. I am aware that clients are not going to come to me, and i know that I am starting my own business. My concern is how my concerns and questions feel like an after thought.

I am starting to realize that as great as the opportunity is, it might not be the right fit.

I interviewed a broker today who has worked the new/resale condo market. She has close to 15 years experience and is very knowledgeable of the condo market..

My only concern is that she opened her brokerage from home less than 2 years ago. I clicked with her both professionally and personally. I believe she can teach me quite a bit. I am wondering if it is a good idea to join this brokerage that is a one women show

She did say that she plans to move into an office, but is not looking to grow more than 10 agents.

I like the idea of working with someone who I like to see there business grow.

Here is her website, tell me what you think

www.evarealty.ca

Hey AAP, I understand your concerns and feel your hesitation. Many of my new agents went through this at the beginning. With a little encouragement and some detailed training they are able to jump in and do very well.

I am close to Toronto, so if you want to meet for coffee or spend an hour on the phone, I'd be willing to chat with you and give you some advice on how to proceed. If you haven't chosen your brokerage yet then I can give you some things to look for as well.

Just PM me if you are interested.

all the best

Marty

Thanks Marty, but I don't know how to send you a private message. I would be interested but if I am going to get a sales pitch why I should join your branch, I would have to say no. Thanks for the reply, and maybe we will talk.

I PM'd you with my email address. No I won't be pitching you on joining a company. That's not my style. I'll just give you info based on my experiences and observations about the world of REALTORS.

best

Marty

I checked out the evarealty website and it leaves off a lot of info that most customers want to see...the listings. You should suggest to her that she would be doing herself a favor by adding your MLS IDX into her site for her users to browse.

Sounds like you work for Roger G., not a good location for the
condo market. Move closer to Young St. Keep in mind not everybody wants to have plastic surgery done by the guy who runs the corner store(conveniece store) even though he is very cheap.

You will find that people who live in condo districts will never have heard of Roger G's company.

If you inspect some downtown condo's you will notice that most of the owners are a hip crowd and they don't buy their clothes from a dollar store. They like brands in a big way and can comfortably afford them.

yes,Hunter you are right. I joined a different brokerage. He is located and Yonge and Bloor. The Guy knows his stuff about condos, and has taught me a lot already.

I did work with Roger, his ways not terrible were too traditional considering my demographic is more urban. I realized it was not a right fit. I have nothing negative to say about him, but I was a little disappointed with his reaction when I told him I was moving to another brokerage.

Kjmendy had a great comment above. You are starting your own business. Looking for help from the broker in a 100% commission environment is just begging favors. If you get help, great, but you cannot expect it.

Along with prospecting, you need to do marketing. Come up with a list of addresses. Condos are really easy because you just have to get the unit numbers. If you are really ambitious, you will look at the tax records and get names. Then direct mail your targets regularly. I know this is money out of your pocket, but after 6 to 10 mailings, your phone should start to ring. The people you are targetting will see you as an expert because of all the great info you have sent them.

Plug in with a large national broker that is going to also provide you leads. Leads are crucial for you to get up and going.

Here in Minnesota, we work 110% to generate as many leads as we can for our team members.

How did Roger react?, he has two kids at the Toronto French School, Big $$$$$.

Does your new manager have a weekend place in Wasaga Beach, if
he does he is a great guy or is it John M.

Either way good move, you are were you are supposed to be
in the heart of the action.

Don't take everything I say too seriously about Roger just
having some fun.

CAA has chickened out of the conversation.

I'm glad you found a place that works for you, but I do have some feedback.



Why?

I see a lot of new agents make this mistake. The big brand names are where you want to be when you're new IMHO. You can go out and sell that brand that everybody knows. When you're with some small company with no brand recognition you have no benefit or experience to show to clients. If you're with that big brand, at least you have that.

The big brands also often have structured training programs. You can expect someone making $300 per transaction to invest the time in training you. He's got to go out and sell houses too to make a living. If you're with a big brand, with a full time manager who doesn't sell, his or her only job is to make you successful.

Will you get 100% commission there? No. More like 50. But...100% of nothing is still nothing. 50% of something is more than 100% of nothing.

Once you know what you're doing and have experience and clientele under your belt, you can negotiate a better deal with the company or move on...

But, you shouldn't even worry about commission split right now. You need to be somewhere that will help train you and help you get started.

What was his reaction? What did you expect at that point?

I'd emphasize the fact that your success will be a direct reflection of your work ethic. Expecting others to guide you to success is not going to give you the results that you'd like (and it is not realistic). Best of luck.

Not trying to be disagreeable on this but when SWRSDC posted "The big brands also often have structured training programs. You can expect someone making $300 per transaction to invest the time in training you. He's got to go out and sell houses too to make a living. If you're with a big brand, with a full time manager who doesn't sell, his or her only job is to make you successful." but the facts in many markets are that the "manage" or "broker" is generally also listing and selling nowadays except in those really big mega offices.

Of the top 10 "agents" in our MLS (YTD) seven are brokers or managers.

Thats why you have choices when you affiliate. My real point was people just getting started should be more concerned about training and support than commission splits.



You should look at how those numbers are figured. Are agents under these brokers or managers doing business in their names, or in the broker/manager's names?

For instance I have a team of 4...everything is done in my name. So my partner's and our agents' volume shows up in the MLS as being from me...even though its really not.

Actually of the seven that I mentioned, only one is the head of a "team". Four of the others are REO brokers with assistants who are unlicensed, and the other two work by themselves. I know all of them personally.

REO brokers are kind of a different thing though...

I guess you need to get in the last word. My point was (and is) that unless you go to an impersonal mega office, you will always have a broker (or manager) that lists and sells homes. Whether they do REO or retail or commercial or rentals, it will always be the case.
In my years before opening my own shop, every broker (or office manager in one case) devoted at least 3/4 of their time to listing and selling and less than 1/4 of their time to managing the office or training new agents.

Oh please...I don't "need to have the last word". I couldn't care less about having the last word on some internet forum. The REO model of doing business is certainly different from a model of doing business that services non-corporate clients. However, I certainly have a point of view, and its obviously different from yours. Thats the whole point isn't it?

I'm still in the same "mega office" I started in. When I started there were about 90 agents and a great non-selling manager with 30 years experience, and three selling assistant managers. Very structured trainings, several hours per week. Accountability coaching in a group and one on one basis. Great opportunities to do open houses for agents to meet prospects, good floor time opportunities to meet prospects. I had a fellow agent who was a one on one mentor when I first got started. I have built great relationships with my colleagues, its a cooperative atmosphere, I've had a good many inter-office referrals. When I was new and had nothing I went out and sold that brand with 65% market share. I owe a lot of my success to the start this office afforded me.

Now, because of the company closing and consolidating a lot of offices we have over 200 agents, the same great non-selling manager, another great non-selling manager, and two selling assistant managers. Did I like the office more when it was 90 people? Sure.

My company has 65% market share here and all our managers are non-selling managers. Plenty of other companies that don't have mega-offices here with non-selling managers too. All the big hitters in this marketplace pretty much work at this company...very hard for independent brokerages here.

Now today this office makes a great home for my team, we get support, all the built in training that got me started available for my agents with no effort from me, and production has allowed me to negotiate a compensation plan that nothing but going out on my own could compete with. We actually have our own brokerage we do leasing and property management at and could sell from too, but we choose to stay here and happily pay the company their cut.

Just yesterday the office gave me a $1.3M referral. Just last week I got an $825k listing and got invited to do a listing presentation because I work for this company.

So, my point is theres more than one way to skin a cat. I got started in 2004, a little more recently than you I assume. There is no doubt in my mind getting started in this modern business would have been harder had I not done it here.

So thats advice I'm going to pass on. Disagree with me? Then disagree and offer your experience, but don't say I'm wrong because I'm not.

Ok back to me. You both need to bull fight somewhere else. Sorry i haven't responded in a while, been busy. I am doing rentals and learning a lot. I got 2 buyer leads and am learning a lot. My broker of record is awesome. He challenges me and educates at the same time.

I understand what some of you said, but I am leaving a few things out, either way it does not matter anymore. For me it was important to connect with the broker which I am now. He is young and ambitious and seems to have a lot of drive to grow his young company. I am happy with my move and realized what I was missing.

Yes the 100% didn't have the best trainig, but I don't think it was that, I just didn't mesh with the broker the way I wanted too. When your broker tells you that you have to door knock to create leads, and online presence is not that important. Hmmmmmmm I want to do condos.

The toronto condo market is exploding and I am told to door knock and hand out seeds. Sorry that is not me. wHY not be around someone who knows the condo market like where I am now.

I agree 100%, chemistry with your broker/manager is very important.

I agree. The big brands make it so much easier when you are starting out. They give you instant credibility that you don't even know if you have.

Selling a recognizable brand is key, and until you can make yourself that "brand" let the big names do it for you.

For a new agent I would focus on education. Sometimes a large brokerage firm may not be the best place for a new agent because they don’t have the time to teach you the way you need to be taught. Try to find an agent in the office that will take the time to teach you. A lot of veteran agents prefer larger brokerage firms because they don’t want to be bugged. After you get the education you need then it’s time for marketing. The more leads you have coming in the better you will get with handling them and the more deals you will close. Good Luck.