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#456899 - 03/11/17 02:49 PM How to gauge if brokerage will set you up for success and fee/value
elkfriend Offline
Junior Member

Registered: 11/14/16
Posts: 1
Loc: between a rock and a hard plac...
Hi, I am sitting on the fence choosing between 2 brokerages and could really use some insights from all of you:

Situation: I am mid 40, doing a career change because I like real estate. I am in the nice position that the paycheck is important, but not critical, and the interim goal is not to become a top producer, but learn a lot and work part time. top producer and full-time comes later, in 10years, when the kids are grown. I have another lucrative side business and I am a stay at home dad too, meaning that I send the kids off to school at 9 and I am home at 3.30 when they come home.

Plan: Find a brokerage that I can learn with. That is the top priority. Work part time for a few years and when the kids are gone, do it full-time, all in, working hard. Maybe start own brokerage. I see the next few years as an educational investment that at the same time makes money.

Here are my top brokerage contenders:

1) Brokerage A: Franchise with a balloon in their logo. Cost: easily 20K / year, but with an almost 100% commission retention. Because they are a leading brand, lots of resources, and some pretty hefty producers in that office. I am told the training is a lot per youtube videos and some inhouse buffini based seminars.

2) Brokerage B: Smaller franchise, not as well known, good reputation though. Not all the bells and whistles as Brokerage A. But plan is to team me up with an experienced mentor, to take me under his/her wing to get lots of 1 on 1 training in. Agents are reasonably successful, however not quite the performance culture as in the other brokerage. Cost is about 1/2 of the other brokerage.

My thoughts:
I could really work with both. the ballon brokerage has the advantage that its a success and performance environment, I like that. However, as a part-time gig, it may be too much too soon, especially given the high fees.
Brokerage B is good because I will get informal and individual training from the mentor (I hope). But they are not making the amount of transactions as the other one.

Questions:
1)How comparable are brokerages in terms of IT backbone, access to data, CRMs, systems and such. Is it really a big deal not joining the expensive balloon brokerage at this point or would I be missing out accessing top producer tools and mindsets early?

2) Given my current part time focus, only paying 1/2 the fees is attractive. Also, maybe I start with brokerage b and later, when going fulltime, have the option to stay or switch. Is this a logic plan?

3) Brokerage B is about 10 min more driving from my house. No big deal if I only go 1-2 times a week, but its a hassle if it turns out I have to go there twice a day. How often are agents realistically in their brokerage office, based on part time and home office set-up?

The most important question that I am looking to get answered is question 1) please...HELP

Thank you all for reading the post!

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#456901 - 03/12/17 12:43 AM Re: How to gauge if brokerage will set you up for success and fee/value [Re: elkfriend]
JohnN Offline
Member

Registered: 11/21/13
Posts: 228
Loc: Minnesota
I would look seriously at the smaller brokerage. I'm currently with the balloon brokerage, and couldn't be happier, but I cut my teeth at a small outfit.
Wanting to work part time, with $20 grand in fees, is not a good business model.

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#456995 - 03/21/17 04:59 PM Re: How to gauge if brokerage will set you up for success and fee/value [Re: elkfriend]
Brandon Battle Offline
Junior Member

Registered: 03/20/17
Posts: 7
Loc: Anaheim,CA
The ballon business model is for full time professionals who can learn fast,work long hours chasing leads,and can sell enough every month to stay afloat and not sink under the monthly bills that must be paid.It's not good for a part time agent unless you have lots of experience and a steady supply of quality leads and referrals.You need a strong training program and no heavy money fees.

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