Is it a good idea to join a branch of a brokerage that just opened?

[drewp]

Hi all,

I need some advice. I am currently getting my real estate license and have been interviewing brokerages. I went to a Century 21 that just opened 2 weeks ago. I was wondering if it is a good idea to work with this brokerage, considering that its new?

 

[Ric]

Hi all,

I need some advice. I am currently getting my real estate license and have been interviewing brokerages. I went to a Century 21 that just opened 2 weeks ago. I was wondering if it is a good idea to work with this brokerage, considering that its new?

You will need a brokerage that provides good training and wont bankrupt you with their monthly fees. I can recommend one if you like. PM me.

 

[drewp]

Hi Ric, (your inbox is full)

It sounds like this place would provide appropriate training, but thats what they all say. How can you tell.

He told me that I won't have to pay desk fees until 6 months later, and after that it would be 150 a month.

He said that he will provide 200 business cards, my own website, open house sign, for sale sign, and flyers.

Also, he would remimburse for my schooling after each sale.

Lastly, they would provide me an 80/20 split, and after 50000 in commission my split would go to 90/10.

So what do you think?

Oh and if you could provide me the information that you have would be great.

Thanks for the help, it is greatly appreciated.

 

[ESPNGuy]

Im looking for a broker too, newly licensed

 

[Ric]

Drewp,

Sounds fair (not great). What do you think of no desk fee, $75/month, 100% commission and paying only $275 per transaction to the brokerage?

I would suggest spending a couple of days in their office to get a feel of the place. Attend a few of their training sessions. I interviewed 4 different brokerages this way b4 I made the decision to join the one I'm with.

 

[drewp]

My only concern is brand recognition. I worry that if people haven't heard of the brokerage that they wouldn't think that I am credible.

I am interviewing several brokerages. I am still in my second phase so i do have a lot of time.

Its no always about the comisssion splits for me, I am concerned about training and support. I defeintely will check it out

 

[Ric]

My only concern is brand recognition.

Drewp,

When you are looking to purchase a house, you check MLS and choose the house that best suit your needs. Do you check which brokerage has the listing? Do you say, "I'm not buying it because it's listed by Remax( Century or Homelife etc.)". No one does that. I can tell you that in RE there is no "Brand recognition". Co-operation between brokerages on the MLS system makes this irrelevant.

At the end of the day, only you can decide what's best for you. If you think it's valuable to pay monthly franchise fees to be apart of a "name brand" brokerage then go ahead. Again, spend some time around each office you interview with. Check out the training and mentoring programs. Good Luck

 

[Observer Walt]

I think the Century 21 name would give you "brand recognition"

As already mentioned, check the training programs. That's pretty important for a newbie. Also: where is this brokerage located? Is it reasonably near the area of the city where you would see yourself working most of the time? Do they have an office with good visibility on a main street?

 

[drewp]

Ric, what I mean about brand recognition is when someome wants to list a property and only decides to look at the brand of a brokerage. I understand being a sales rep that you are what people will choose over the brokerage name, but for a newbie like me I worry that being an unknown brokerage name and an unknown sales rep might be harder for me.

Like i said I want to find a brokerage that provides proper training and support, as well gives you a generous start up kit.

Back to my original question, Is it a good idea to join a branch of a brokerage that just opened?

 

[EXgeMMy]

Ric,

Are you with Right at Home Realty?

I interviewed with them as I was in the middle of course 1, I just finished coursed 2.

My only concern was the monthly fee as I plan on doing real estate part time. I was hoping to get something with zero monthly fees. Would be willing to give up more commission.

 

[Ric]

Ric,

Are you with Right at Home Realty?

I interviewed with them as I was in the middle of course 1, I just finished coursed 2.

My only concern was the monthly fee as I plan on doing real estate part time. I was hoping to get something with zero monthly fees. Would be willing to give up more commission.

No I'm not with Right at Home. I think I've seen brokerages advertise with no monthly fees but lower commission splits. Again, this is something you will have to negotiate with the brokerage you chose.