Assistant becoming Agent

[Redfish883]

I am a licensed assistant in So. California. My agent works at Coldwell Banker. I currently work Part Time as the assistant but I'm very dedicated, and we've already made great strides. Before long, our plan is for me to be an agent as well. I'm trying to figure out what the best way to approach this is. I'm thinking that around the beginning of 2008, I can still be assistant part time, but hang my license with Coldwell and do agent activities when I'm not handling my employer's transactions. The agent and I are building a business, so I'd like to stay a part of his team but bring on business of my own and get commission for that, while getting paid hourly for being an assistant in the meantime. I guess my question is, is this a good idea? What other questions should I consider? And, most complicated and curious, how do we split the commission on my transactions, since I'm learning from my agent, using his systems, and perhaps even using leads provided from him?
Thanks pros. This is a nice website.

[BrooklynBroker]

Is there such a thing as "licensed assistant" in CA? Interesting...

In NY any person who negotiates a RE transaction (there is a long going discussion whether a person who simply opens the door of the property for a buyer must be a licensed RE agent or not) must be licensed. It does not really matter if he sometimes gets paid hourly by another licensed agent to do some work on that agent's listings... Everybody still needs to be licensed.

Otherwise - don't complain if you get cut out at time of closing :)

[homer901]

I am a licensed assistant in So. California. My agent works at Coldwell Banker. I currently work Part Time as the assistant but I'm very dedicated, and we've already made great strides. Before long, our plan is for me to be an agent as well. I'm trying to figure out what the best way to approach this is. I'm thinking that around the beginning of 2008, I can still be assistant part time, but hang my license with Coldwell and do agent activities when I'm not handling my employer's transactions. The agent and I are building a business, so I'd like to stay a part of his team but bring on business of my own and get commission for that, while getting paid hourly for being an assistant in the meantime. I guess my question is, is this a good idea? What other questions should I consider? And, most complicated and curious, how do we split the commission on my transactions, since I'm learning from my agent, using his systems, and perhaps even using leads provided from him?
Thanks pros. This is a nice website.

I'm currently doing what you're thinking of doing and I don't see a reason why you shouldn't do it.

If you bring in your own business through floor time, open houses or other leads I think that the entire commission check should be yours. This is how myself and another assistant is my office do it. But I guess it depends on your compensation structure. I started at $8 and was promised raises and bonuses for each property that sold that I was involved in. None of that happened and I've been licensed for 3 years. I've been working for them for 3.5 years. So at the beginning of summer I decided to pay dues and sell on my own, as well as continue to be an underpaid assistant.

I say go for it.

[getofftheporch]

I have hired a few assistants as a real estate agent and assisted agents working for me in hiring their assistants.

You asked how any sales you generated should be split with the agent you are assisting. I am not sure if there are local traditions that will determine how that works in your office. Normally it will just depend on the two parties and how you are currently compensated.

If you are just paid an hourly wage or on salary for a certain amount of time per week then you are less likely to have an arrangement that would require you to split the proceeds with the other agent. If you are paid an hourly/salary plus a percentage of each closing or a bonus for reaching certain production then you are more likely to split the deal with your agent.

Additionally, the agent you are working with might have a concern that you are generating this business from their leads or because of you work for them. I allowed my assistants to sell on their own but they were not allowed any business in my farm area or with my past clients/sphere of influence. The trend I see is more towards the agent you work for getting all of the business in their name to help them with company splits or recognition and then paying the assistant from the proceeds.

I think you will need to work everything out with the agent for whom you are working.

It is very difficult to work as assistant and sell real estate on your own. I was always concerned the assistants priority was their clients, not mine. As an assistant, the agent you may work with may demand you work for them during the most productive time which leaves you little time to attract new clients or service them.

Good luck!:)

[gjtrafl]

Go for it! You will definately stand a much stronger chance of being successful with all that you have already learned and seen. You are way ahead of the game!