Question regarding choosing a broker to work under

**seeeker** · 03-02-2009, 01:48 PM

I am taking the course soon so I don't yet have my license. Right now though I am interviewing different brokers in my town to compare them and see what might be a good fit.

1) My first question is how to evaluate what they offer new agents. The two bigger firms I met with are Coldwell and Keller Williams. They both offered limited training starting out. KW had some classes which looked interesting but were not mentoring. Coldwell actually didn't offer much in the way of formal training. I asked about mentorship and having a point person for guidance and feedback daily or weekly. A person in this roll was available but they typically took 10% of you first few deals. In addition there was the 6% franchise fee (why this separately? Why don't they factor this into the commission split?). They both also had a long list of mandatory marketing and administrative features that I also pay at a set cost.

So basically, mentoring or interacting one-on-one with someone for learning purposes and guidance comes at a cost. Is this typical?

What should I look for specifically that sets one firm apart from the rest?

They also use a lot of scripts, door-knocking, cold-calling, converting, etc. I find the use of scripts as a little off-putting but maybe this is a normal part of the job.

So question 2) What is the general consensus on scripts?

Another broker I met with owned a smaller firm, much more personable and casual. He said they "offered training" but on that appointment we did not talk specifics. I wonder if they are similar to the bigger houses.

Thanks for any comments.

**minneapolisrealestate** · 03-05-2009, 09:19 AM

You should also find out if they offer you leads or not. Most places won't... but is a great addition if they do!! Did you interview any RE/MAX offices? I think with most brokerages, being that they are independently owned/operated, they will all do things a little differently so it'll be an important decision for you to make! Biggest factor for most is overhead costs and what percentage of each check they take and any extra fees they charge the clients. Good luck!!

**First Time Home Buyers** · 03-05-2009, 08:14 PM

If they offer you training, that's nice.

But, if they don't have a lead source for you to plug into, then you are probably not going to have much luck. Unless you are absolutely the most personable guy or gal in the city, or already have a huge network to plug into.

My point is, you have to contact around 50 people just to get one sale (using avg. numbers in Gary Keller's MREA)

Sounds easy enough, right?

But those 50 people have to be somewhat interested in what you have to offer them i.e. real estate sales help.

So, not just 50 random people, but more like 50 possible sellers or buyers.

Just to get 10 sales in a year, you'd have to contact 500 people in this manner.

Which brings me to my first point--if they don't have leads coming into the Team or Office, forget it.

My Team has about 500 leads a month that they "pass out" to the 35+ agents on the team. I get around 1 lead a day, which is great from the Team.

Real Estate is a numbers game. So their training may be top notch, but it's no good without clients to help. Get the point?

**yollyp** · 03-09-2009, 08:58 AM

What a tough one to have. It really takes strong courage to win and learn the trade without sacrificing quality and your hard earned money. Anyway, first timers like you should venture and explore for any possibilities of learning the trade the easiest way. Include patience in your itinerary.

**seeeker** · 03-09-2009, 09:14 AM

Hi,
Thanks for the replies. The words "training" and "lead generation" keep coming up from different resources, so that must be important in the begninning. It seems the bigger firms offer something for these but the smaller boutiques do not (maybe a little help with leads). Although I liked the atmosphere of our downtown, local, highly-visible, medium-sized boutique, the training consists of asking your broker or other agents a question (very supportive and friendly team though). So, not much for the new agent.

I will probably go for a second round interview at Keller, and meet others to continually compare. Already the extent of their training has become a little vague so I really need to nail that down. My first impression is they are too corporate for my style but then again they have a positive success-oriented attitude so maybe that's what's best to get going in the beginning.

At my first interview with Keller we overheard a training session doing squat-thrusts and "hoo-ha!" to get psyched to go door-knocking.

Does door-knocking ever actually produce any results? This approach made me roll my eyes. Isn't that a waste of time? From what I've heard, what little I know, there must be better ways to use your time and prospect....

**StepsMLS.com** · 04-06-2009, 12:21 PM

Training and leads are very important. There is a lot to learn in this business and you will want someone to help you along. Although paying 10% of your comission sucks, it would be worth it if you get a very good mentor. I would look more into that mentorship program, and even ask to meet with your potential mentor. If they get 10% of your sales, they should be more than happy to meet with you for coffee or lunch.

I would for sure lock down your mentor before you decided to go with that company. You do not want to get stuck with just anybody for that position.

As far as door knocking, I hear it can work when combined with direct mail, flyers, email campaign etc.

When you go door to door try to get their phone number and email. At the very least their email. Then maybe in a week or two send them a postcard or some kind of useful info in the mail. Next month give them a call to check up with them. Then a month or a few weeks later send them a useful personalized email.

Go checkout upstartagent.com. He posts here and has a great blog. Really good tips and marketing ideas for agents.

Get some custom business cards made as well, http://upstartagent.com/2009/01/uniq...more-business/

They will help you stand out when door knocking, and make sure you have your website on your card. Dont forget to wear your best clothes also!

Your apperance, business card and website for the few things clients first see about you. They are a direct reflection upon you and your abilities.

You wouldn't show up to a meeting in a salvation army suit would you? It is the same for your business card and your website.

Man I type alot! Good luck out there!