Which route: Training or money for a newbie

**Tab223** · 03-19-2007, 08:27 PM

Hello,

I take my PSI exam in about two weeks (I am in the Baltimore, MD area). I am trying to determine where I will affiliate.

Here is my situation. I have about 9 months worth of salary saved, so I don't need anything to come in during that time. I have 6 months of full insurance for my family (two young kids) as part of the severance package in the job I left.

I have a good friend who is an investor. He has some connections with different BPO companies and seems confident he can get me into doing BPO's fairly regularly. He also rehabs and sells homes, and he has expressed that I can do several of his listings this year.

I am looking to be trained well enough that I can competently work with buyers and sellers. But I also want to list for my friend, and do BPO's in the short term. I am taking my class through Long and Foster, big company in this area. They provide alot of training, they would give a mentor, that sort of thing. But, the cut is 50-50. Some people I have spoken with say get all the training you can, others have said that the only real training is to get out and start doing transactions (with some support in place so you have some help). Part of me wants to go with Long and Foster, but the thought of splitting the few homes I probably can list with my friend 50-50 isn't appealing. Also, I planned to let the BPO's bring in some monthly money to take the pressure off and lengthen the learning curve. I only just found out I would have to also split the proceeds of the BPO's with Long and Foster. My friend works with a RE brokerage, very small, that offers an 80-20 split, but with much much less training.

So, all that to say I am trying to figure out if I should affiliate with Long and Foster and hope the training is worthwhile. Or, if I should go with the other small brokerage and keep more of what I make right off the bat. If I can just make it through year one (where so many statistically fall off, I probably can make it from there). I would really really appreciate any words of advice anyone could give.

Todd

**Tab223** · 03-21-2007, 07:07 PM

Todd,

You are obviously a good looking and smart guy. I think you will be succesful in the real estate business. Good luck (I love you man).

From,

Todd

(Just trying to get the proverbial ball rolling on this post)

**builderscut.com** · 03-22-2007, 07:45 PM

Look get the training..You'll make enough money to keep going..get what you need and learn what you can about this buisness I've been in this buisness for 25yrs and I'm still learning.. Learn what you can and then if you don't like it there move on

**FlaGal** · 03-22-2007, 07:55 PM

Get the training. Then get the money!

**Tab223** · 03-23-2007, 07:54 AM

Okay, thanks for the input. I take my test in two weeks. I have a list of brokerages to meet with.

**billnad** · 03-23-2007, 08:29 PM

Years ago I looked at thissame question when getting started and I thought then and still think that training is the most important consideration. Your first year in the indutry is going to be difficult and the best thing that you can do is get a few sales and really have a good grounding of your selling skills as well as your real estate knowedge and research skills.

**Cedar City Utah Realtor** · 03-23-2007, 08:46 PM

Why not do both? You could most likely find an experanced agent in your town and work for them as a buyers agent for a year. That way you would be making some decent money and getting the training and experance you need to suceed in this this business.

I don't think this is a one or the other type thing. If I were starting over I would find the most successful agent in my area and go to work for them for about a year. The whole time I would learn everything that agent could teach me and also look for ways to improve on there methods.

That way when you branched out on your own you would have all the skills of the best agent in your area as well as have your own mix to add to the table.

**badie321** · 04-10-2007, 01:02 PM

I think you should rethink the 50-50 split? Train on the go. Your Friend will help you with any questions. This business isn't brain surgery. you'll do fine.

**gjtrafl** · 04-10-2007, 02:33 PM

I agree as well. Find a way to secure both! Not to mention earning a reasonable amount of money could afford you the chance to attend some seminars that are taught by some of the best in the business. Don't get me wrong there are several "dud" seminars that you could blow money on but I took one that has been the best thing I have ever done. Far more than any office training ever got me.

**kelingdun** · 04-11-2007, 11:41 PM

Originally Posted by gjtrafl

I agree as well. Find a way to secure both! Not to mention earning a reasonable amount of money could afford you the chance to attend some seminars that are taught by some of the best in the business. Don't get me wrong there are several "dud" seminars that you could blow money on but I took one that has been the best thing I have ever done. Far more than any office training ever got me.

So which third party training you think is worth while? Thanks