I’ve met with all the potential brokers and I think I’ve made my decision on which one to hang my license with. I was looking for a broker that would allow me to be free to do as I wish (to a point). The most important factors in making my decision were…
- Not have to work as a salesperson for the broker unless I volunteered to
- No desk time
- No monthly fees
- No class requirements, but they offered training if I needed it
- Referral compensation
- Investor Friendly
- Investors on board
- close proximity to where I live (within 20 minute drive)
I was able to find this with two brokerages and took the weekend to think about which one worked best for me.
Break down of the candidates
Candidate #1: Exit Realty
They have a high tech environment that understands what an investor does. The broker-of-record was a nice guy and was willing to work with me and help me out. I had the feeling that if I didn’t attend the training sessions or the “required” monthly meetings it was going to be a problem. Quite a few of their Sales Agents also invested some, but none were full time investors.
Candidate #2: Realty Executives
I contacted these guys from a Craigslist ad. It looked to be a very well run company and had everything an agent would need to be successful. There was one other investor who was just starting to do deals with them in the same fashion as I wanted, which was good. The broker understood what I wanted to do and was very willing to have me aboard and help out any way possible. He even offered to sign me up as a referral only agent and let me use his MLS access when ever I needed it. Very tempting and by far the cheapest way I could go.
Candidate #3: Millenium Realty
This is the smallest brokerage that I interviewed. In fact it was a one man shop that just got started in June. His man source of leads are from a group of investors that have hooked up with him. He will sign up clients who have responded to these investors, but didn’t meet the their criteria. My investor friend, Jarred, works for the investors (Homevestors actuall). I had a great conversation with the broker and I love the fact that he works directly with a group of investors.
Well, I’ve eliminated Exit Realty from the equation as I think we just didn’t totally agree upon what I would be doing. So that leaves me with a choice between Realty Executives and Millenium and I can’t really decide. They both meet all my criteria but each has their advantages, so let me break those down and maybe you guys can help me decide.
- Use of their staff for selling properties, creating flyers, postcards and other forms of advertising.
- 70/30 split
- 20% referal (of 70%)
- Works with 1 investor that is doing what I want to do
- Works with Jarred and Homevestors exclusively
- Small shop that deals with the types of leads that I’m looking for
- Motivated Broker willing to help me out, so I help him get more leads
- 50/50 split
- 25% referral commission
I’m leaning towards Millenium becuase of the direct connection with the investor group that I could be able to leverage. What do you all think, right choice?
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