I am debating getting into realty this fall and going part-time next year. I have no desire to do it full-time but am interested in the process of representing first time home buyers. I have a job that already allows me some flexibility with my schedule and I can ramp and/or drop my hours a fair bit.
I would have the option to go with a local realty company where I live or go to a national brokerage such as Keller Williams or EXP with pros/cons to both.
If I planned to do this part-time any thoughts or recommendations?
Not a realtor, but, other than the appraiser or home inspector, as a real estate photographer I am the next closest to giving you some insight. The majority of my income during March - mid-October comes from local realtors at big and small firms (I will shoot just over 1k properties this year). Of these, KW has the best back-end technology for their agents - I am not discounting what the other’s have, it’s just that KW’s systems are known the to be the best. So, take that into account.
Now, as with any sales organization, you get out of it what you put into it. Believe or not, the average agent only produces 8 transactions a year. That stat is phenomenal, considering that there are 7-8k licensed agents in NC, and about 3-4k registered with the Triangle MLS. I have single agents that do 20-30 listings alone, then again, I have agents that do 2 or 3 a year. If I were you, I would look for an office with a strong BIC and one or two strong teams, this way you can learn the ropes as closing coordinator or just dealing with internet leads. With regards to the latter, you will have to do a lot of cold call prospecting once you exhaust your circle of influence. Good luck.
I am debating getting into realty this fall and going part-time next year. I have no desire to do it full-time but am interested in the process of representing first time home buyers. I have a job that already allows me some flexibility with my schedule and I can ramp and/or drop my hours a fair bit.
I would have the option to go with a local realty company where I live or go to a national brokerage such as Keller Williams or EXP with pros/cons to both.
If I planned to do this part-time any thoughts or recommendations?
I was licensed at one time. If you have nothing better to do on your weekends and evenings go for it. But be prepared to get all kinds of Aholes wasting your time and most closing take place during the day. BTW there is a class action suit that may doom your commission check;
“In Moerhl v National Association Realtors (NAR), home sellers from across the nation are claiming that NAR’s compensation policies—which require all member brokers demand blanket, non-negotiable buyer-side commission fees when listing a home on a Multiple Listing Service—is a violation of antitrust law. Realogy Holdings, HomeServices of America, RE/MAX and Keller Williams are also named in the suit.”
In a past life I was CFO for a Coldwell Banker franchise. So I’m not a realtor, but hopefully this helps. There are a few important things to look at. First, where are you going to get your leads? If you’re doing this part-time you almost need to be part of team where leads will be given to you. Building a steady stream of leads can be tough, time-consuming work. Part-time can do it, but it’s hard. Also, find out how leads are distributed. Wherever you go there’s a process to it. (i.e. The office phone rings and it’s a buyer - Who gets the lead?) Second, compare compensation plans. For every sale you make there’s a split. You get a piece and the broker gets a piece. There is significant variance in how this works among different brokers. Some give a high (beneficial to you) split right out of the gate. Some start low, but go high after a certain # of transactions or volume. Some charge a transaction fee and some don’t. National brokers often charge a franchise fee. The key is to capture all the pieces and try to make the plans comparable so you can see which one is really better. Some might be great for someone who does 20 transactions a year, but wouldn’t be good for you.) The good side of a team is you get leads. The bad side is that usually comes with a lower split. Third, what do you pay for and what does the broker pay for? A full-service agency gives you a lot, but you might get a lower split. If split is all you look at this looks like a bad deal. If they’re paying for things you’d otherwise have to carry that evens things up.