[moretime4life]

Those of you in the L4P community who have made the leap from real estate agent/broker to brokerage owner either as a franchisee or built an original brand can you share your story?

I'm from Iowa, I know Iowa right?! I'm recent college grad and I'm currently interviewing for a Apprenticeship with a local agency. I have started to think a lot about if I'm successful agent, I would want to start a real estate brokerage. Preferably specializing in commercial property. The apprenticeship opportunity is primarily residential but has a commercial real estate division I would try to learn and work in as much as I can after I learn the fundamentals of residential.

I'm creating this thread to see if anyone has similar aspirations or owns a successful brokerage. Any advice or stories you want to share will be much appreciated!! Thank you

 

[Aaron]

I can't help you very much, but I'm 99% certain that you must be an agent through an agency for a certain period of time before you can start your own agency.

 

[Supra98]

^Yes im pretty sure it varies state to state though. Here you must conduct a certain amount of deals within two years, pass several state exams, etc.

 

[[Petrolsexual]]

Where are you from, OP?

 

[ALEX STARK]

in CA i do not think this is true. i brokers license consists of taking the required classes. I think 8 required classes and either an associate degree with 1 year of experience or a BA degree with zero experience. I also am working towards a brokers license but want licensed in PA were my family company is located. Im studying in CA until the end of spring 12 semester.

I have no interest in selling. I'm working towards an associates in business real-estate and BA in hotel/restaurant management/ brokers license

 

[moretime4life]

Thanks for the info. Unfortunately I didn't receive the apprenticeship. This month I'm deciding on moving to Dallas to pursue a similar path. Anybody in the brokerage biz in the Big D?

 

[Bigdaddy]

Where are you from, OP?

:laugh:

 

[Gamble]

In Virginia you must be a salesperson (agent) for 3 years before you can become a broker. North Carolina is a "broker only" state, so you're a broker from the get go. Not sure what the specifics are in Iowa, but IMO you should focus on being a successful agent/salesperson/Realtor first. Pour your focus into that and then plan for a brokerage once you have experience and $$$. You'll also want to be a great agent because that's how you'll attract other agents to work with/for you. A broker is often seen as a mentor, and a mentor needs to have lived the life that they are, ummm, mentoring. Good luck!

Disclaimer: I'm a Realtor® in Virginia.

 

[Sinjen]

Here in CT, you need to be a licensed salesperson for 2 years, and take a few extra courses (30 hours of appraisal courses, and another 30 elective, I believe) plus the test.

I had considered get my brokers license, but honestly, I felt it would be better to stay with my broker (a Century21 outfit). Unless you have made a huge name for yourself, and/or are buying into one of the big franchises, starting up a brokerage with only a few years in the business is tough IMO.

A lot of the better brokerages are going on acquisition sprees (ours has acquired 5 in the last year alone), and the resources available to agents are vast. If you become successful, you can always renegotiate your commission split with your broker, and I've seen several highly successful agents get to keep everything, where the broker just wants the volume and marketing.


Good luck in your RE career. It's really a fun and rewarding industry.

 

[Kalstar]

Pm me, let's talk. I started a independent (Mom and Pop) brokerage three years ago. We now have 41 agents with revenues in excess of 1m per year. Happy to give some advise.