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You now have a license to learn a new career and begin selling real estate
now what....?...
When you were picking up your license, did anyone tell you, "Look to your left; look to your right; neither of these people will
be in real estate with you in two years?" Current statistics show that the majority of licensees are out of the business
in less than two years. We, at A Bob Wood Real Estate Academy, feel there is one reason for that statistic -
lack of training following licensure.
Your prelicense training allows you to learn the basics and the foundation of
real estate. However, it in no way teaches you how to become a successful real estate agent. With a growing
number of "virtual" offices, new licensees are bound to struggle. Unless you grew up in the industry or have
a natural instinct for selling in a new industry, an office that does not provide you with the necessary
training and support will likely result in your becoming the two out of three licensees that do not survive
more than two years.
So, what is a new licensee to do? It is crucial for a new licensee to take the time necessary to carefully
interview their first, and any subsequent, broker. Sure, a high commission split sounds wonderful, but 100
percent of nothing, is nothing. If you are not having any closings, monthly fees and expenses will drive you
out of the industry just as fast as your savings account spends. The training and mentoring provided by many
brokers is worth something. If not, brokers investing their own time and money into actually training their
agents would not survive the current trend of providing no office and little, if any, support in exchange for
high splits to the salesperson. Two very different brokerage
philosophies exist for brokers to stay in business: first (the traditional model), provide the support
an agent needs to succeed and share in the successes of closings through the commission split; or second
(the emerging trend), charge a monthly fee commensurate with the services offered and let the salesperson
bear all the risk of his or her own production. Of course, there are hybrid models of these two philosophies
that come closer to sharing the risk of production. It is crucial, though, that the licensee investigate the
support offered, the philosophy of the broker, the services provided, and the length of time the broker has
survived in the business. Remember when looking at franchises to be sure CONTINUED BELOW.....
Continued....
to look at each franchise separately. Franchises are independently owned in operated, so while the
franchisor may have been selling their franchise brand to individual brokers for many years, the
individual broker who purchased the franchise you are speaking with will not have been in business
as long and may or may not have any actual experience selling real estate.
Be sure to take a close look at different brokerage offerings and compare apples to apples. A lower
split with lower or no monthly fees might actually land you with a new career; a much better
alternative than 100 percent of nothing. And, yes, there are companies still around that so believe
in their support that they do not charge you anything unless you have a closing. You will not find
them on every corner, but they do exist. After all, why should a new licensee bear the risk of their
surviving an industry with such a high attrition rate? New licensees owe it to themselves to explore
all their options. If you want to join a gym and pay a monthly fee, join a gym. But, if you are
looking for a broker to arm you with the knowledge necessary to thrive in a new career, the least
expensive "gym membership" or highest splits offered on the market, may not "get you into shape" to
start what could be the most exciting career for you yet!
More Information:
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- Notice To Students
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- Contact Us
...."a high commission split sounds wonderful, but 100 percent of nothing,
is nothing. If you are not having any closings, monthly fees and expenses will drive you out
of the industry just as fast as your savings account spends."
Thank you for your interest in A Bob Wood Real Estate Academy. One of Georgia's oldest real estate schools.
Family owned and operated. We are here to assist you in all of your real estate licensing needs.
All images and text copyright 2011 A Bob Wood Real Estate Academy. Site By: Bobby Wood