At last count, there were more than 1 million active real estate licenses in the U.S., and more than 86,000 real estate brokerages nationwide.
As you can imagine, this makes choosing the best real estate company to work for very difficult for newer and experienced agents alike. If you’re like most agents, you’ve at least considered a major brand as a place to hang your license. But, which company is the best for you?
To help make your choice a little easier, we’ve looked at five industry leaders and evaluated them on the criteria that matter most to agents. After hours of research and interviews, we’re ready to help guide you through the top real estate companies.
How We Evaluated The Top Real Estate Company To Work For
The Close Team did its homework on this one. We evaluated each franchise using significant independent research, including interviews with local agents and brokers. We also had conversations with members of corporate leadership.
We evaluated data on professional review sites like Glassdoor, Comparably, and Indeed, taking into account the feedback Realtors gave about their experiences working for each of these brands.
Based on our research, let’s see how each of our major brands: Keller Williams, Coldwell Banker, Century 21, RE/MAX, and eXp Realty stack up against each other in the categories that matter most to real estate agents.
Best Real Estate Companies of 2021
| Brokerage | Best For |
|---|---|
| Keller Williams | (Best Overall) Agents at all stages of their career |
| RE/MAX | High-performing, established agents |
| Coldwell Banker | New agents |
| eXp Realty | Part-time agents |
| Century 21 | Agents who want to reach more millennials |
Don’t forget: Before you’re ready to start at your dream brokerage, you’ll need to pass your real estate exam. To help you complete the necessary coursework and master exam topics, head over to Real Estate Express for online classes and robust study materials at an affordable price.
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The Best Real Estate Company To Work For Overall: Keller Williams
Keller Williams takes home our prize for Best Real Estate Company To Work For.
Its competitive compensation plan, commitment to creating a culture of success on all levels (including a prioritization of women in leadership), and the hard work it does to create career-lasting relationships with its agents makes it our top choice.
Why Keller Williams is the Best Real Estate Company To Work For
Keller Williams gets a lot of things right. Its commission structure, company culture, and growth potential have positioned Keller Williams at the top of our list.
Keller Williams Commission Options & Agent Fees
Just about everyone we talked to across our different brands told us the same thing when it comes to commissions:
“Well, it varies.”
A traditional commission structure has a lot of moving parts, but that doesn’t always make it easy to understand at a glance. Keller Williams has removed that ambiguity and is very clear about how their system works.
Keller Williams’ Pre-Cap Commission Structure
Each Keller Williams office (or, as they call them, Market Center) has what’s called a cap. The cap is a certain amount of money that each agent will pay to Keller Williams to support the company at large. Each Market Center has its own cap, determined by local market conditions, operating expenses, etc. Every Keller Williams agent at that office has the same cap; it doesn’t matter if you are a 20-year veteran or a brand-new agent.
When an agent receives a commission pre-cap, they keep 64% of it, 30% goes to the Market Center, and 6% goes to the national brand as a franchise fee. Once you hit the cap, you keep 100% of your commission—no hidden fees, no sneaky percentages, that’s it.
Keller Williams’ Post-Cap Commission Structure
Knowing that the playing field is level as far as how you can earn money with the realty company, and that hard work (and not someone’s sweetheart deal) is the differentiator for successful agents is huge upside for working with this major brand.
Profit Sharing
Agents also receive another piece of the action in the form of a secondary commission when someone they recruit closes a sale. That benefit continues when your recruit then goes out and successfully recruits other agents (up to seven levels deep). The opportunity for passive income with Keller Williams becomes pretty great.
Also, when an agent hits a certain production level, they get opportunities to participate in companywide decision making as a part of leadership councils. This is unique to the brick and mortar landscape, and a place Keller Williams is leading the way.
Keller Williams Company Culture
With a commission structure that rewards the success of the entire Market Center and not just individual agents, Keller Williams’ company culture is focused on constant improvement and support.
As an agent, if you recruit another agent to come and join KW, their success is in your best financial interest. Thus, many de facto mentorship relationships develop.
Keller Williams takes this a step further with extensive training both live and on demand, across all sorts of topics, truly investing in its people. They are widely regarded as an industry leader in training and professional development.
Current Executive Leadership
We’re also impressed with the obvious efforts on the part of the KW corporate leadership to make gender equality and diversity a priority. Fifteen of the top twenty-five executives in the company are women, and, in 2017, the company was named to Franchise Business Review’s Top 50 Franchises For Women.
It is clear that, from the highest levels, a culture of inclusion and diversity matters, and it plays a vital role in the brand’s continued success.
Keller Williams Brand Growth Potential
Even though Keller Williams is a relative new kid on the block, having been founded in 1983 and only starting franchising in 1991, it continues to grow at an impressive clip every year. Sales volume for 2018 was up more than 4.2%, a gain of over $256.5 billion.
The company’s growth potential continues to be sky-high. Even though only 10 of the Real Trends top 200 agents in 2018 were from KW, 2019 expects to see the total volume of agents worldwide to be more than 190,000, making this company a force to be reckoned with.
With an innovative business model and a growing agent base, the opportunities for Keller Williams agents to get in on the ground floor of a fast-moving company is great.
Best Real Estate Company To Work For – Established High-Performing Agents: RE/MAX
RE/MAX is one of the most recognizable brands in all of real estate, and until five years ago, held a 14-year streak of being the leader in market share across the U.S. and Canada.
We chose RE/MAX as the preferred spot for established high-performers because of its Industry Leadership, Brand Awareness, and Commission Split options.
RE/MAX Industry Leadership
Of the top 200 agents of 2018 according to Real Trends (by transaction sides), a staggering 57 of them were RE/MAX agents. This is a brand synonymous with performance, especially for those who know the business well.
An agent who is operating on a high level knows that their personal brand and reputation is going to be supported and enhanced by the market reputation of RE/MAX.
RE/MAX Branding
RE/MAX has a strong presence in the vast majority of major metropolitan regions, and moreover is recognized across multiple industries as a dependable brand.
Entrepreneur Magazine most recently named it the top Real Estate Franchise in 2018, a spot it’s held for 14 of the last 17 years.
RE/MAX’s iconic hot air balloon is one of the most recognizable symbols in all of real estate, according to a Millward Brown Demographic Ad Tracking Study in 2017
RE/MAX Commission Options and Agent Fees
There is no brand wide policy about splits, desk fees and caps, each of those decisions are negotiated at the local level.
Though not transparent in the same way as Keller Williams, RE/MAX does offer agents lots of flexibility in terms of how they receive their commissions.
With a range topping out at 95%, experienced agents with a proven track record can get paid more on the front end pre-cap. This allows them to leverage that money toward time-sensitive needs like more marketing and promotion.
Those generous splits often come with higher desk fees, but for most rock star agents, the higher desk fees are worth it in order to further other aspects of their business.
We heard Adam Contos, CEO of RE/MAX speak at the Inman Connect NY 2019 conference, and he had this to say about advice he gives to agents who are just starting with the company:
“Don’t get distracted by all the noise, by the things that are thrown at you. Focus on your business and your success. Step up to the plate, be a professional, be confident, do your job.”
Best Real Estate Company To Work For – New Agents: Coldwell Banker
In a bit of a surprise, Coldwell Banker has emerged as our pick for the best real estate brand for new agents.
The legacy and prestige of one of America’s oldest real estate names is impressive, but how does that help new agents? How about an ultra-recognizable and trusted brand, a company culture that is all about nurturing long term growth, great training for new agents, and the potential to develop a personal business where the sky’s the limit.
All of a sudden, Coldwell Banker became our easy choice.
Coldwell Banker Branding
As anyone who was once a new agent will tell you, in the early days of your career, you don’t have much to go on.
You have your own personal sphere of influence, and you have the reputation and recognition of the brand you are a part of.
Coldwell Banker has been associated with trusted real estate service since the great San Francisco earthquake of 1906, and its recent Blue marketing effort (see video below) is another example of how this brand is not going anywhere.
This refreshed brand awareness direction speaks to not only this company’s commitment to keep its name relevant and in the conversation, but also to its understanding of the changing real estate landscape.
The verdict: This isn’t your grandfather’s Coldwell Banker any more.
Coldwell Banker Company Culture
Consistently, the phrase that comes to mind when evaluating the company culture of Coldwell Banker is client focused. While we certainly wouldn’t say that other brands on our list fail to put client needs in high priority, it shines through as a cornerstone of what Coldwell Banker calls Big Blue Culture.
This sort of client-centric focus is great for new agents who are still learning the ropes as far as interaction, sales, and best practices. Having a company where the rock stars can model this behavior for the newbies is pretty compelling.
We heard something similar when we spoke with Tracy Bacigalupi, Vice President of Marketing for Coldwell Banker Schmidt Family of Companies, the largest Coldwell Banker Franchisee in the country.
“Coldwell Banker has an amazing amount of resources that it provides to Realtors and brokers on a local level. Our programs like CBU (Coldwell Banker University) provide an incredibly rich and customizable approach to training that is perfect for experienced agents or people brand-new to the business.”
As mentioned, Coldwell Banker has been around a long time. They are in so many different markets and have so many different agents at so many different levels of the business, it is clear that the road to success has already been paved here. All a new agent has to do is ask for directions.
Coldwell Banker Commission Options & Agent Fees
Even though the commission and fees at Coldwell Banker are reasonable, they aren’t anything to write home about either. However, if you are considering Coldwell Banker as a place you want to go, you should know the details.
Much like RE/MAX, there is no companywide number for cap, splits, or desk fees. All of those things are negotiated at the franchise level, so to really dig into these figures, you need to talk to a local broker.
Even though the numbers might change, we can tell you that, unlike Keller Williams or EXP, even after you hit your cap for the year, agents are still expected to pay their franchise fee, which is 8%.
It would be nice to have a prepackaged formula we could use to figure exactly what your take home would be. But, it’s also nice to know that, like everything in real estate, these numbers are negotiable.
Best Real Estate Company To Work For – Part-Time Agents: eXp Realty
You haven’t even read our explanation yet, and we can already hear what you’re thinking.
“What?! A virtual brokerage beat out other major brick and mortar brands?!”
Yes, yes it did. And here’s why: When it comes to being a part-time agent, there are three things that are important to you.
- Can you make the money work?: If you have lots of upfront fees and costs due outside of a transaction, that math makes this side hustle impossible. With eXp Realty, you don’t have to stress about that.
- Self-paced and remote resources: Your growth should be on your own schedule. eXp Realty has you covered.
- Remote company culture: You need a company that really embraces the remote working lifestyle. eXp Realty lives remote.
eXp Realty Commission Options / Agent Fees
The eXp Realty commission and cap system is simple and easy to understand. Universally, every agent in the company has a cap of $16,000. Splits are 80/20, and after you meet that cap, you keep 100% of your commissions—no desk fees, no royalty fees, no franchise fees.
Revenue Sharing: Better Than Profit Sharing
Similar to Keller Williams, EXP also has passive income options, paying you a percentage of the commission that any agent you recruit makes. But, unlike Keller Williams who offers a share of PROFIT (which, depending on your Market Center can be a relatively thin margin), EXP offers a share of REVENUE. This puts more money in the pockets of EXP agents who can recruit, and makes recruiting a more profitable venture than at Keller Williams.
EXP takes it a step further by offering stock options to agents after they hit their cap for the year. Even though this might be a part-time gig, you can have a legit retirement savings plan with eXp Realty.
This straightforward system is ideal for agents who can’t commit their entire lives to real estate right now, and need low upfront investment in the business.
eXp Realty Training and Support
Since EXP is a completely remote business with no brick and mortar locations, the only real option for education and training is in a virtual environment.
EXP offers a LOT of live-streamed training and networking (up to eight hours of live content per day), but an even larger library of pre-recorded material is available for agents to use at their convenience on their virtual campus.
No more having to rearrange your life to make it to a classroom; the classroom is anywhere you want to be, anytime you want it to be.
And, since eXp Realty’s model is similar to Keller Williams as far as the benefits of success from your recruits, close ties of mentorship form across the company, making the other agents in the firm the final (and most powerful) training tool.
We asked Gogo Bethke, a high-performing agent with eXP\p Realty about the training opportunities with EXP.
—Gogo Bethke, Agent at Gogo’s Real Estate
EXP Realty Company Culture
Just about any real estate recruiter will say “A Realtor can make her own hours, work when she wants!”
That recruiter often forgets to mention the mandatory office meetings, the training in the conference room twice a week, and the floor time most brokerages insist on every other Monday.
Since EXP has no physical location, you truly can (and must) work from wherever you are.
Home with a sick kiddo? Grab your laptop. Now you are in your office. Got a lunch break at your 9 to 5? Hop into EXP’s virtual classroom. You just did some training.
The sort of flexibility that a completely remote position offers makes this a perfect choice for Realtors who aren’t sure exactly how many hours they will log this week, or where they will be when they log them.
Best Real Estate Company to Work For Reaching Millennials: Century 21
This pick should come as no surprise to those who follow the major marketing efforts of the big players in this space.
Century 21 has consistently impressed us with its branding and marketing efforts, especially in the last year or so. New logo, new marketing strategy, new people talking about Century 21.
If you are a strong marketer of your own personal business, combining those skills with what Century 21 has to offer makes for a potent mixture. If you are needing some help on the marketing end of things, C21 has lots of tools to get you started.
Century 21 Branding
“What if we changed everything?”
This is the question the marketers at Century 21 are basing their entire new strategy around, and it’s working. New company mission (“To Deliver Extraordinary Experiences”), new logo, new vibe all together.
Century 21 is taking a bold approach to where they are pushing this message too. They’re booking guest spots on shows like SportsCenter, not 60 Minutes. They are backing ads on Viceland, not on Fox News.
It is clear that they’ve identified their next customer as more likely to be watching the Big Bang Theory than Antiques Roadshow.
If you are a Realtor who has millennial (and younger) homebuyers or sellers in your sights, C21’s message will resonate nicely with you (and them).
Century 21 Gender Diversity
It is clear that Century 21 takes diversity seriously at all levels of their operation.
Recently, they were named to the Forbes 2019 List of Best Employers For Diversity.
Century 21 actively recruits veterans to become real estate professionals, and their chief marketing officer, Cara Whitley, was recognized as a Housing Wire 2018 Woman of Influence.
The Empowering Latinas Scholarship is part of C21’s efforts to empower Hispanic women in real estate, paying for all the necessary classes and licensing to get young entrepreneurs.
The agents that we spoke to on the local level confirmed this commitment to diversity and inclusion as a part of the company culture. This adds to the cachet of this transforming brand, putting it even further out on the cutting edge.
Century 21 Brand Growth Potential
With the recent brand redesign and new marketing approach, it feels like the Century 21 growth path is turbo charged. The current CEO, Mike Miedler, began his career with C21 over 20 years ago, and has been at the helm of the ship during Whitley’s bold rebranding initiative.
Before taking the reins as CEO, he was the company’s Chief Growth Officer. In that role, the last two years has seen the fiercest expansion seen since 2006, and the new marketing legs are poised to accelerate that growth even further.
This sort of aggressive growth is a real ally to agents who can use not just the new logo, but the fact that more C21 signs are appearing in the neighborhood to their advantage.
Century 21 Commission Options & Agent Fees
Similar to the situation with Coldwell Banker, the commission structure at Century 21 is fine, but nothing we’re crazy over either. Just about everything (except for that 8% franchise fee,) is negotiated at the local level, so there isn’t much that we can tell you about here.
The one differentiator is that Century 21 doesn’t charge a desk fee. This is helpful for a lot of agents, especially those who are new to the business, because it means that C21 doesn’t ask for a penny before you close a deal. There are certainly trade-offs for this flexibility, but helpful nonetheless.
Looking For Something a Little More Indie?
We understand that the national brands aren’t for everyone. Thanks to our friends at RealTrends, we have a list of the Top 20 largest privately owned brokerages as well.
| Rank | Company | City | State | Offices | Sides |
|---|---|---|---|---|---|
| 1 | HomeServices of America, Inc. (Independents Only) | Minneapolis | MN | 230,289 | |
| 2 | Hanna Holdings | Pittsburgh | PA | 214 | 90,468 |
| 3 | Crye-Leike Realtors | Memphis | TN | 91 | 28,699 |
| 4 | eXp World Holdings, Inc. | Bellingham | WA | 46 | 24,655 |
| 5 | Real Estate One | Southfield | MI | 44 | 24,589 |
| 6 | Allen Tate Companies | Charlotte | NC | 43 | 22,273 |
| 7 | Douglas Elliman Real Estate | New York | NY | 110 | 22,272 |
| 8 | REALHOME Services and Solutions, Inc. | Atlanta | GA | 19 | 21,862 |
| 9 | William Raveis Real Estate, Mortgage, and Insurance | Shelton | CT | 128 | 20,871 |
| 10 | West USA Realty, Inc. | Phoenix | AZ | 17 | 20,762 |
| 11 | Ebby Halliday Real Estate, Inc. | Dallas | TX | 33 | 18,835 |
| 12 | @properties | Chicago | IL | 20 | 18,670 |
| 13 | Baird & Warner | Chicago | IL | 29 | 17,450 |
| 14 | John L Scott | Bellevue | WA | 34 | 16,743 |
| 15 | Watson Realty Corp. | Jacksonville | FL | 52 | 15,943 |
| 16 | The Keyes Company / Illustrated Properties | Miami | FL | 50 | 14,174 |
| 17 | Equity Real Estate | Sandy | UT | 63 | 13,585 |
| 18 | HER Realtors | Gahanna | OH | 72 | 12,681 |
| 19 | Shorewest Realtors | Brookfield | WI | 22 | 11,851 |
| 20 | Sibcy Cline Realtors | Cincinnati | OH | 23 | 11,441 |
Why a Privately-Owned Brokerage?
Privately-owned brokerages are a little more agile than the larger publicly traded firms. When a realty company is beholden to stockholders, turning the ship is a lot like turning the Titanic.
However, when you’re a part of an indie firm, once the leadership makes up its mind, a decision can be implemented overnight.
Just because a firm is privately owned does not make it small or a non-competitor. Responsible for billions of dollars of sales every year, this segment of the professional market is a vital player in the real estate industry.
Also, don’t forget about the smaller mom-and-pop operations. Yes, having the major infrastructure of the realty companies that process tens of thousands of transactions a year is nice, but remember, real estate is a hyper-local market. What the mega players gain in infrastructure is often lost in a personal relationship with a community.
Your Turn
We’ve listed our top picks for the top real estate companies to work for. Now, we want to hear from you. Tell us your thoughts on our picks, do your experiences line up with what we found?
Think your office is the best one in town? We are looking for nominations for the best real estate OFFICE in the country. If you are a Realtor in a local office, regardless of whether you are part of a major brand or a mom and pop shop, we want to hear from you.
Leave us a comment with your thoughts on the BEST office to work for.
Chris,
I am a National Educator of Designations and Certifications with eXp University. I would love to write an article regarding education in the cloud! Maybe we could do an interview?
Hi Rebecca –
Sounds awesome, let’s chat. I am sending you an Email now!
Chris
Hi Chris,
I just passed the state exam in Georgia and I’m looking for a brokerage in the Atlanta area to start my business. I really need a true mentor, first year training as a new agent, and tech support. Any suggestions? There’s so many different brokerages here in Atlanta that I don’t know how to select the best fit.
Hi Kae –
Nice work on passing your exam! Finding the right broker is definitely a big step. I would definitely check out the Keller Williams options there, they have fantastic training and mentorship. If I’m not mistaken, Better Homes and Gardens as well as Berkshire Hathaway HomeServices are pretty reputable there as well, both also well known for their agent on-boarding.
Unless you plan on working virtually, make sure you take into account the actual managers and agents in the office you’d be working in too. So much of real estate is the relationships you develop with your peers, if you’ve got an encouraging and fruit-bearing office, the name on the front of the building matters, but not quite as much.
Keep me updated, let me know what you decide!
Chris
I worked for Berkshire Hathaway in the Bay Area and had to sue the broker for taking my commission and wrongfully terminating me (due to a disagreement with the office manager). Even though I won in small claims, Ill never forget what they did. Hiding behind the brand name, they were unethical and greedy.
Hi Lynn –
Sorry to hear about such a poor experience. At the end of the day, these brands are made up of people, and people make bad choices sometimes. I hope that your experience in the industry since has been a positive one!
Chris
Hi Kae,
HomeSmart Partners in Roswell can offer you all you’re looking for. It’s also a transaction based model. You pay very little fees until you sell a property, and even then, the transaction fee is very small compared to the large percentages you’ll have to pay to the traditional brokers.
Kae,
Do your research on all companies before you decide on any one company, They will all offer different splits, have different fees, etc… What I can tell you from my experience is that we owned an independent brokerage for 18 years and had many offers from all major brokerages, none of them fit the bill other then the eXp model. It puts the agent first, gives you stock in the company vs trophy rewards for doing what you will naturally do in the business, you can receive revenue share for agents you bring to the company in perpetuity. They have affordable health insurance options, over 50 hours of training a week, and the best is the collaboration between agents, allowing you to fast track your success in your personal life and business… We are learning and masterminding with the best in the country and has allowed exponential growth even after being in the business for 20 years. Our agents have never been happier and our culture is amazing. Best decision we’ve ever made. Feel free to reach out if you wanna chat, I can certainly offer more clarity for you to make the right decision for you, whatever that may be. Best of Luck! ~ Bruce
I am thinking about switching to EXP. I’m terrible with change. But my broker is not moving my pay scale. She has kept me at a 50/50 split. I want more of my commissions. I deserve them I have been the #1 agent in there this entire 10 years. If she doesn’t make a change in definitely exploring options. I’m just scared to make the wrong move. I’m also in a small town so I’m just struggling with it all. It’s definitely time though.
Thanks for this article. I just passed the Maryland PSI Salesperson exam. I have been leaning towards starting up with Coldwell Banker. I hear they are great for new agents.
im leaning towards them as we’ll im pretty new im with long and foster now but I can’t afford the fees each month anymore. Also Codwell has fees as well so be careful to read the fine print
P.S im also in Maryland
I may just check out exp. they seem to have better options for my life style as of now
What about Fathom Realty? They only charge a flat fee of $450 per side per sale.
Peter –
Thanks for the comment! Fathom Realty is a very interesting brand indeed. Their commission structure is obviously very attractive, we are closely watching their upcoming IPO, definitely a company to watch in 2019!
Chris
I’m surprised that a Berkshire Hathaway and Long and Foster Real Estate aren’t mentioned?
Hi Patti –
Thanks for the comment. Berkshire Hathaway was definitely on the short-list, and to be totally clear, I think a LOT of that organization. Ultimately, their splits are a little higher than the average, and their training options doesn’t bring anything new to the table, so they didn’t make the final cut. But, I would definitely be willing to listen to arguments why I should change my mind!
As far as Long and Foster, they are a great east coast brand, but don’t really have any reach beyond that. We ultimately chose brands that had a national and international umbrella, and for that reason, Long and Foster wasn’t considered. However, I am definitely keeping them in mind for a more regionally minded piece!
Chris
Where would you fit Reece Nichols in these categories? How might they compare?
Hey Kris –
Just checked out ReeceNichols, looks like a great spot! The brands we’ve highlighted in this piece are national and international brands with a franchise structure (except for ExP), so lumping ReeceNichols in there might be more putting apples in with the oranges. But, from all accounts, RN is growing like crazy and is now the largest independent brokerage in Kansas and Missouri. I know they have a Berkshire Hathaway HomeServices affiliation too, it will be interesting to see how that relationship develops as well.
If this is a brokerage you are considering, I think you’d be in great shape there!
Chris
Thanks Chris.
Yes. I’ve narrowed my options down to Reece, EXP, and KW. All appear to be achieving at a high level.
I also like Century 21 and their new marketing initiatives/branding. It will be interesting to watch their focused marketing platforms over the next 3-5 years.
How about HomeSmart Professionals Real Estate? Similar to the eXp brand, $599. fee on each transaction, no percentage split, cap at $12,000. Cloud base brokerage but does have very attractive brick and mortar locations. eXp pretends to have a variety of locations but in reality are P.O.box sites or shared office sites. I’m currently with KW, with a move to HomeSmart I’m looking at a $1,400.00 a month raise.
Hi John –
Sounds like you’ve done your homework, a $1,400 / month raise is definitely something to be excited about. We’ll have to check HomeSmart Professionals!
Chris
John I challenge you to think much bigger than a $1400 monthly raise. eXp doesnt need brick and mortar. Remember Blockbuster, bankrupted by Netflix streaming! Agents are making more passively building eXp in this early stage than they could have imagined. I saw a 1-year revshare average monthly check of $11,000 this week, the guy just sells home normally and invites those agents he likes to watch an eXp video. Good luck either way!
How can I contact you Stephen. I am interested.
I am in a class now but don’t have access to a human. This is the big downfall of online classes. Before finishing, it appears that I can work as an assistant with an agency but I have so many questions about this- especially about the pay.
Hey John, I’m with eXp and love it—-why do you knock it?
Hey Chris!
I am expecting to be a licensed real estate salesperson in CA pretty soon, and currently ramping up research on best brokerage to be a part of as a new agent.
I am split on going with a cloud brokerage such as HomeSmart/EXP or C21/KW.
I have a 2 part question.
1) Any major differences between C21 and KW you see personally?
2) Would cloud brokerage, based off current climate and in the future, be the way to go as a new agent?
Thank you for the tremendous information!
Hi Ahmad –
Thanks for the questions, here are some thoughts:
1) C21 & KW: The big differences I see between these two come in the realms of training & brand. KW is known throughout the industry as being THE place for top notch training, mentorship, and professional development. Not to say that C21 doesn’t have good training options, but KW is head shoulders above the rest of the field. On the other hand, the C21 branding and company image is really stellar. I absolutely love their new(ish) look, they are definitely putting forth a good brand image and direction right now, becoming more known as a hip and modern brand.
2) Personally, I am very bullish on the cloud brokerage model, but you have to be the sort that can work independently. I can tell you from experience; working from home, being the master of your own professional domain sounds great, but to actually do it is challenging, so I would be cautious here as a new agent. If you do decide to go with the cloud brokerage model, plug into their professional communities and online training opportunities.
Good luck!
Chris
Thanks for your feedback. I’m currently with exp as a new agent. I’m looking to change brokers.
In the past two weeks, I interviewed with NextHome, R New York, Realty One, Real & even as an employee with Redfin. Before I signed with exp, I interviewed with KW as well.
I just got off the phone with the local HomeSmart broker and we have a meeting scheduled this week. I’m very impressed.
Hello, Sal:
Would you mind sharing why, as a new agent, you are looking to leave EXP? I’m seriously considering it as a new agent also. What state/area are you working?
Karen in Georgia
I’m also looking to go to EXP from Fathom.
Denise,
You mind sharing why you’re leaving Fathom Realty? I’m looking into that brokerage. I was with EXP, great company just felt like a lone wolf.
How can I answer any questions about eXp?
I’m with eXp Realty for 3.5 years now and just love it hear. The culture, training and collaboration is second to none, plus the many ways to make additional revenue while doing the same thing your doing now.
What was your experience with Redfin? I’ve looked into the associate and lead agents. I haven’t contacted them but was thinking about it as I’m a new agent and haven’t signed on with any brokerage yet??
Would you recommend them starting out? What were your factors for eventually leaving them?
How about Exit Realty
Hi Myriam –
Thanks for the comment! Yes, Exit has a lot going for it too, definitely a strong presence in the midwest and on the east coast.
Chris
We have been sold on EXIT Realty for 20 years….Couldn’t be happier. EXIT cares about people and they’ve demonstrated this over and over during this pandemic. When other companies were cutting back and laying off their personnel, EXIT was doing the opposite by providing value and investing MORE in their people. I want to be where I’m not just a number. If you don’t know EXIT Realty, you should really investigate what it has to offer. I’m happy to tell you about it any time.
Hi Toni –
Thanks for the comment. Yes, EXIT is a great brand. I have a couple of EXIT franchises in my area, quality for sure!
Chris
I’ve been in real estate 3.5 years, my wife has been a Realtor for 20 years. Except for a two year stint as a KW owner, she’s been with RE/MAX otherwise. My wife and I moved to eXp in November 2018. The sharing, collaboration, training, and support is leagues ahead of the others. Many of our former KW colleagues report their revenue share with eXp is far and above that which they received with KW. The virtual world is ground breaking. I predict lenders will eventually have an office and clients will use the virtual world. And eventually through esign methods, title companies will set up shop in the virtual world. eXp agents are also now working as sales affiliates for Virbela, the software company that created the eXp virtual world. EXPI purchase Virbela, which is a very strategic move. I’m sold on this business model!
Hi Bill –
Thanks for your input and insight, always great to hear from someone working out in the field with these organizations! Keep up the good work.
Chris
I’m at the beginning on my journey – prelicense. Looking at these brokers is overwhelming. I am in the DMV area. I plan on doing business Tysons Corner in NOVA. Any recommendations for that area? Reading your article K&W is appealing based on their fee structure, C21 make sense because of their diverse and young audience but EXP resonates with me from their innovation POV plus their fee structure is similar to K&W which I like a lot. What do you think about Engel & Völkers? Do you know their fee structure? Also any suggestion on who to choose for the prelicensing school? Thanks!
Hi Ozlem –
Thanks for the comment. You’ve got a lot of questions in here, so let me see if I can knock these out rapid-fire style:
1) I am guessing when you say “DMV” you mean DC / Maryland / Virginia area? If so, I don’t have any specific suggestions for that market other than the brokers I suggested in the article.
2) E&V is a great coastal brand with a lot of cache. Full disclosure, I haven’t worked with them directly, but my impressions of them are that they work a lot with agents who’ve got a mature business, so as a new agent, if I were in your shoes, I’d want to make sure they have a stout training and development plan before signing on there.
3) As far as pre-licensing, I’d go with Real Estate Express. They are going to have the most options at usually the best prices, and if you need to get multiple licenses to operate in different states, they’re a good choice for that too. Check out my article on the Best Real Estate Schools of 2021, there’s a lot of great info in there.
Good Luck!
Chris
Bill,
I am a new agent in the Phoenix area and have been considering eXp as one of my top choices. I am concerned that with a lack of brick/mortar offices I won’t have the personal experience that mentorships typically offer. Is this truly a recommended and successful way to start or is it basically for the seasoned veteran?
Hi Sherry! I am not sure if this reply is too late? If not, at eXp we have agents who are certified mentors. I am a mentor and help new agents with every step of getting started and established! eXp is great because you have help from your state broker, your sponsor who introduced you to eXp and a mentor! I enjoy working from home but eXp also offer Regius company suites to work out of if you prefer. I was with an independent company for 26 years and switched to eXp over 1 1/2 years ago and I LOVE it! Please feel free to call me if you have any questions 860-930-9506. Thank you, Cheryl Zalewski ABR, CRS, GRI eXp Realty
I’m not in your area but what is the average commission a exp mentor takes from the mentee?
I’m looking at HomeSmart or EXP not KW. Where I live they don’t have a good rep.
Agree 100% with you Bill.
What about Texas Premier Realty.
They say:
An Exceptional Opportunity:
Billy Haggerty, A Texas Realtor
Why Have 440 Texas Realtors Joined Texas Premier Realty?
We only charge a $199 transaction fee. We are the Working Agents Brokerage.
We put more money where it belongs- BACK IN YOUR POCKET!
Agents Pay A $199.00 Transaction Fee This Includes E&O Insurance.
$200.00 Yearly Membership Fee, No Other Fees.
An Exceptional Technology Pkg. $150.00 Yearly.
Leasing & Apartment Locating 10%.
Property Management 10%.
HUD Approved Broker With NAID #
Work From Home. Work Full Time, Part Time No. Minimum Required. No Desk Duty.
3rd Party Leads
Build Your Own Team, Hire Your Own Agents You set the Commissions.
Be Paid At Your Closings, Advertise Your Phone # Not ours
Refer an Agent, Get Paid $500.00 Per Agent
Hi Billy –
Sounds like this is a great regional option for Texas agents! Thanks for sharing!
Chris
I am a brand new realtor and looking at Berkshire Hathaway, what can you tell me about them?
Hi Bill –
Welcome to the business! Berkshire Hathaway is a very compelling choice, especially if you’re working in a higher end market. Berkshire Hathaway HomeServices has a very well established luxury niche, but they are quickly moving into more affordable markets as well. They have a very well branded company and message which is great for agents who don’t have a lot of their own experience to trade on yet.
The big drawback for BHHS is that their cap and splits are typically pretty pricy. In exchange for their reputation, you typically have a desk fee and a lot in splits. Of course, the specifics of every local brokerage are different, so talk to the local BHHS brokerage to get their specific break downs.
Hope this helps!
Chris
One of my favorite articles of yours Chris!
Thank you for sharing.
Hi Shana –
Glad to help!
Chris
Billy do you train new agents and if so how and what’s involved.
However I live in the wrong state as I don’t see any offers like this where I am on the west coasts. I’m super self-motivated so something like this would work for me.
I rather resent the nickle and diming that I see offered where I live. It’s not going to encourage loyalty in me.
It seems the smarter firms are moving away from the more scam-like introductions in real estate and more solid offers like Billys.
Are the Keller Williams and EXP systems of commissions from your downline a form of multi-level marketing, the Amways of Real Estate? I’m not in the business; I’m asking from the perspective of one looking to enter. I want to avoid anything that hints of mlm.
On a separate note, I see Coldwell Banker placed well on the list. There are none where I live, only Coldwell Banker Prime. Can you discuss the difference?
Thanks.
Hey Joe –
Great questions.
The short answer to the MLM questions is no. The pure definition of MLM situation would REQUIRE recruitment of the next tier down in order to be successful, and there are definitely other avenues for success (selling real estate). That being said, it would be shortsighted of me not to mention the fact that there is definitely internal encouragement (both via leadership and company culture) of recruiting. Both of these companies (eXp a little more aggressively than KW) have put their new agent recruitment firmly in the hands of their existing agents, so even though you aren’t required to participate, you will certainly be regularly encouraged to.
As far as Coldwell Banker goes, they are definitely a great option. Coldwell Banker Prime is actually the name of a particular franchise brokerage. Just like most major real estate companies, the individual offices are franchised and owned locally. So, same CB we talked about in the article, just local ownership.
Congrats on getting into the business!
Chris
Hi Chris, Joe et al. I was in multi-level marketing in a company called Equinox in the mid-90s. Multi-level marketing requires marketing a product. The money made in these companies is made from moving product. The profit from the product sale is divided up to the different levels of the MLM. Fundamental to understanding eXp is that the only thing different about working at eXp or a franchise is where you told your regulatory agency that you are hanging your license. There are no monthly fees divided up among agents. There is no product sitting in your garage. You’re not out recruiting a car mechanic to sell vitamins, shampoo or cosmetics. You are merely sharing with fellow Realtors® that you are happy where you work, and they should check it out. I find most agents with whom I speak join for the collaborative, sharing company culture, the lower cap, the better split, the included KVcore and Skyslope, the 35+ hours a week of live training and amazing drag-and-drop marketing center. The opportunity to learn from the best of the best around the country (not just your market center) is huge. Sure, we split 20% up to corporate (KW kicks up 30% + 6%), but here’s a huge difference. A franchise split goes to the investor owners. The eXp split is distributed out of corporate to the agents who built the company. It’s that simple. I made a little video describing MLMs v/ eXp if you’d like to check it out – https://youtu.be/qiT_ALUuGRs You can also text myexp to 31996 for an introduction to the company. I hope this helped a little ~ Rick Janson in Denver, CO
Hey Rick, this is great info. Thanks for posting!
Great way of laying out Rick. I’ve been with eXp Realty now for 3.5 years and just love it here.
Joe, the mindset of a true MLM is recruit first, sell later. eXp is not that. What broker doesn’t recruit? I don’t recruit. I have had people ask me about joining and a couple have. I see it as a company of “attraction” rather than “promotion”.
Hope that helps.
Very helpful article. Reminder, it always comes back to your individual brokerage regarding office culture. It`s not all black and white! Lots of grey areas!
Enrico – Thanks for the comment. You’re absolutely right. At the end of the day, the biggest factors in your office culture are the people that you work. Great insight!
Chris
Thank you for this!! It’s a great long form post that should be passed on to newly licensed agents. That’s what I did. Obviously you can’t get super regional. So focusing on brands likely to be in most markets is the right strategy. I don’t see it as a slight to leave some companies out. It’s just logical. Again, thank you!
Hi Chris,
I work in the Los Angeles market where we have brands like Hilton/Hyland, Rodeo Realty and the list goes on. We’ve also seen the emergence of Compass, any thoughts on them?
Bill
Hi Chris,
I work in the Los Angeles market and we’re seeing the emergence of Compass, any thoughts on them?
Bill
Hi Bill –
Yes, Compass is a fast growing brokerage that focuses on technology and agent support. They are very vocal and often interviewed, but they also come with their fair share of controversy. Compass shows no signs of slowing down, agents should definitely consider them if they can!
Chris
Nice write up of eXp Realty. But who doesn’t like flexibility? That works for every agent – not just part time. You under-emphasized the financial benefits: stock awards (not options) from every day activities, stock purchases at a discount, and revenue share that beats profit share substantially every time. However, indeed, I have a great team of part timers – house wives and high tech workers getting constant referrals from the Chinese community here in Greater Seattle.
Hi Roland, I really enjoy your article. I am a brand new realtor as well and looking at Adams, Cameron & Co. Realtor in FL, what can you tell me about them?
Hi Nelly –
Thanks for the comment. I don’t have any personal experience with this particular firm, but maybe some our other readers do? Do any of our Florida peeps have any insight here?
Chris
This article and comments were extremely helpful. Thank you for sharing these insights!
Hi Shefali –
So glad this was helpful. Thanks for the comment!
Chris
Just a heads up Chris,
There are a lot of full time agents at eXp Realty. This article is pretty accurate from my experience working at C-21, KW and now eXp…but you make it seem as though eXp is geared toward part timers…which it is not. We are geared toward all agents 🙂
I’ve been in this business for 12 years and with eXp for 1.5 years. You can literally be full time or part time and still be successful.
Hi Maureen – Thanks for the comment! I appreciate your thoughts on eXp Realty. Though I think that eXp is a great option for part-time real estate agents, I certainly don’t mean that it isn’t a great option for full time agents.
Hope you’re finding lots of great success in 2019!
Chris
Thanks for the great tips, Chris!
As a “new agent” looking for the “MOST NEW Agent Training program” which company do you believe provides the greatest value for new agents to help them transition into becoming successful agents and why? I’m currently in a standstill between KW and C21
Hi Eduardo –
Congrats on getting into the business! Both companies you listed have a lot of great benefits for new agents. Keller Williams is known industry wide for being a leader in the training space, and that includes the new agent training and professional development.
That being said, remember that most new agents report that their local broker and office are the most influential guides in their development as a real estate professional. If it were me, I’d do a little side by side comparison of what each of your local office options provide you and decide where you think your biggest opportunities are.
Good luck, let me know what you decide!
Chris
Hi Eduardo ~ Excellent question, and training is key. I wish I had humbled myself in my early years and found a coach like Tim & Julie Harris or a good mentor. As Chris accurately reports, at most firms, the leaders in your local office are clutch to getting off to a good start. At eXp, as we are virtual, you can learn from the best in the country, regardless of who is in your local area. Additionally, we have a mentorship program wherein we pair you up with a local, trained mentor who meets you in person and walks you through your first three deals to get you comfortable. Employing brokers are constantly teaching contracts classes and your personal sponsor (and his/her sponsors) will all have a financial incentive in seeing that you are successful out of the gate. Here is a sample of what a week’s training calendar looks like in our virtual world. Beyond the formal trainings, it’s the first firm that I’ve experienced where you can call any agent in the firm, and they will take your call and share what they know. I’ve met, bonded with and learned from so many agents around the country, it’s been truly incredible. For the record, I was an employing broker for 16 years and am now full-time with eXp. For more information, you can text the word MYEXP to 31996. For a free coaching call, text FREECALL to 31996.
SUNDAY
Real Estate 101
In these sessions, we will cover mastering the fundamentals of Prospecting, Presenting, Follow Up, Building Your Database, Communicating To Your Database, Lead Generation, Scripts and Dialogue, Prospecting vs Marketing and much more.
MONDAY
Farming for Dollars
SkySlope Basic Training
XCamp, technology in real estate
Goal Setting for Agents
SkySlope Advanced Training
Productivity for Capping
TUESDAY
Database Management Fundamentals
eXp Agent Orientation
Lead Generation Workshop
Listing Presentation Training
Making It Rain – Lead Generation
Prospecting and Lead Generation
Team Building with kvCORE
Brand and Empower Yourself with Video
WEDNESDAY
Build Your Revenue Share
eXp World Training
Grow, Build and Scale with Video
eXpand Mentor Certification
Introduction to eXp Realty
SkySlope Basic Training
eXp Agent Orientation
eXp Marketing Center Training
THURSDAY
eXp Enterprise Training
Introduction to eXp Realty in Spanish
The Math Behind Lead Generation
Making It Rain – Lead Generation
Getting Started with RPR®
Accounting 101
eXp Agent Orientation
kvCORE – Advanced Training
Social Media Mastermind
FRIDAY
ICONversations
Introduction to eXp Realty
kvCORE – Q&A
Video For Real Estate
Hey Rick, this is also great info and helpful for readers. Thanks for posting!
Hi!
Do you have any information on Scope Realty in NYC?
Hi Charles –
I don’t have any specific experience or first hand knowledge about Scope Realty. From the look of their website and social presence, they appear to be on the up and up, and were named a top 100 Businesses in NYC in 2018 as well.
Are you new to the business, or considering a change?
Chris
I don’t agree with the comment Part Time Agents for eXp Realty, LLC. I’m with eXp and far from being a part time agent. How do you become number 4 on your list with part time agents? eXp Realty, LLC is a great option for all as it offers a total technology solution package. to include low fees, CRM, 888 number, free website, lead generation tools, marketing materials, support at all levels, calibration like no one else and most of all the training programs that are in place with 25+ hours per week. If your interested in learning more visit donaldmaycott.exprealty.careers.
Hi Donald –
Thanks for the comment. I agree, there are a lot of great full time opportunities with eXp, one of the main reasons they made our list. I didn’t say that eXp was ONLY good for part-timers, just that their brokerage model offered the flexibility to make it very appealing to folks who have yet to make the jump to full time.
Thanks!
Chris
Looks like Realogy is well represented, but what about ERA Real Estate?
Hi John –
Great suggestion, we will definitely consider them when we revisit this article!
Chris
Where do you place Redfin in the mix? I opened the west side of the state of Michigan for them and I’m moving on after four years. Your article is appreciated as I evaluate what I do next in the real estate arena.
I was definitely charged a desk fee at C21 for over a year.
Yikes. How much did you pay? Did you have any experience? You can submit anonymously if you’d like.
Such an interesting article!
Uhmm. I’m not in real estate but have been looking into it.
Not sure where to start.
Any advice that I can research?
Where can I get my license in southern California?
What’s the best option for someone who doesnt have a lot of funds?
I wouls love some wisdom for this possinle career jump!
Thanks!!
Hi Erwin –
A lot to unpack here! Real estate is a great industry to get into, lots of opportunity here!
Getting your license in California starts with going through the pre-licensing process. You can do that locally in a classroom, but I’d suggest going the online route. We wrote an in-depth review of some of our favorite online real estate schools, check it out here: https://theclose.com/best-online-real-estate-school/
Good luck!
Very interesting article. Do you or anyone out there have any knowledge of Magnolia Properties? I am considering their Jacksonville Fl location.
Hi Sue,
Thanks for the comment! That isn’t a brokerage we have any direct experience with, but they look active and very popular in that area! We’d love to hear how your experience is if you do decide to go with them!
Chris
Do you have any researched information on Better Homes and Garden realty? I recently passed my exam and I’m doing my due diligence to find a broker to hang my license up with and after meeting with several brokerages, they are one of the “finalists” on my list. They pinged my radar because I feel like they have brand recognition due to their publications and television programming. Any insight would be appreciated.
Hi Ray –
Congrats on passing your exam! Better Homes and Gardens has a great reputation and are well represented at all the major conferences. We’ve heard Joe Rand, a BH&G principal partner, speak at a couple of different conferences now, he’s a very dynamic guy and it seems like the company itself is very dynamic.
That being said, remember that what is going to affect your business the most is the people that you will work with on a regular basis in your local office. If you’re feeling good about them, I would say that BH&G definitely deserves a spot on the short list!
Let me know what you decide on!
Chris
Hello – I am a new agent and was looking at D’Aprile Properties. They appeal to me because of the coaching and training. Do you have any thoughts or research on D’Aprile properties? I would appreciate your insight.
Thanks,
Barb
Hi Barbara –
Thanks for the comment. I don’t have any specific experience with this brand, though from the looks of their marketing and website, they seem to have their ducks in a row! Coaching and training is a fantastic reason to choose a brokerage, that sort of mentorship, especially when you’re transitioning from one brokerage to another is very important. If they can make the money work for you too, this sounds like a winner!
Chris
Hello Chris,
I to am a fairly new agent in NJ. I’m torn between agencies to work for. Been thinking about KW, great recognition in the market, as well as CB which ya been around for a longtime and is a reputable company, third company is EXP which I’ve done some research on. But still torn between which is the best fit for me, my schedule, and has best compensation and training plans. Any suggestions???
Hi Jorge –
Sounds like you’ve got some great options there, any of them would be beneficial to you.
When trying to decide between brokerages, I always suggest you investigate the brands as a whole, but at the end of the day, base your decision on the peeps you’ll be working with every day.
In the case of Keller Williams and Coldwell Banker, you’ll have interactions with people in your local office. Brand recognition and national training programs are great, but the face to face interactions you have every week are going to affect your productivity and success more than anything else. So, interview, meet people, shake hands, get a feel for the office culture.
eXp doesn’t have a physical location, so in that instance, it is really a decision as to whether the remote lifestyle is the one you want. That can be a tough adjustment for some people who don’t have experience working from home, and so with a new career to boot, make sure you’re ready for that.
All three of these programs will offer great training (eXp has literally thousands of recorded training modules and live training every day, KW is known as an industry leader for community style training, and CB is my pick for the best option for new agents), a competitive package (both KW and eXp have a very competitive split, plus options for down the line income if you recruit, and CB’s plans are also competitive, but determined at the office level).
I’d say, look at what your week-to-week work week is going to look like in each place and go with where you feel the most productive and where you have the most potential! I’d love to hear what you decide, keep us in the loop!
Chris
Hey Chris!
Thanks for the great write up. I live in Miami and will be starting my 63 hour pre-license training next week. A friend introduced me to eXp, and I’d love to work with him, but I’m looking for my best development as an agent. He lives in Texas, and is not transacting too much, and so I’m concerned about lack of mentorship there. I am leaving a successful sales career in a different industry, so I have a sales background, I’m just wondering if eXp could be a bad move for me with zero real estate experience, compared with a local brokerage that provides local mentorship and support.
Your thoughts are appreciated greatly!
Hi Daniel –
Thanks for the comment. I definitely wouldn’t call eXp a bad move for you, but I would challenge you to assess how you learn and what sort of professional development resonates with you. The fact is, in the real estate industry, there is a learning curve. You’ll learn a LOT in your pre-license classes, but, just like in any niche industry, there will be street-smarts you won’t get until you’re working. A traditional brokerage model is going to give you a hands-on opportunity to learn from people in your office, whereas a virtual brokerage like eXp will provide that virtually. To be fair, eXp has a LOT of training opportunities, but for people who aren’t used to a remote work-life, that can be a challenging adjustment at first, and might not be the best idea if you’re also trying to adjust to a new career path! All in all, I’d say it’s worth your time to investigate the brick and mortar options, see what raises your eyebrows.
Good Luck!
Chris
Hi Chris,
Very helpful writeup! What can you tell me about realtor.com?
Hi Lisa –
Glad to help! Realtor.com is a site very similar to Zillow as far as consumer functionality goes. Their marketing model for real estate agents is different, but it is still a popular place for real estate agents to spend dollars. They do play second (or maybe even third) fiddle to Zillow as far as traffic and reach goes, but they definitely still get a decent amount of exposure.
Are you considering getting into marketing yourself there?
Chris
Hi Chris-
I’m considering joining a friend who is currently a successful KW agent. But the eXp venture looks promising over the long haul of a career and for presently, as I would like to start part-time. However, as a new agent, I think I would value the support KW and my friend have to offer. Is there any real estate etiquette that says I couldn’t get my start with KW and when I feel comfortable make a switch to eXp? Is this an industry where it pays to stay with one company, or can I make moves throughout my career based on my life circumstances?
Hi Randy – First of all congrats on your soon-to-be entrance into real estate. As for your question, it is absolutely ok for you to start part-time, and it is practically expected that agents will move around, especially in the earlier parts of their career. Of course, most brokerages will tell you they want you to stay your entire career – agent retention is big business. Until you find your long term brokerage, the average stay at a brokerage is typically less than 2 years, so no stress about making a jump. If it were me, I wouldn’t make your plans public to the brokerage, just keep evaluating your spot and your opportunities elsewhere, and when the time is right, make that leap!
Chris
Thank you for the article and the attention spent with describing what each company does best. For those considering going into real estate, here’s my 2 cents. I’ve been licensed since 2006, with Keller Williams 2007-2017, eXp Mar 2017-Dec 2017, Keller Williams 2017 Dec – present. I’ve had a large team and closed 87 million in transactions – a number one agent in my office and top 1% in my company –ive also been in the bottom 10% and have failed many times. I opened 2 offices with eXp on the door bc I was transitioning from KW with 9 agents and 4 support assistants. My expenses were painfully high as I could not make a virtual model work after being in the business for 11 yrs. It’s great for the Brokerage not to have bricks and mortar, but for the Agents and your team members, it’s nice to have offices to meet clients with and build relationships with fellow Agents. After leaving KW for Exp there was a giant void for my assistants and agents who worked from the office at times as we missed our daily interactions. I even hosted a pitch session in a nice location, paid for food and held the venue open for 5 months just to get some interaction with others in business especially other independent firms. That along with my exp venture failed …my agents left and went back to KW. I followed not long after. Like other agents I spent a lot of time recruiting. The feedback on this article is a perfect example of what you do at exp …promote promote promote. It’s exhausting. This got in the way of our primary focus – to sell real estate. I would caution those looking at exp to read the SEC required disclosures made by the company every quarter. You can google them easily. You will see that the company basically a) cannot ever make a profit and will have negative earnings per share b) internal audits have found troubling info on accurate reporting of numbers and lack of a process to fix it c) it’s equity heavy like Zillow and has not faced deteriorating economic conditions d) every issuance of stock creates a new vesting period e) exp was not formed by an IPO and therefore if you want to sell your stock it will cost about 1000 dollars per transaction to do so..when I left it cost $2000. The reason for no profitability is revenue share … All of the tech offered is pieced together from free online systems or via basic model CRMs that you will need to pay to enhance. After I joined exp I had a freak out moment when I discovered my costs were actually higher than KW and was acknowledged by my sponsors sponsor at exp but he leaned on the stock as a selling tool (which per sec law cannot be done) ..there has been a chase for quick money with revenue share but the model is not sustainable and the company expects to not have to pay out on stock for many of its agents (as stated in its sec filings). Stock options are meerly a way to borrow from your agents and get higher splits bc stock is not actually issued at time of commission disbursement. At KW, I grew to making over 300k a year by recruiting people to my team after teaching classes. I did not have to spend time or monies to find them. The team model was perfected by KW and the foundational text for exp is the Millionaire Real Estate Agent Book by Gary Keller and Jay Papasan. Exp is founded by and made up of amazing agents .. majority of which came from Keller Williams with large books of business that exp then used to fuel marketing with press releases weekly as it “grew” …problem is the product of all growth is the sum of the agents sales ..the company did not do anything to earn that growth except for providing a mechanism to be like a 100% company by borrowing from it’s agents to pay for operations and salary with hopes that stock price goes up OR the company is sold to a high bidder in which those that started it become millionaires if they aren’t already. I was in the first 4000 group and the stock incentives were much higher then. If YOU truly want to build a business that can be sold once you retire and you want your career to be one on which real estate is the core focus (as opposed to being manipulated with short term benefits with long term risk …. Check out definitions of “Pump and dump Ponzi”) then KW provides best value proposition. When I sought help from exp corporate in Oct 2017 on answers to these questions I was 100% ignored (easy to do virtually) ..my local broker for the state was amazing and worked his butt off for little compensation and stood as the highlight to my 9 months of hell in 2017 …I’m still trying to recover from my losses. Check out Mo Anderson’s website …she gives an amazing speech on culture and how to infuse spirituality into a secular business along with tools of servant leadership to grow your company. She was President of KW and now a vice chair and in charge of an organization she started called KW Cares … Which is a resource for agents who have financial crisis from health issues or as a result of natural disasters. These are not loans…and I was fortunate to receive help when I asked. It’s also available for immediate family. I’ve not found another real estate company that can truly offer this in the scale that they do. Culture and relationships are the most important things in your real estate career and affiliations. Remember you are hiring the broker ..not the other way around. Make sure they are earning their money. I share my story about exp not to harm the company but out of fear for those who may be blinded by the promise of stock as your retirement. Neither profit share nor revenue share should be deciding factors either …is there full transparency or smoke & mirrors? Do agents really have open doors to other agents or does a Brokerage and its agents operate from scarcity ..and not wanting to share knowledge to a fellow agent out of fear? Do you want a corporate environment or a family environment? Are your best relationships with people in person or over the phone/inside a virtual world? No place is perfect but Im glad I found “Keller Who?” In 2007. Loyalty still matters and is self-rewarding when working in a chaotic profession such as real estate. If money was the determining factor, we would all be with 100% fee based companies. If something is not right in your office, then be the leader that changes it … Believe me it can be done. Give Give Give ..when at KW I was able to give 125k back to my community … That has saved me when all else has failed …time is just as valuable when giving. Thanks for reading and thanks to the author for taking feedback.
Sonny I found your reply here super informative, but cant honestly get 100% of all your saying, and would love to speak to you further if possible. If you could email me contact info, Id love to set up a time to reach out to you and talk! My email is Meshel74@yahoo.com, thank u so much!!!
Wow, thank you so much for saying this. I am almost finished with RE School and am interviewing brokers. KW was the second to last one. The broker was nice and I really liked her, but the office is only a yr here and small, although they are expanding in the spring. KW charges $40/mo to hang a license, E&O is only $275/yr, and 70/30 until reaching 52K commission (housing crazy here in No NV right now), then 100%. Before this, I went to Berkshire Hathaway. They are closer in town with a lot of nice places to eat or walk to close by. But, they have a 6% transaction fee, start at 80%, and only go up to 85%. They had more agents in their office when I was there, so I’d have more to speak with. That was appealing, as was the closeness to things downtown. I started with Coldwell Banker, but they say if an agent leaves w/i 2 yrs, they have to pay $2500 to leave, and they hold people to it, and their commissions aren’t great, along with their transaction fee. The school had another gal in today from KRCH, but she is 25 min away in Reno, and I live in Carson City. I feel better having an office here, although many work from home due to covid. KRCH has 100% commission. Fees are either $99/mo + $500/transaction, or $299/mo and that’s it. Of course, THIS sounds amazing! I’m at such odds with myself over all of this. Would you mind letting me know your thoughts? I really appreciate you helping everyone on here. nanster2u@gmail.com
I believe there is a small typo in the Keller Williams grid showing post cap. It should read 100% to Agent not 64%.
Great read!
Thanks
Hi Lance –
Great catch! We’ve corrected the table, appreciate your keen eye.
Chris
I’m considering a move from one of your Top 5 to a locally owned brokerage Premiere Property Group. What is any information can you share with me pros and cons?
Hey Eileen, we don’t have a ton of info on Premier Property Group. Just remember to ask a lot of questions on your interview.
Do you know anything about Tesla? I get an email every month stating that they only charge $49/transaction and a $49/month fee. You get 100% commission, no cap. It seems very tempting with the 100% commission, but is it too good to be true? Any insight woyld be appreciated!
Hi John –
I was unaware of anything happening from Tesla in this space! I’ll have to take a look. Thanks!
Chris
Great article! I have been licensed for 4 years and have been with Coldwell Banker for about 2 years. The commission splits are getting ridiculous and leads have a 30-35% fee on top of that. I am looking for another brokerage to move to now. I’m thinking about EXP but worry that the access to help if I have a problem or question outside of regular business hours may be limited or non-existent. Any info on assistance to agents?
Also, what importance do you think name recognition of a brokerage plays in an agent’s success?
Hey Linda,
I think this is more of an individual brokerage culture thing rather than a corporate thing. Yes, for example Keller Williams has great training, but an individual broker under another franchise might set you up with a mentor, or have their own internal training and help systems. Also, since you’ve been in the industry a few years, you will likely require less help than newbie agents so this might not be as big an issue as you think. For example, if you get a 75% split, that extra help might not seem so important right? Also, getting leads with a 30% fee is better than not getting any leads at all. If you’re curious about what the competition offers, set up some interviews and see what they offer. You never know until you ask.
Getting my CT license this month and torn between KW, eXp or a local small broker I know with her own agency. Any advice on which way to go?
Also – the commission for recruiting someone – is that paid out of the commission from the sale or paid by the company?
Hi Debbie –
Nice work on getting your license. As far as who to go with, it is all going to boil down to your needs. KW is known for their fantastic training program and office culture, eXp has a lean business model that is going to save you lots of money on expenses you might not need, and a local broker is going to offer perks that the big name companies can’t because they are more integral parts of their community. Find out who is going to give YOU the best set of circumstances, who is going to give you the best chance to succeed and leap!
Keep us in the loop, we’d love to hear what you decide.
Chris
I just completed my 63-hour training requirement for real estate associate here in Miami. I am scheduled to take the exam the first week in January and I am already looking into different brokerages. I am meeting with Keyes, setting up a meeting with Keller Williams but I don’t know enough about the industry to make an intelligent choice. HELP SOMEBODY!!!
Hi Juanita –
Nice work completing your ed requirements! Don’t stress yourself about your brokerage choice, you’ve got good options in that area. Remember, the best choice for you is the one that is going to meet YOUR needs as a professional. Do you need a mentor? Training? Tech tools? Find out which brokerage is going to provide you with the best opportunities for success and get after it!
Chris
Oh My Goodness I so Needed This Article In My Life Right Now. Thank You For Taking The Time To Put This All Together.
I Am A New Agent And I Am Torn Between ColdWell Banker & EXIT Realty. Training/Mentoring & Support Is Important To Me, A Brand With Great Marketing/Technology and A Brand That Cares About It’s Agents & Customers.
I Am Torn Between The Two Because ColdWell Banker Is A Recognizable Brand, & EXIT appears to care for Agents Growth & Success….FYI I like both brokers I interviewed with. Also interviewed with Century 21 and Douglas & Elliman too but not right fit for me.
HELP……….
Hey Nadjamy,
Finding a home as an agent is definitely not easy, but don’t sweat it TOO much. You can always switch if you’re not happy. Also, have you considered working on a team? You’ll get a lower split, but you’ll also get leads and learn the right way to close deals from people who are at the top of their game. Finally, don’t discount culture when making your decision! Remember, you’re going to be spending many hours sitting in that office and interacting with those agents and that broker so make sure it’s a place you feel comfortable and at home!
Hi Nadjamy –
Glad we could be of assistance! Emile’s got it right on the nose here. We’d love to hear what you end up deciding, keep us in the loop!
Chris
I just passed my state exam and now looking for a brokerage company in Elgin IL to work for. I want to be successful so picking the right brokerage is extremely important to me. Deciding where to go is becoming a bit stressful. I’m looking at Berkshire Hathaway, EXP, Home Smart, John Greene and Keller Williams. Being new to the industry I’m not sure if EXP or Home Smart would be a smart move. I need some guidance.. please help!!
Tywana –
First of all, congrats on passing your exam, nice work! I definitely get it, making the brokerage decision can be stressful for sure. I have personal experience with BHHS, I can tell you they are a stand-up company with fantastic brand recognition, especially in the higher-end markets. Both KW and eXp are known for their amazing training opportunities, I know agents at both firms that are very happy there. I don’t have any personal experience with Home Smart of John Greene, but hear good things!
At the end of the day, the best decision is going to be the one that allows you to flourish personally, professionally, and of course, financially. If I were in your shoes, I would start by getting all the split and commission structures from each place, line them up next to each other, and figure out how much business you’d have to do at each place in order to make enough money to feel comfortable living on. Then, look at the support structures and training opportunities from each and figure out who is going to provide you with the tools you’ll need, especially in the early stages of your business.
My gut tells me that Keller Williams is going to be the winner here for you, but it could go either way! Please let me know what you decide, I can’t wait to hear about your success!
– Chris
Thanks Chris, I appreciate your feedback and I’ll definitely keep you posted on my decision😊
I will be starting my real estate course this week and am more informed after reading this article. Chris- really appreciate this article and forum you’ve opened up here to the real estate agent community. Thank you.
We often hear the line “LOCATION. LOCATION. LOCATION.” Understanding the significance that location plays on real estate and property values is one thing. The other concern to the topic of location is wheather it necessarily matters which brokerage location you work for. Example: In my city we have at least 10 different office locations for a particular agency, ranging from metro to suburban location. Say I wanted to focus more on selling/renting penthouses or lofts with a downtown focus rather than homes in the suburbs- does it matter if I chose an agency near my home in the suburbs 5 min away of a commute or a 40 minute commute to the office downtown?
Hi Nataliya –
Great question. In my opinion, the answer to this question depends on whether or not your target clientele care whether or not you have an office they can physically walk into and sit across from you for a conversation.
The trend in residential real estate is moving away from opulent brokerage offices and towards lean, virtual offices that don’t spend the lion’s share of expense money on rent (that way they can spend more on things like training their agents or better marketing).
If you are happy with what your chosen real estate brand offers you as far as support, training, and marketing, I don’t think it matters whether your office is downtown or in the suburbs.
That being said, keep this in mind; if your office is going to be a 40 minute commute from the property and clientele you intend to focus on, plan on spending a lot of time out of the office. It will be difficult to compete with agents who’s office is on the same street as the properties their selling in terms of availability and flexibility.
Hope this helps.
Chris
What about another virtual/technology based real estate company called Key Realty out of Toledo, OH? It has expended to cities in Michigan as well. 100% commission model minus the $4200 brokerage cost to join. $199 E&O fee. No admin fees, no desk fees and no franchise fees. Weekly educational, training and mentoring with an Associate Broker.
https://explorekeyrealty.com/
Hi Liza –
Thanks for your comment. Yes, I actually know a couple of Realtors who have jumped over to Key Realty here in Michigan. Definitely a competitor in the virtual brokerage space. I’m watching their growth path carefully, they are absolutely on my radar.
Chris
I have been with KW for 7 years and am starting to consider the 100% commission structure brokerages in our central Florida area. Do you have any information on Future Home or Charles Rutenberg? Besides fees I’m particularly interested in learning who owns our clients’ data. This is a big deal and one of the major reasons I’ve stayed with KW this long. Thanks!
Hi Laurie –
Totally understand your concern there. I don’t have any personal experience with either of those brokerages. I would reach out directly to those brokerages, specifically to the manager of the office or to the broker themself and ask specifically about these things. I’m curious about what you find out, keep us in the loop!
Chris
Hi Laurie, I am an agent also in the Central Florida area, and considering making the jump to one of the 100% commission based brokerages. I was just wondering, being that you posted this back in Jan, and now its June, if youd be willing to share w me either via my email, or here, what you ended up doing and going, and if your happier now, or keeping more money in ur pocket, yet receiving the support we all like and value very much. My personal email is meshel74@yahoo.com, if youd kindly reach out to me there, or post here, where you landed at!! Million thanks!
Meshell
I haven’t seen any mention of Realty ONE. I recently joined (left Keller) and their commission split is probably the best the agents. Agents are flocking to Realty ONE; they recently opened an office South of Pittsburgh.
Hi Lisa –
I will definitely give them a look! Thanks for the tip!
Chris
Hello Chris,
I’m currently with KW and looking at other homes. I’ve met with Virtual Properties Realty and PalmerHouse. Any thoughts on either of them?
Hi Tiffani –
I don’t have any specific experience with either of these companies. From the looks of their websites, they seem to be great options, but like I always say, the people you work with on a daily and weekly basis are what is going to make or break a brokerage experience. If I were in your shoes, I would make sure to interview the people you’d be working with to see how you jive. If it looks like a match made in heaven, and the money works for you, you’ve got a winner!
Chris
Hi Chris,
I live in North Texas (30 minutes north of Dallas in Frisco TX). I recently passed my real estate exams and looking forward to a brokerage. I am currently considering Coldwell Banker and are/Max DFW Associates in Frisco TX. Can you please provide some guidance???
Thank you
Hi Siri –
Congrats on passing your test, that is fantastic! Honestly, you can’t go wrong with either of those companies. Both RE/MAX and Coldwell Banker are winners that you can do well at. If it were me, I would start by investigating what each brokerage is going to give you split-wise and whether or not you’ll be charged a desk fee. Desk fees have been a part of the RE/MAX model in the past, would your considered brokerage be asking one?
Gotta start with where the money is going to work!
Chris
Does eXp or any of these other agencies offer leads? I’m with Coldwell Banker and we now have monthly fees and low commissions. Its getting tough to make money with them and I’m part time.
Thanks
Hi Marie –
Great question. To my knowledge, there isn’t a brokerage that offers leads as a part of their brokerage infrastructure. There are plenty of places that include CRMs for lead nurturing and management (for instance, Realogy brands offer Zap as a CRM solution), but nobody that I know that just straight up gives out the leads themselves.
But, I am not on the inside of every brokerage! Does anyone else have experience with a company that supplies leads? Either free or at a cost?
Chris
I am sure eXp will be best place for Realtors in the new future. We are on online society and that’s the point of what I am pretty betting eXp.
Hi Lisa –
It’s true, eXp has leveraged the online brokerage model well and is serving it’s agents nicely. There are still a lot of buyers and sellers out there that want a physical building they can go to to meet their agent. While I think these clients are diminishing in numbers, they are still out there, which is why I don’t believe the physical brokerage model will ever go away completely. We’ll see though!
Chris
Hi Chris,
I’m in NJ and just got my license last week. I’m trying to do my due diligence in researching several firms in my area…& there are a TON. Obviously I’m new so training is super important to me because I have no clue what I’m doing right now and need to learn, as well as lead assistance & upfront costs. Your review on KW & CB, which are both in my area, was very helpful because based on what I’ve seen on their websites those 2 companies seem most attractive to me, so far. I was liking Remax’s website too…but a lot of what I read elsewhere online about them…people were calling them FEEMAX…because of all their fees…which makes me nervous as a new salesperson. CB’s website gave the most information about what they offer new hires and the online demos of some of the systems they have available looked really good. So question #1 is… is the companies website a good judge of how good working for the company will actually be? I mean if they can’t keep up with technology & if they aren’t transparent, helpful & trying to talent with a good first impression, then is that a tell tale sign that I should stay away from those other companies?
I was also considering Weichert, Sotherby’s, Turpin & Berkshire Hathaway, which are also big in my area. Do you have Cost, Lead and Training information on those?
And last question, my husband knows people who work at Weichert & Sotherby’s and has offered to make an introduction for me or try to get me a job with either place. Do you think it is easier, wiser and/or benefical in any way to go to a place where you know someone? I don’t just wanted to go somewhere because “my husband helped me”…lol. I’ve heard real estate is all about who you know… so should I just take the hand out…or do it on my own?
Thanks!!
Hi Jill –
First and foremost, congrats on getting your license. That is a big step, and super exciting!
As to your questions, there’s a lot going on here, but I think I can answer all your questions with a single response.
As you are looking for a brokerage, there really isn’t any step that is going to be as valuable to you as the in-person interview. Here’s why:
A lot of your experience with a brokerage is going to depend on your day-to-day interactions with your broker, manager, admin staff, and fellow agents. While the company website can be a good indicator of a lot of things, it isn’t going to give you a very good understanding of how you’ll feel when you actually MEET these people.
If I were in your shoes, I would reach out to the broker / recruiting manager at each of the offices you’re interested in and schedule an interview. Make it clear on the phone that you’re a new agent, you’re looking for a place to start your real estate career, and would like to hear what XXX brokerage can do for you. Don’t skimp on the appointments, anyone you’re remotely interested in, schedule a time to sit down and chat.
Before you go to your first appointment, make a list of the most important things to you as you’re starting your career. Based on what you said in your message, my guess is that list would have things on it like:
– Are there any monthly or desk fees here? If so, how much are they?
– What are you commission splits and caps? Is there an incentive to hitting cap?
– What sort of training or mentorship programs do you offer?
– What sort of lead generation do you offer agents? At what cost?
A solid list of 10 questions will help steer those conversations. Once you’ve completed your interviews, line up all the responses side-by-side and choose the company that is going to best serve your needs.
I can’t wait to hear how this works out for you! Please keep us in the loop, we’d love to hear what you decide.
Chris
Hi Chris,
I am also in NJ and this reply is so helpful. BUT..In this time of COVID when face to face meetings and a visit to a fully operational office is not possible it is so difficult to judge/evaluate the working environment. I get to speak with the office managers but not with the any one else. This is making the decision making very difficult. In the area I live in we have KW, Weichert, CB, BHHS and others as it is highly competitive/aggressive market.
I live in Studio City, Ca. and looking for a reputable company with low agent fees and a decent split. What are your thoughts on Compass? Anyone else you can suggest?
Hi Dana –
Thanks for the comment. Any of the companies on our list would be good choices for you, Keller Williams and eXp especially if fees and split are the most important thing for you. You might also want to check out a brokerage called Real, they are another virtual company; very low overhead and cost.
Compass is an exciting brand that is making a lot of waves in the industry. They have a very aggressive expansion model and are growing very quickly. The do have a reputation for stepping on toes (not uncommon for a disruptor in a space), but are well known for their fantastic marketing options and a brand that appeals very strongly to Millennial and younger buyers and sellers.
Keep us in the loop, let us know what you decide!
Chris
Hi Chris,
I am a Top Producing Agent in the Greater Princeton Area, NJ. I have been with my current company for over 20+ years, However, it’s time for a change. I have spent nearly a year for the first time researching all my options. (It was an eye-opener) Keller Williams, Coldwell Banker, Berkshire Hathway, etc… My long term goals may also include a potential move to Southern California. So the change I make must have the same company in both states. Looking for stability, (highly unlikely to sell out) innovation (latest in technology) and great (un-complicated) commission scale. There is so much stat info out there, have interviewed with them all, that it’s so hard to make a decision. Your thoughts?
Hi Lisa –
First of all, congrats on a successful career thus far. It takes more than luck and a few friends buying houses every year to last for 20+ years, nice work.
As for your question, I will say that there are a couple of competing interests here from a brokerage perspective that are going to make finding that unicorn a little harder, but not impossible. Here’s what I mean:
Generally, a company with long-term stability has been around for a while and isn’t going anywhere. These are companies who were planted and took shape 50+ years ago, and while these stalwarts have a lot of positive qualities, being on the front edge of tech isn’t always one of them. Massive brands don’t turn on a technological dime, whereas a company like Compass or Redfin can. But those companies are more volatile, are still in their growth (and often startup) phase, so an acquisition isn’t unheard of.
I am going to throw a suggestion your way that wasn’t on your list to consider: REMAX. One of the country’s most recognized real estate brands, they’re definitely not going anywhere. They have a relatively straight forward commission structure, and though they do usually have a desk fee, I bet a seasoned and successful agent like yourself will be able to negotiate for a financial deal that you’re happy with. I have personally met and interviewed the REMAX CEO Adam Contos, talked about his commitment to leading the way in terms of technology, and I can tell you based on those conversations, there’s a lot of exiting things on the white board for this brand. They are also a brand that you can operate with in any state, including Cali, so no worries there.
Lots to think about! I’d love to hear how things sort out for you, please keep me in the loop!
Chris
I don’t know if it has been mentioned already but does anyone have any feedback about NextHome Realty? I am in Florida and it seems to be popping up around me.
Hi great article. Any word on Redfin I’m thinking about joining as a new agent.
Hi Karen –
Thanks for the comment. Redfin is definitely an intriguing company. Like Compass, they’re top-down decision making is very aggressive and often investor-driven, which makes their growth path much more aggressive than a traditional brokerage. If you can get the split options you want and have a brokerage that provides you with the training and tools necessary for success, Redfin is a great option. Just be ready to move fast 🙂
Chris
Hi Chris, thanks for all the great info! I am newly licensed in NC and just starting the interview process. KW is definitely at the top of my list for all the support they offer newbies. I was wondering what you thought of BHG’s GO Realty and why they didn’t make the short list?
Thanks so much!
Hi Marilyn –
Thanks for the comment. I’ll be totally honest with you, I am a big fan of BHGRE, I like their model and the tools they offer to agents. The reason they didn’t make the list this time around is that while they are definitely growing, they don’t quite have the national coverage that the other companies on the list do. I am closely watching their development though; if this article had a national “brands to keep your eye on” section, I would include them for sure!
Are you considering BHGRE right now? I checked out the BHG Go website, looks like they’ve got a lot going for them!
Chris
Interviewing there tomorrow…I took my pre-licensing course through them and had a great experience, and really liked everyone I met. The BICs from the closest 3 branches came in to talk to the class about what they offer and what they expect, and I’m looking forward to hearing more about that tomorrow. As you said, the tools and resources are a big draw. My biggest hesitation is that I am looking for a firm that will be as supportive even though I am only planning on doing this part time. During their presentation they seemed to really push their preference for brokers looking to super hustle, full force, all the time. I will discuss this more with them tomorrow and see what they say, and will report back! Thanks again!
Hi! Just wanted to give a brief update… met with the BIC at BHG and he did not at all seem concerned with my desire to have more of a part time schedule. My situation is unique, I have another business that being a broker will complement, so I need to be able to manage both responsibilities, and I have a young son who is growing up way too fast and I don’t want to miss that! BHG offers a great level of support to new brokers, they have a lot going for them in terms of growth and market share, and their pay structure is fairly competitive. I am still interested in checking out a few other firms, but so far choosing between BHG and a local KW firm I met with will already be a tough decision. Have you heard of Mark Spain? They seem to be expanding steadily and exponentially.
Hi Marilyn –
Awesome update, sounds like you’re moving in the right direction! No, haven’t heard of Mark Spain, but will definitely put them on my radar. The juggling of responsibilities and priorities is pretty much part and parcel for the real estate business as a whole, from the way you’re handling this, I would guess you’re going to be a pro in no time 🙂
When do you meet with KW?
Chris
Marilyn, who did you end up going with? I got my license in NC a month ago and I am having the hardest time trying to pick a brokerage.
Anyone have thoughts on which agency in Westchester serves new agents the best in terms of training and mentorship? I am evaluating amongst KW, Remax, Sotheby’s and Douglas Elliman. Thanks.
Hi Chris,
This is great info. I started with CB, with no regrets, they had excellent training, so I think you’re right on point by saying they’re great for new agents. I’ve now been in RE for 4.5 years. I moved to REMAX a year ago for higher commission. But it’s a smaller office with no open house opportunities (which I did well in when I was at CB). So, unfortunately, I’m looking to make a switch again. I hate to keep changing my personal brand (brokerage). I’m trying to find that perfect one. I recently interviewed with C21. They even had a motivational coach on staff! I so need that in my life! What I realize I miss with the Realogy group is what they have to offer. Like their partnership with Home Partners of America where the Realtors can offer cash offers for FSBOs and get potential buyers into least to own and still make commission. Looking for advice for a “newly seasoned” agent who wants all the bells and whistles and still needs a little guidance, but looking for that higher commission.
Hi Kristy –
Thanks for the comment, sounds like you’ve got your feet under you and are making smart decisions, so bravo to that! Being able to look past the weekend’s activities as a real estate agent is an important step to building out this business as a career; long term planning is super important.
As far as advice goes, I would start by saying you should listen to your gut. If a Realogy brand company is calling your name, that means something. But, there are a couple other names I would suggest. You should check out Keller Williams just because of their training and coaching opportunities; they have a great Florida presence.
I don’t know where you are in Florida exactly, but if you’re interested in going back to the CB family, there is a franchise operating there called Coldwell Banker Schmidt Realtors that I am familiar with; they’re a great company!
Keep me in the loop, can’t wait to hear what you decide!
Chris
Thanks. I chose a different REMAX. They, too, have a coach on staff that I’ll be taking advantage of. I just like the REMAX commission and the fact that I didn’t have to change my brokerage name again.
Good luck to everyone!
I read your article. Did additional research and chose eXp. Glad I did. Found a brokerage with professional brick and mortar offices provided free of charge. Great dynamic team. Spent my first two weeks shadowing and also attending live on-line training at my convenience. Ten live courses later and I had built relationships with high performers from several states as well as high performers in my local office. All of them offered their help on their own time without anything in return….like “here’s my personal number and my email please call me any time”. The back office staff are rock stars and many of them are also licensed agents…virtual response time on my initial contacts one minute… really I still can’t believe it because they didn’t know me from Adam. I’m off to a fast start…with two weeks of fun and team building to show for my time. Any questions go ahead and ask me…I love this world…brick and mortar AND virtural where the rock starrrrrs work.
Hi Will –
Awesome! So glad to hear your experience was so good!
Chris
Just started taking my classes tonight, been in the Auto Industry for over 25 years. I know it’s crazy to make a change at nearly 50 years old… Any suggestions for a New Real Estate Agent in Southern California? I have a huge sales background and have been very successful but this is an entirely new animal.
Thank you for your assistance
Hi Bryan –
Thanks for the message, congrats on the transition into the real estate field! With a successful sales background, I think you’ll fit right in 🙂
As for a suggestion for your local market, I don’t know who the major players are for your specific area, but I would suggest basing your decision on three factors:
1) Who is going to provide you with the commission split options that will work with your immediate and medium-term financial needs? (You gotta be able to make money to pay the bills and invest in your business; if a company can’t provide a formula that works for you, they are a non-starter.)
2) Who is going to provide you with the best training and mentorship? (Your real estate classes are useful and necessary, but just like in the auto sales business, you learn more on the job than you ever will in the classroom. Having a place that will provide you with a great plan for your professional development is key.)
3) Who are the people you’ll be working with day-to-day? (Yes, as a Realtor, you are your own boss, but you still have a managing broker, office staff, and agents you’ll interact with on a regular basis. These people play a HUGE role in your early career development, make sure they are folks you can see yourself interacting with all the time.)
If you can find an office that answers these three questions to your satisfaction, you’ve found home! Good, luck, keep me in the loop on how things are going, I am rooting for you!
Chris
Hi!
Great article! Do you have any thoughts on HER realtors or Red 1 realty? I’m in the Columbus area and find myself really stressing over which brokerage to choose, I had good meetings with Coldwell & KW as well.
Hi Kelly –
Thanks for the message. I don’t have any personal experience with either of those brands, but looking at them online, they look like great spots! I always try to remind agents that the biggest driver of success when choosing a brand is going to be your ability to interact with the people in your office. Local matters!
Chris
Hi Chris,
I need help. I am with Coldwell now and I would like to go with a different brokerage due to the Coldwell Split and fees. The top choices I am looking at are MVP Realty, United Real Estate, Keller Williams and Exp. I like the Exp virtual set up, I like that Keller is tried and true but I like the other two due to the low flat rates. It’s like comparing apples to oranges though and I am lost on which way to go.
Hi Teresa –
Thanks for the message, happy to help. You’ve definitely got some good options on the table. I don’t have any personal experience with United Real Estate or MVP Realty, but based on what I can see online, they both look like reputable outfits. If you’re big issue with Coldwell Banker is your split, a flat rate location or eXp seem like the way to go. If you’ve never worked completely virtually before, I would talk to some other folks who’ve made that transition first to pick their brain about it. Remote work is amazing, but it isn’t for everyone. If you need a place to go for work that isn’t in your home, that can be challenging. I would start with interviews with each of the other brokerages. A lot of your success and enjoyment of your new spot is going to depend on the people that work there. Do you feel like you’re getting the support you need? Do they have the tools you need in order to be successful?
Please keep me in the loop, I’d love to know what you decide!
Chris
Hi Chris,
I am looking to join a virtual brokerage, have you heard of Madison Allied? I am thinking about them because apparently they provide leads for you at a 50/50 split. Do you know any other virtual companies that provide leads that you would recommend?
Hi Lori –
Thanks for the comment. The only thing I know about Madison Allied is what I’ve read online on public websites. They look like they’ve got their act together from what I can see, and the offer of leads is pretty great. The 50/50 split on those leads is pretty steep, but if you’re looking for a way to get started, that is a great no-upfront-cost option.
I am definitely bullish on virtual brokerages right now. I think the cost-savings for agents is really valuable, and the tools that a brick-and-mortar brokerage provides are becoming less important. That being said, if you’re operating in New York City, if there’s a client expectation that you’ll have an office, you can only meet for consultations at Starbucks so many times.
Keep me in the loop on your decision, I’d love to hear how things pan out!
Chris
Just got my license here in Florida and am overwhelmed with finding a broker. Im between keller williams & EXP. based off your expertise, which would you recommend? EXP seems so intriguing but im afraid i might get lost without having that hands on experience that keller williams has to offer for a beginning agent. the convenience of exp is what draws my attention as i still have a full time job (9-5) and the learning environment seems cool (having all that access to the learning stuff is great). I thought about the traditional brick and mortar brokerage just to get started in the game to get a sense of guidence and then transition off to exp? if you were a new agent which would you choose?
Hi Angel –
Great questions. If you had asked me all of this 4 months ago, I would have told you Keller Williams is the way to go, but given the current climate in America (and around the world), I think eXp is the right choice here. Here’s why: many of the advantages that KW provides over eXp are negated right now because that “hands on” experience can’t be shared. You’re going to get the basically same training and interaction experience with KW and eXp for the foreseeable future, so why not go with a brokerage that was designed to function that way?
Good luck!
Chris
Hi Chris!
I recently started interviewing with CB and KW being my top choices. But I am stuck. KW is known for their educational skills and coaching and great split with a cap. And CB is like the sturdy grandfather that just does not die and is well known. Here is my issue. CB broker I spoke with mentioned providing materials that KW does not, such as business cards, signs, lockboxes, CRM, and yes free b&w and color copies (printing can get costly), but their split is more steep. With the 64% to agent plus broker fee and affiliation fees. It drops it down to about 57-59% to agent. Plus options of selling packages that include from photographers and mailing to nearby neighbors for a small flat fee per listing. While KW is a 70/30 with the first 6 transactions at 60/40. My issue here is whether those extra supplies are worth a smaller commission or if it actually evens out once I spend money on those things that CB provides.
Hi Atziri –
Great questions. These are great problems to have. I can’t make this decision for you, but let me add a couple other questions to your calculus; maybe this will help you decide what is best for you?
– What is your cap rate at each brokerage? If you cap out at $30k in paid split in one place and $40k in another, that lower cap rate would be pretty advantageous.
– What is the face value of the the materials provided by CB? What would it cost you to get all of that together on your own?
Even though a difference in 12% – 15% seems big; make sure to do the math based on the average transaction price in your area to see what your month-to-month expense differences would really look like.
Good luck!
Chris
Atziri, what did you decide? I am having the exact same issue between these two brokerages. I swear getting my license was easier than picking a firm.
Good evening! What are your thoughts regarding NEXTHOME or Fathom Realty? Thank you!
Hi Catherine –
I don’t have any personal experience with either of these brands, but from what I can see online about them, they look intriguing! Are you considering moving your license to either of these?
Chris
Chris,
I have met all the National and State Real Estate Agent requirements for Texas (San Antonio). Having interviewed with mainly larger brokerage firms, a few have stood out more than others. As a new agent what recommendations would you have in developing a business plan? Can you elaborate on Royalty and Franchise Fees. The Keller Williams name brand may be sexy to some but I found the growth and expansion specialist did not do a great job of selling the KW brand. While the information was beneficial I did not feel a connection, and having a large fee for their products and decent splits was not appealing. They boasted about how they dominated the market but based off the sheer number of agents I felt that contributed to their data points. While they did not go into specifics with their training platform, I believe that they do have a solid plan and great technology. Coldwell Bank also made a solid pitch and boasted about their comps to larger firms like KW, however they did have large fees for their service. Berkshire and Hathway placed an emphasis on training and growing their agents. Where do they compare in your list for 2020.
Hi Brian –
Thanks for the comment. Lots going on! First of all, if you’re looking for help with a business plan, I actually wrote an article on just this topic, feel free to check out 9 Steps to Writing a Real Estate Business Plan, I’ve even got some templates in there for you to use.
As for your questions, honestly, I think Coldwell Banker and Keller Williams are the best bet for new agents. Coldwell Banker has a fantastic brand history, big marketshare, and a long history of successful agents. Keller Williams has best-in-class training, and while you definitely will pay for those tools, they are one of the things that helps KW stand out.
I would base my decision on the people you’d be working with at either of those spots. What do you think of the brokers? The office staff? The support teams? The office culture? A lot your success will be based on these items, less so on the name on your sign.
Chris
Hi Chris!
I just obtained my California salesperson license the beginning of this month and have been feeling so overwhelmed with trying to decide on a brokerage to work with. Your article was extremely useful in helping to narrow down my choices. Right now I am looking at KW (I actually did my training through them), CB, eXp, HomeSmart or an independently owned office. I am curious about the advantages/disadvantages of a big name versus independently owned versus non brick and mortar. My main concern right now is having adequate support being that I am a new agent, but also I am concerned with out of pocket costs as I have not had any income from my previous job since March due to covid. I know that I will need to “spend money to make money” and I’m willing to spend more if it’s worth the investment but right now I’m starting to feel like it’s all the same as far as what you get. Am I mostly paying for the big name? Any advice from you or anyone else would be greatly appreciated! Also if you or anyone can recommend any resources that can help me compare would be awesome too, thanks!
Hi Alyssa –
Great questions. For someone in your situation, I would suggest a bigger name like Keller Williams or Coldwell Banker in part because you’re going to get a library of great learning and support tools. That being said, the real differentiator here is going to be the people in your local office; not those resources. You’ve got to have a great manager and / or broker who is going to be there to support the launch of your career. I really like eXp for their training options, they have a TON of live training every single day; but if you’re not a fan of the completely virtual environment, this isn’t for you.
My big suggestion right now would be to consider joining a team. You’ll get free on the job training from experienced agents, you can watch how the systems work and develop plans for your own, and when you’re ready to launch, you can break away and do your own thing. Yes, you’ll make less money in the short-term, but it will give you a better outlook longterm.
Good luck!
Chris
Great article! I have finished my studies waiting to take the CA state exam and researching brokerages. There is a local team affiliated with EXPRealty with over 20 years locally. Would you recommend joining a team when just starting out? I can only work part-time until I can save and fully transition to full-time. My 2nd choice is to join KW outside of the area I live as I feel they have more to offer but it is little further from where I live.
Hi Marie –
Congrats on getting through your studies. I would absolutely suggest investigating a team option. That is going to be a great way to get some free on-the-job training from agents who are doing it full-time, allow you to observe systems that are working for other agents, and give you a chance to get your feet wet while you’re still transitioning to full-time. You’re going to make less money right away, but the experience seems to be worth it in my opinion.
Chris
This is a great article! I had an interview with Coldwell Banker with those kinds of commission splits but now I got so confuse.I found a unknown broker nearby named Quin, just charges $400 per closed. Is that reasonable ?We are only 8 agents, office at home and leads help and get me trained.
Hi Ronz –
$400 can be a great deal, as long as the average sale price in your market is high enough that $400 won’t eat into your commission too much, that you actually get what you want from that amount (training, leads, etc), and that you eventually get a cap (if you did 50 transactions in a year, you’d be paying 20k, which is a decent cap for most big name brokerages, except you’re getting all the big name amenities with it).
If the math works for you, that sounds like a good option!
Chris
Chris,
Thank you for taking the time to write this! I passed my exam a few months ago and I’m still undecided! I interviewed with KW and Keyes but I am now considering Exp Realty for their virtual platform. Not only due to Covid but because I love technology and working remotely is the new normal anyways! I do well working independently. Now, as a new agent without experience, I worry about not joining a recognized brand like KW or the others. My main goal is to learn what I’m doing. Training for me is the most important thing to consider. Before I start thinking about making money, I need and want to know what I’m doing.
Is Exp a good choice? Thank you again!
Hi Fabiola –
Yes, I think eXp is a great choice, they have excellent training programs, and if you enjoy the remote lifestyle, they are definitely the one to go with.
Chris
Great article! I am an educator from Southern California, venturing into real estate as a possible new career. Interested in a local Berkshire Hathaway local office, but after reading this article highly intrigued by the emerging brokerages built completely online/cloud space.
Hi there!
Great article!
I am currently in Real Estate School and I am looking into KW and The Keyes Company in Miami. I’m having a hard time deciding which one would be best for me as a new agent. What do you recommend?
Hi Jessica –
Thanks for the comment. I don’t have any personal experience with the Keyes Company, so I can’t speak to that option, but I can tell you eXp is a great place to start, especially if you’re going to be working remotely (which most of us still are right now). They are designed to be virtual, so they aren’t going through any of the rocky transitions a lot of brokerages were / are to get their folks working from home.
Good luck, keep me in the loop, I’d love to hear what you decide to do!
Chris
Hi,
I live in Las Vegas and recently passed the Real Estate Exam. Have talked to Coldwell Banker, Keller, Berkshire Hathaway Home Services, Realty One and a few other smaller brokerages. I am sure training and mentorship is the most critical right now, I may have talked to too many people as I’m confused.
I do think it’s important to find the right fit. I’ve been told BHHS or CB would be the best choice to start because of their training? Having a hard time choosing as each have pros and cons.
Any advice?
Thanks.
Hi Dave –
First, congrats on your new license, that is fantastic. All the companies you mentioned are great options to get started. I have personal experience with both the CB and BHHS brands, and can’t say enough good things about them. One thing you might want to add to your calculus here is operating costs. Though I know every franchise is different, BHHS typically has a higher cap rate and less advantageous split for new agents, something that will definitely matter to you in the early days of your career launch. If the money formula works for both places, if I were you, I would base my decision on how I match up with the specific person that would be doing my mentorship and training. All the resources in the world can’t compete with a really solid trainer; I’d make my decision based on the people I’d be working with.
Good luck, keep us updated!
Chris
Hey Chris,
Newly licensed in Massachusetts and I am having a difficult decision between two firms William Raveis & Berkshire Hathaway. I really need a true mentor, first year training as a new agent. Any suggestions, I would greatly appreciate? There’s so many different brokerages here in Massachusetts and with covid changing the way we go about our day to day life, I don’t know which firm would be a good fit.
J –
Congrats on your new license! When it comes to a brokerage, I agree having a mentor in the early part of your career is critical. The thing is, just about every brokerage is going to tell you they offer that. The differentiator is the actual people in the offices. If I were in your position, I would make my decision based on who I would actually be working with. When you do your brokerage interviews, they aren’t just interviewing you; you’re interviewing them too. Who do you think you’ll be most compatible with? Who has the experience that you’ll be able to learn best from? I would be making my decision based on who’s hand I’m shaking, not on the name on the sign in front of the building.
Chris
Curious why none of the other fees are ever commented on? I’m curious about tech fees, broker administration fees, education costs? I’m with kw and previously with cb 13 years ago. The commission difference was drastic, both charge bac though cb was drastically more. Cb had tech fees kw did not. Both charged pretty significant money for their top notch training modules. Curious where exp, c21, realty one, homesmart, etc. stack up on those fees?
Hi Eric –
Great questions. I think the fees you’re speaking about are administered at the brokerage level, meaning they aren’t universal across the company. The reason I mention this is that I’ve spent time with a Coldwell Banker brokerage and we didn’t have those fees. I checked with some friends of mine that are licensed with a local KW brokerage in my market and they don’t have them either. It could be that the local franchise has decided to pick up those costs for agents? Either way, you bring up a good point; real estate is a hyper-local business, and as such, Realtors should double-check with their local brokerage for details!
Thanks for the comment.
Chris
Hi Chris,
What company would you suggest for a person who has been an agent for about 2 years and hasn’t had a sale or listing yet? (I did take about a year long break for reasons I couldn’t control). I’ve only handled rental transactions so far? I’ve tried everything and don’t have much of a sphere of influence. I live in the Washington DC area, I’m with a local company. I’m paying fees, but I feel like I’ve been left to fend for myself with no support……..or leads.
Hi Isabel –
Thanks for the question, and nice work being thoughtful and proactive about this. OK, so this situation doesn’t actually seem like a company issue to me. I mean, sure, there might be franchisees that have a lead distribution program among their local agents, but in the vast majority of cases, lead generation and acquisition are up to the agent.
I agree, it does sound like you’re being left to your own devices. A solid broker / manager would have taken you under their wing and done some mentorship at this point, so for that, I would suggest giving Keller Williams, Better Homes & Gardens, or even a virtual brokerage like eXp a try.
But, honestly, from only reading your comment, it sounds to me like you need mentorship and coaching more than you need a new brokerage. Have you considered joining a team? Maybe hiring a coach?
Joining a team isn’t going to cost you up-front, but you will make less in commissions. That being said, you get completely free on-the-job training too. I recently was a guest on a webinar panel talking about operating your real estate business, and a very successful team leader who was also on the panel with me said, “I don’t train team members, I train future team leaders.” He has in mind that his team members are going to leave the team one day and launch their own team or at least their own successful solo business; that would be a great track for you!
You could also consider hiring a coach. You would pay upfront, but then get to keep your full commission moving forward. As someone who does real estate coaching, I believe strongly in its effectiveness. If you haven’t gotten a listing or sale yet, it sounds like a customer acquisition issue to me, and that is a system you can be taught how to set up. If you’re interested in coaching, I have slots available, you’re welcome to email me at chris@theclose.com to set up a conversation to talk about options 🙂
Good luck! Regardless of your path forward, keep me in the loop, I am rooting for your success!
Chris
EXP is in my opinion the best company to work for no matter if you’re a newbie or 30 years in the business. We do an 80/20 no franchise fees. Cap @ $16,000 we offer revenue share not profit sharing which means more money in your pocket. We have stocks. We also have what we call icon which means after you sell 20 houses after you CAP The company will give you your $16,000 back in stock and yes we do have lead generation options.
Follow this link and it will explain everything.
http://www.themodelexplained.com/
If you like what you see call me 419-204-0453 and I can send you a link to get started
Hi Chris,
Great article. Do you have insight about the Bean Group who operate in some of the New England states? I’m looking at some of the larger franchises but they are on my radar as well.
Hi GG –
Thanks for the question. I am not familiar with them beyond what I can see on their website, but they look well-established and successful! If a brokerage has a solid hold on the markets you want to work in, I’d say they are a great option. For me, the decision would come down to who I would be working with on a day-to-day basis; the people always have an outsized effect on success.
Good luck, keep me in the loop! I’d love to know what you decide.
Chris
Hi Chris,
I am going to get my license. I will be a new agent.
My question is, are there any agency’s that pay a small salary plus commission that you can recommend?
Thanks Chris!
Janice
Hi Janice –
Congrats on your path to becoming a real estate professional!
As far as I know, there aren’t brokerages that pay a small salary on top of commission. One model you might want to try is becoming a licensed real estate assistant. Typically, that would give you an hourly wage + a portion of every sale closed. It is definitely the bottom of the ladder in terms of where you’re starting in the industry, but finding a mentor to learn the business from is important too and will set you up for a lifetime of good years in the business.
Good luck, can’t wait to hear about all your success!
Chris
Hi Chris,
I am currently with KW. I have my eyes in Coldwell Banker and Compass. but now after reading your article EXP sound pretty cool, since I am doing everything digital/social media and and remote due to the COVID. I’m still new in the business, and I am looking for a best training with new technology and open minded marketing strategies. KW is positioned into the average family home market when I am looking to put all my effort into the affordable luxury niche, and become and expert in the Brickell area in Miami. What do you recommend, should I move to CB, Compass, or EXP?
Hi Giancarlo –
Thanks for the question! This is a bit of a tough one to answer without knowing a little more about your business, but I will do my best.
If you’re considering CB, remember, this is a franchise model, so even though the umbrella of the entire company is going to provide you with some tools, it really comes down to who your franchise owner is, what support, tools, training, mentorship, etc, they will provide you, and how comfortable you feel on that specific team. I’ve got an incredible CB brokerage in my home market, but that shouldn’t affect your decision because yours could be totally different.
eXp and Compass are both centrally owned, so there’s a little more predictability there. Compass definitely has plenty of brand cache, great image, and are known well in the markets you’re describing. But, most Compass agents are well established, so they may be a little short in terms of developmental resources (full disclosure, I don’t know that for sure; this is just based on what I know about the company). eXp is a very cool company, but you really are working on an island; no office, no brick and mortar anything. If you’ve always dreamed of doing the business EXACTLY your way, they are the clear choice, but remember, having the ability to beat your own path through the woods also means it’s easier to get lost too! The eXp support and training resources are very good, I am just saying, be thoughtful about operating in that manner.
If I were you, I would start by calling up an agent from each spot and talking to them, getting a read on their experiences, and go from there! Sounds like you’ve got a lot of good options in front of you, keep me in the loop!
Chris
Does eXp offer leads or DocuSign? I’m a part time agent with CB but the monthly fees are too much for a part time agent.
Hi Jackie –
Not that I know of (on either question). I believe eXp has a tool called SkySlope for transaction management, one that I don’t have any background with. In terms of leads, it is pretty common for teams built in the eXp infrastructure to hand out leads, but I am not aware of any brokerage level program (that isn’t very common for brokerages of any sort of significant size).
Chris
Solid Rock Realty. It is a Canadian Brokerage- so this one is for the Ontario residents in the room. Solid Rock offers a low Cap, pre-qualified lead referrals for all agents with ZERO upfront cost, revenue share AND profit share and the desk fees are very affordable. They focus on culture and agent growth. The only Residential Brokerage in Ottawa to offer a Commercial Division. Also we are agent owned, so you’re working for yourself, not a Broker/Owner. Really worth looking in to. It is a very unique concept.
Thanks for the tip Kyle!
Chris
Hi Chris,
Thank for sharing this article very helpful!
I need some guidance so I can be pointed towards the right direction.
Let’s start by saying that I’m a new agent, I graduated almost 2 years ago, but placed everything on hold do to my pregnancy and baby. Now I’m ready to start training, and I’m just not sure which broker will be the right for me. I have no experience in the field, and I want to make sure I learn all the tools so I can be successful!
I want something that offers good training and not to much money upfront.
I’m located in South Florida (Palm Beach County).
Which agency would you recommend?
I interview previously CB and Exit Realty, I wasn’t to sure! Due to fees
I also heard of Madison Allied, and Exp Realty.
I don’t mind working virtually I just want to make sure they provide me with the proper training and the right resources to start my career.
PS: It will be nice to know if they provide leads and if does really work!
Thank you in advantage for your assistance, looking forward to hearing from you.
Hi Diane –
Thanks for the comment. I wish I could tell you exactly which real estate company is going to be the right fit for you and your new career, but the truth is, it depends. Companies like Coldwell Banker are franchise owned; meaning the ownership of a South Florida company is different than the ownership of a New York company. As such, who the managers are and what sort of tools, technology, training, and potential leads are going to differ. I can tell you, unless you’re joining a team, most companies aren’t going to have a lead source option for you, and if they do, it certainly won’t be free.
If I were in your position, I would do a couple of things. The first thing I would do is figure out what my financial NEEDS are. What do you need to make to keep the lights on, pay the mortgage, etc. Don’t start thinking about your WANTS yet; you need to determine your baseline requirements. Knowing this number, look at the typical transactions for an agent in your area + the typical sale price for homes in your area. You can then take this information to conversations with brokers and say, “I need to, at a minimum, be making XYZ in order to start my career here. Can we do that?”
Second, since you’re already there talking to brokers, you need to interview brokers and determine who is going to offer you the mentorship, training, and tools that are going to make you successful. Like I said, every office is different; the people you’ll be working with day in and day out will make an incredible difference in your experience, so it will be very hard to make a decision about where to go without talking to the people first.
If you find an office where the people are top-notch and the money works, you’ve got yourself a winner.
Best of luck, let us know what you decide!
Chris
I don’t see a Vancouver B.C. posting about Independent Real Estate office in this part of Canada. For agents who are looking for the most cost-efficient business model, Saba Realty is a 3 years old brokerage based in Richmond and the company has a second office in Surrey. The savings agent can get is from 75% to 95% of what they spend on the traditional brokerages. They can deploy their savings which can be as much as $200 to over $500 a month to spend on market their services.
Hi James –
Thanks for the comment. We often focus on the US market only, but this is a great tip for any of our Canadian readers! Thanks 🙂
Chris
Hi Chris,
Working on finishing up class to get my real estate license. I came across a few online brokerages. Honestly, I’m a little skeptical of eXp because it seems their agents heavily emphasize recruitment. So looking to avoid desk fees, good technology, alternative to eXp.
I came across a virtual brokerage called “REAL” (joinreal.com) and was wondering if you had any insight. I like the idea of earning a higher commission upfront and of course having access to training is important too.
Hi Jarrell –
Great question. I think a lot of eXp agents look at the recruitment side of the business as “free money” (though obviously it’s anything but free), so you hear a lot about it. I actually am a fan of eXp and what they’re doing, but you’re right, you’re definitely going to get the recruitment pitch if you join there.
I really like REAL. They are technology forward, have a great commission structure, and are built to grow. That being said, I get the sense they are designed for agents who know what they’re doing, or at least want to work a little more independently, so if you’re brand new to real estate, before you go with REAL, make sure they’ve got the training and development resources that will work for your young business.
Good luck!
Chris
Great read! I’ve been selling over 300 homes per year for several years and was with KW and REMAX but now EXP and could not be happier! The one thing I disagree with in this article is saying that EXP is for part-time agents. We have 9,000 agents in Raleigh, NC where I live and I’m one of the top 5 agents. We currently have 7 of the top 20 agents with EXP and they are all full time and the majority are coming from REMAX and KW. I think EXP is the brand of the future as it’s bringing on the top producers and the newer agents which are trained under a top producer which helps their success rate. We are growing by 2,000 agents per month which has never been done before. COVID has also showed ALL agents that they do not need an office since most of us do business on our laptops and cell phones. If you are in the office, you are not making money :). Cheers and I know that EXP will be the #1 place to run your business in the next couple of years!
Hi Tina –
Thanks for the comment, glad to hear things are kicking in Raleigh! I don’t disagree with you about the strength eXp’s brand and model. I think they are a great option for full-time agents, I just also called them out on this list as the best place for a part-time agent too.
Chris
One Percent Realty is among the best companies in Canada that you can work for and gain experience by working following their strategy.
https://toponepercentrealty.com/
Hi Joe –
Thanks for the tip!
Chris
Thanks for making it clear that all numbers in real estate are negotiable. Being able to negotiate is what makes you feel empowered in a transaction. A good agent will help their clients feel and take control.
https://fletcherbrighthomes.com/
Hi! I am in Virginia, looking for best real estate licensing class to take and agency to join. This will be a new path after corporate career in tax, procurement, business and more. Who do you recommend I look to for best training and taking the course? Thanks!
Hi Virginia –
Congrats on getting into real estate, great move. In terms of school suggestions, I’d start with our guide to the Top 5 Real Estate Schools; I’ve got a lot of great suggestions there. In terms of where to go after you’ve got your license, it depends on what state you’re in and what sort of business you want to do. Where are you located? Are you wanting to do all residential sales? Rental leases? Commercial? What’s got your motor running?
Chris
I have been agent for 24 yours now with EXP you really have to like the virtual model in my opinion when new you need a hands on office to get started i have been with all brands my best was Re/Max but my office closed so had to move on. EXP is ok but getting so big they are loosing it , i am now interviewing with other offices do not know which way to go 100% or other office , interviewed with EXIT she offered me alot its a little more then what i pay with EXP but it local and I know alot of agents there some top agents doing very well i am not one that likes to move but not happy at EXP
Hi Diane –
Thanks for sharing, sounds like you’ve got some decisions to make! EXIT is a great company, I’ve heard their leadership speak at conferences – always very impressive. Keep me in the loop, I’d love to hear what you ultimately decide!
Thanks!
Chris
Hi Chris, comparing Realty Executives and Keller Williams in Arizona. Which one would you recommend to work for?
Hi Ahmed –
I don’t have any experience with Realty Executives. Their website looks great, and they’ve got some good reviews, but I don’t know enough about them to say one way or the other. Sorry about that!
Chris
Hi, JUST WANTED TO KNOW IF YOU CAN NAME A GOOD REAL ESTATE COMPANY FOR A BEGINNER LIKE ME. I LIVE IN THE NEW JERSEY AREA AND A PRIVATE SMALL COMPANY WOULD BE PREFERED. MUCHAS GRACIAS PENDEJO!
Thanks for the comment. Unfortunately, I don’t have insight into the small, private companies in each individual market, so I’m not going to be much help here. However, I can suggest that you make sure you’re doing interviews with brokerages, not just evaluating them on paper. Remember, if you’re going to go the locally owned route, the people you’ll be working with on a regular basis are the biggest factor in your success, so make sure those people fit with your goals.
Good luck!
Chris
Hi Chris
I am in Charlotte could you tell me your thought on KW and Better Homes.
Hi Ce –
Thanks for the question. Both of those companies are franchises, so since I don’t have any personal, direct experience with their Charlotte offices, I don’t think I can offer much help here. My best suggestion is to make sure you are interviewing in both places, get to know the people you’d be working with in both offices, and decide for yourself which setup makes the most sense for your business.
Good luck!
Chris
Hi Chris-
Great blog for those in or thinking of getting into the RE space. I wondered what your thoughts are on an older person (64 yrs old) getting into the biz at this age. More importantly, are there companies more likely to take on older agents than others? I am totally unexperienced in this industry but have an sales and accounting background.
Also mentioned in another post was working on a team. How would one seek that kind of arrangement, is it negotiated with individual office? Thanks.
Steven B.
Hi Steven –
Thanks for the comment. Honestly, I think it’s a great move, come on in! This industry rewards the ability to connect with your community; something that older people have had a chance to do longer – thus they might actually have an advantage in certain sectors of the market. In my experience, there aren’t firms I would suggest checking out over others based solely on age. I would make time to speak to the managers / brokers of the firms to understand not just the people you’ll be working with but also the tools you’ll have at your disposal. If those align with what you’re looking for, you’re in good shape. As far as working with a team, there isn’t a hard and fast approach from the agent side. Basically, you’re looking for teams that already exist and pitching yourself to them, or you’re looking for successful solo agents who are ready to expand their operation. It would be great if there was a job board for real estate teams, but that isn’t the way it works. My suggest would be to talk to brokers – they know the agents / teams that work for them; they should have some insight into who might be looking to expand and who is not.
Good Luck!
Chris
Hello Chris,
I am in northern California and am considering Sotheby’s. I am curious of your thoughts on this franchise. I haven’t heard it mentioned.
Laura
Hi Laura –
Thanks for the comment. I don’t have any direct experience with Sotheby’s, but their brand, presence (especially in the luxury market), and management are all really strong. If you are looking to run a business that focuses on higher end homes, I think they’d be a great choice.
Chris
Not sure why you didn’t include Berkshire HomeServices in your comparison for best training for new agents. They have a pathway to success that is very hard to beat.
I started at the top brokerage you listed as best to start with and it was nothing but lip service.
Our previous broker wouldn’t even return a phone call.
I switched to Berkshire Hathaway HomeServices and it was the difference of night and day .
Hands down the best training in the business. Incredible marketing .
I challenge you to prove me wrong.
I’m sure this varies in different regions but I was almost offended after reading your article. I am currently in the Cleveland / Akron / Pittsburgh region .
Hi Jim –
Thanks for the comment. First of all, we certainly didn’t mean for you (or anyone) to take offense. A brokerage’s position or lack of position on this list isn’t meant to devalue anyone, we just only have so many spots, so not everyone is going to make it.
Second of all, but Keller Williams and Berkshire Hathaway HomeServices work on the franchise model, meaning that they aren’t owned by centralized corporate entities, but rather, local owners who’ve bought into the brokerage namesake. The result of this can be some variation in terms of experience, since, as I emphasized in the article, the biggest factor in choosing the right brokerage is the people you’re working with.
I agree, BHHS is a great company. I will definitely consider them for the next update of this article.
Thanks!
Chris
Hi Chris,
I am a new and upcoming agent in the Waterloo/Cedar Falls Iowa area. I am a wife and mother of 5. I am researching some brokerages but find this very stressful and a difficult decision. Could you give me some insight and advise on the company I should connect with.
Hi Quanisha –
Thanks for the question. I will be honest, I’ve not done any work or have any experience in the Waterloo / Cedar Falls area, so I’m not sure how much insight I’ll have. I will say, when it comes to choosing a brokerage, the absolute best thing you can do is talk to the people in the office. The people you’ll be working with every day (in person or virtually) are going to make or break your experience there. Have a solid interview with a broker, ask lots of questions, talk to the admin, talk to other agents. If you are feeling good about the opportunity based on the people that work there, plus the financial arrangement is one that makes sense for you and your family, you’ve found the right spot.
Good luck!
Chris
Thank you so much!
Hi Chris, I have been an agent in Tucson, AZ since 3 years. Thinking of moving to a different brokerage. After meeting with the most brokerage in the city, I am down to either Realty Executives Arizona Territory, Keller William, or Homesmart. Which one do you think is the better to get business.
Thanks,
RA
Hi RA –
Thanks for the question. I don’t have any specific history with REAT or Homesmart, so I don’t think I can give you any advice here. I can tell you, you made the right moves by meeting with everyone. Is there one company that is going to be able to offer you the resources and flexibility you need as your business grows? If so, that’s the one I’d go with.
Good luck!
Chris
I just passed my Florida Broker Real Estate State Exam and I am looking for a company to join and cannot decide. I will be doing real estate on a part-time basis. Any insight would be greatly appreciated.
Hi Melissa –
Thanks for the question. Congrats on passing your exam!
If you’re going to be working part-time, I’d suggest starting the conversation with brokerages that will allow you to control and variablize cost. Virtual brokerages like eXp and REAL are often good options there, but Keller Williams and Better Homes and Gardens are good ones to consider too. I wrote a long-form strategy guide about being successful part-time, check it out too!
Chris
You mention that part time agents should check out EXP cloud based company, I have to disagree. New agents need more stability in their training and support, while Part time agents need even more support. This is where the big national brands help. I have been in the business for 35 years and been with a few major brands. You just can’t get the right training and support from a simulated computer program. A new or part time agent needs hands on support, good training and a mentor that can assist and point a newer or part time agent in the right direction. In the New Jersey market we are seeing more agents fall out of the business that started with EXP. The big national brick and mortar brands offer cloud based support but more importantly have real live people to guide the newer or part time agent.
Hi Bob –
Appreciate your comment here. I think there’s two ways to look at this: the first is that a part-time agent may not have the regular business hours to devote to real estate, a schedule that may be necessary to take on the support and mentorship offered by a brick & mortar brand, which makes a virtual option a good one, and the second, the value of working shoulder to shoulder with someone in terms of the pace of your acceleration towards full functioning. I can definitely respect the latter here, but my point in the article was that the former is more often than not the case.
Also, the onramp from eXp is done by real people, just virtually. Maybe splitting hairs, but worth mentioning!
Love having these conversations, thanks so much for being a part of it!
Chris
How does one avoid being a brick at the bottom of the EXP Pyramid? In other words, how can one avoid beginning under another agent/broker? I would like to know more about the commission pyramid? Due to the historical collapses with pyramids going way way back, I am hesitant to try them out.
Hi Ron –
Thanks for the question. A couple of things here. First, you are not required to start at eXp under a recruiting agent; you can start there as an indy agent. Second, while I understand where you’re coming from, I think your mis-categorization of the eXp system as a “pyramid” is going to confuse the conversation. Pyramid schemes are unsuccessful because they rely on recruiting as virtually the sole source of income for those inside; you don’t make money unless you are bringing others in. With eXp (or any real estate model with a recruitment incentive), you can easily make money with no one else in your “organization”. Are there other income opportunities if you expand your team? Definitely, but you’re still going to clear a healthy living if you’re a full-time agent regardless.
If I were you, I would worry less about that angle at the moment and think more about whether or not eXp provides the tools, the training, and the opportunities you’ve identified as necessary for a successful business. If so, they may be a great choice! If not, cut bait and move on.
Good luck!
Chris
Hi Chris,
Thanks for all the above information. I will taking my licensing exam in Georgia on 4/7/2021. I am spending a lot of time on the internet checking out brokerage firms. I like Solid Source so far. They are similar to exp Realty. They offer remote meetings & training. They offer several plans with the lowest being $68 per month/300 transaction fee. There is a lot of information on their website, Solid Source.com/careers. I am a little reluctant because they sound to good to be true. Are you familiar with them.
Hi Sharon –
Thanks for the comment. This is not a company that I’m familiar with. The financial opportunity there does sound pretty good though! My suggestion would be to find some agents that are a part of that firm and reach out to them directly to get their thoughts. You’re going to hear the straight dope from professionals that are actually working within the company; that’s where I’d go next.
Good Luck!
Chris
Hi Chris,
Currently looking for a brokerage as a brand new / first time agent in the Phoenix area. Wondering what your recommendations would be for a newbie like me who is looking for
1. Strong mentorship (I learn best from « doing » / from a real life situation)
2. A brokerage that will help support tree agents in obtaining clients
3. A fait and clear compensation layout
4. A positive and supportive working community
This article was great, and I really appreciate the time you take in answering individual questions!
Thanks!
Hi Ashley –
I don’t have any particular experience working in the Phoenix market, so I don’t think I can make a recommendation on a region-specific company. But, if I were in your shoes, I would start by comparing your options based on the people you’ll be working with day in and day out. Ultimately, your human support is what’s going to separate a great company from all the rest. If you feel like you’ll have adequate support, mentorship, training opportunities, and more, that is the company to go with.
Good luck!
Chris
Hi Chris,
Thank you for writing this article. I am currently interviewing brokers this week. My daughter and I passed our exam on Friday, and are struggling to make the decision of which broker for our new career. We are in the Dallas area (Dallas, Frisco, Plano, McKinney, Flower Mound etc.) So far we have interviewed with KW, and loved the agent who handles growth. They introductions in the office were really nice and everyone seemed so willing to help. The split is 64/36 with the cap at $21,000, then you go to 100% year on year. It seemed like so much was included with the $87 a month fee as well. Unlimited copies (B & W and color) The training seemed great, and they use a complete platform called Command to handle most things.
Yesterday we met with Ready Real Estate and they I believe are an independent model. The commission is 100% with only a $250 transaction fee. The training is provided from on online portal. You really won’t be in any office, as they function more online. I was hoping you had some input on this for 2 brand new agents.
We are still meeting Rogers Heally, as well as Vivo Realty. So far I can see that the commission benefits at Ready are higher than KW (not sure of the other 2 yet) but I’m wondering the best way to become very well trained and succesful in the shortest timeframe. My daughter is giving notice as soon as we pick our broker and we will jump in full-time. Please provide any suggestions that you see fit. We are open to all possibilities. (Including any additional companies that we should interview with) Thank you so much! Thia post is extremely beneficial to many!
Hi Christy –
Thanks for the message. Congrats on getting into real estate, it is a great field to be in.
I don’t have any personal experience with any of the brands you mentioned other than Keller Williams, so I don’t feel like I can speak to a recommendation of a particular company. What I can tell you is that, especially early in your real estate career, you’re going to be leaning on those around you for resources, answers to questions, and support. Because of this, choosing a company / office that are going to provide you with the support you need is critical. If I were in your shoes, I would be making my decision based on which people feel like they are going to assist you along the way. Of course, you need the money to work too, but ultimately, the people support is what’s going separate a great company from all the rest.
Best of luck, can’t wait to hear about all your success 🙂
Chris
Hello everyone, this has truly been such a great article. I’m looking into starting as a part time agent due to having a full time job I’m not quite ready to give up. I’m really interested in Exp realty but have been told that Exp doesn’t really hire new agents without experience, and that in order to join you need a previous agent sponsor you in. Is this the case? If so how would a new agent like me know an Exp agent to sponsor me who I truly know is going to be someone who has my best interest and will truly guide me through in this remote environment? Any thoughts, advice is appreciated!
Hi Lesette –
Thanks for the question. I am unaware of any such restriction for eXp. I think they will encourage you to join as a part of another agent’s team because, as a new agent, having that mentorship is going to help in a big way, but I don’t believe it’s a requirement. There are definitely plenty of eXp agents who have read this article and commented here, so feel free to correct me if I’m wrong.
Chris
Hi Chris,
First, thank you for the article! It was very educational.
Second, I live in the central TX area and plan to set up interviews soon. Do you know anything about Keeping IT Realty?
Hi Toni –
Thanks for the comment. That isn’t a company I have any personal experience with. Their website looks nice; they seem to have their affairs in order! If I were you, I would be making my decision based off of the people that I’d be working directly with. That broker / agent relationship, opportunities to work with admins, transaction coordinators, etc, can really make or break a real estate career!
Chris
Are there any companies that don’t require becoming a REALTOR? I really don’t want to pay the dues right now as a part time real estate agent. I am interested in Exp – I did not see it on their website as a requirement.
Hi Ange –
Thanks for the comment. I will be honest, I am not aware of a requirementto join NAR for any of these companies (though, to be fair, I didn’t research that specific point). What I can tell you is that it is often a requirement for local MLS organizations, so whether or not a brokerage requires it might be mute.
Chris
Hi Chris
Thank you for this informative article. I also recently Passed PSI Exam in NJ and would like a suggestion about which Brokerage to choose. Do you think exp will be a fit for new agents. I was just wondering because this field is all about connections and meeting people and growing social circle. Would you recommend exp for new agents in New Jersey? if not what would be the best option here?
Thanks
Marya
Hi Marya –
Thanks for the question. I definitely think eXp is a good choice for new agents, but only if you’re super comfortable in an online learning environment. eXp has a ton of training and professional development resources, but they are all completely virtual, so you’ve got to be good with that. If I were you, if you’re considering eXp, I would join a team (eXp agents are ALWAYS recruiting for their teams) so you can have a mentor to learn directly from.
I am not familiar with the NJ-specific companies, so I don’t think a recommendation from me beyond my knowledge of eXp is appropriate, but I wish you the best of luck and can’t wait to hear about all your success.
Cheers!
Chris
Hi Chris
I recently passed my exam in Missouri and I’m looking for a good broker to work under. I want to work part-time and be in an enthusiastic team environment, with training. I’m in the Lee’s Summit area and it is difficult to know where to begin, because there’s so many agencies. How can I narrow this down without interviewing with every company?
Hi Danielle –
Congrats on passing your exam, that’s great news!
I can understand your wish for a shortcut here, but unfortunately, there’s not a lot that you can do (or frankly, you’d want to do) to get to the end faster. Remember, you’re not shopping for a toaster, you’re interviewing who you want to work with. If I were you, I’d start by listing the things that are must-haves in a brokerage, as well as the things that are nice-to-haves (you’ve already started in your comment!), then create your own little interview rubric so you can start comparing brokerages side-by-side. Take your time, do the interviews, you’ll be grateful later for your thoroughness.
Can’t wait to hear about all your success! Make sure to sign up for The Close newsletter and come back often!
Chris
I’m pretty new with an independent agency in Cape Cod, MA, I have a 35/65 split (35 to me), with no other fees and once I make $25k (35% of 2.5% of $2.9m ) the split goes to 50/50. Year 2, the cap is $15k, and year 3 and on no cap just 50/50. I assumed this is how things work since my broker is investing time with me to teach me the business and she told me that with the big brands, I won’t get leads since there are too many agents to feed and I’ll get charged high office fees. Do these big brands provide enough leads until I can generate my own by referral or self branding? How do you get most leads? I had no idea I could get more than 50/50!
Hi Theresa –
Thanks for the question. So, what you’re describing to me sounds a lot like a real estate team model than an independent agent model. Please don’t misinterpret that statement to say that something wrong is happening; this sounds completely on the level to me. That being said, yes, there are definitely other options out there with a significantly higher (to you) split. Your cap rate sounds pretty competitive, but every market is different.
I can’t speak to what is happening locally in your market, but generally speaking, major name-brand brokerages don’t provide leads to their agents. Some franchise owners might, but typically at a cost. If you are getting leads, training, and professional development, the cost very well may be worth it.
On the other hand, I think it would be silly to not at least know the options out there. I’d do a little poking around in your local market to find out what other brokerages charge and what services they provide for their agents. If there’s another place that makes sense for your business and will charge you less, a change might be a good idea.
Good luck!
Chris
Thanks, Chris, this article and thread have been super helpful. Regarding leads, a couple of follow up questions. First, if name-brand brokerages don’t provide leads, how do people get them? Zillow? Second, I just heard a radio ad from Redfin. Can you comment on their system?
Where is a good place for a team, and team development?
Hi Marci –
Just about any company on our list would be a great place for a team. Frankly, the real deciding factor for someone asking this question is more about what the specific deal you can make with a local brokerage is going to be. Your financials, your office space, resources, etc, all of this matters A LOT when it comes to building a team, because in a lot of ways, your growth is going to be either limited or encouraged by your constraints. So, if I were you, I would be measuring my decision less on the major marquee brand name and more on the conversations you’re having with individual brokers.
Chris
Keller Williams has been an awesome real estate company. Love the fact that you just didn’t give us information about the best real estate company to work with, but you also give us important information like the company branding, commission, and agent fees. Those are so precious Chris! Thank you for this.
By the way, please do visit our website: https://scottandlisahomes.com/