Congrats and welcome!
My name is Jeff Buettner. I am the Founder/ Team Leader at COR Consultants. I also host the podcast/ YouTube channel, After The License (where I help new Agents across the country get started in real estate). In talking with new Agents every single day, I realized that the real estate schools don’t do a good job of teaching future Realtors about how the industry actually works. This FAQ is an attempt to answer some of those questions all new Agents have. I hope you find it helps. If I missed anything, please don’t hesitate to reach out (jeff@yourcorconsultants). Additionally, if you think this is helpful, think about the training I provide Agents on our real estate team. 🙂 Click this link to learn more about the real estate team: More About COR Consultants.
Table of Contents
- Now that I passed my real estate classes and licensing exams, are there other costs?
- Are there costs to join a Brokerage?
- What is a commission split?
- Who does XYZ?
- Is there a difference between a Broker and a Brokerage?
- What is the difference between a Brokerage and a Team?
- Should I join a team or become a “solo” agent?
- Do Brokers / Brokerages provide leads?
- How do I get potential Buyer and Seller leads?
- What should I ask a Brokerage when I interview them?
- What does COR Consultants do for their Agents?
Now that I passed my real estate classes and licensing exams, are there other costs?
Yes! Most Agents don’t realize that passing your tests is not the final step or cost. Every Agent must join the MLS (if you want to be able to show homes to your clients and actually search the MLS) and join a Realtor association.
You can get more information on joining the MLS here: https://armls.com/how-to-join-armls
You can find contact information for the local associations here: https://armls.com/who-do-i-contact#local-associations
It is important to note that the MLS costs roughly ~$300 per year and to join a local association it will cost you ~$600 for the year.
P.S. In Arizona the MLS is called ARMLS for Arizona Regional Multiple Listing Service.
Are there costs to join a Brokerage?
Yes. Most Brokerages have a cost to join. Some cost several hundred dollars upfront as a signup fee and others are less.
What is a commission split?
Brokerages not only have a cost to join but most take a percentage of the commission you earn. This percentage is called a “commission split”. When talking to a Broker, make sure you understand what the commission split is going to be. Every Brokerage is different and you’ll see every single commission split under the sun if you talk to enough Brokerages.
Some Brokerages are on a 50/50 split (where the Brokerage and you each get 50%), others are on an 80/20 split (where you keep 80% and the Brokerage keeps 20%), and some companies are 100% shops (where you keep all of the commission but there isn’t as much training or support).
Is there a difference between a Broker and a Brokerage?
Technically, yes, but in real estate, we often use them interchangeably. A Designated Broker is the one who reviews all of your deals and answers any questions that you have at the Brokerage (the entity where you actually hang your license). When talking about where you are going to hang your license, it is not uncommon for Agents to interchangeably use “Broker” and “Brokerage” when talking about various companies. “That Broker provides XYZ software”.
What is the difference between a Brokerage and a Team?
Every single Agent must join a real estate brokerage to sell real estate in Arizona. In your search for a good Brokerage, you will inevitably talk to a real estate Team or two. Teams aren’t Brokers or Brokerages but operate from within a Brokerage to provide more tools, support, and often leads to the Agents on their Team.
Should I join a team or become a “solo” agent?
This is really going to be a personal question. I started in real estate on a team. So I am biased. Partnering with a team, especially when you are new, can set your career up for success. With a Team, not only will you be able to lean on your Broker and Brokerage, but you can lean on the Team and Team Leader. Additionally, most Teams provide leads that you can start working on right away.
Do Brokers / Brokerages provide leads?
Every real estate brokerage is different. But, for the most part, most bigger brokerages do not provide you leads. Some have “phone time” or “floor time” where you can answer the phone and hope someone is calling in, but that type of lead generation is going away.
How do I get potential Buyer and Seller leads?
If you aren’t a part of a team or brokerage that provides them, you will have to generate them yourself.
What should I ask a Brokerage when I interview them?
I put out content weekly on my After The License channel specifically to help new real estate Agents. I happen to do a video on this exact topic.
Who does XYZ?
Examples: Who does my social media? Who coaches me on the contract? Who teaches me how to show homes? Who tells me what to do every day? Who do I report to? Who sends me leads?
The reality is unless a Brokerage or a Team specifically says “We provide XYZ” or “We do XYZ for you” the answer to the question of “Who does XYZ” will almost always be you. 🙂 This sounds scary but this is the benefit of getting into real estate. You are your own boss. Yes, you might partner with a team or partner with a brokerage but at the end of the day, you work for yourself.
What does COR Consultants do for their Agents?
At COR Consultants, we love helping Agents build the business of their dreams.
COR Consultants has low team splits, leads, the best technology, training, and more.
Learn more about COR Consultants!
Want to know more about my favorite real estate brokerage?
As I mentioned in this FAQ, most teams are not brokerages. COR Consultants is not a brokerage. We all hang our license at a brokerage (and it just happens to be the best brokerage out there in my opinion). Whether you are interested in learning more about the Team (and the brokerage we are at) or you just want to be a solo Agent and understand your options, we are here to help.
I do a presentation every Friday morning at 9:00 AM PST about the brokerage I am at. Sign up to watch the webinar and I’ll happily send you the recording if you can’t make it.