Keller Williams Realty Questions

[CALTCAgent]

I get asked every so often by clients if I do real estate as they need an agent.

I have a real estate license, but no experience in real estate, so was checking things out.

I was talking to a "team Leader" of Keller & Williams about fees.

He said:

$70 a mo. for office fee
$100 a mo. E & O-Must purchase through their office

$800 a year to join/view MLS listings
$800 a year to join Real Estate Board or something like that?

Totals $3,640 a year in fees.

1. Do these fees sound appropriate?
2. Is there a less expensive way to go?

Thoughts on whether this is a good deal?

They did say I could get a 25% referral fee.(without paying the above fees), or....

70/30 split. When I make over 100K then I get 100% payout.

 

[RockyTop]

If your getting leads on your own, than go with a local broker. They will usually take a split with you 70/30. You have to pay your own mls fee.

 

[Hailey9]

Yes, those are the fees. Unfortunately, California real estate is not for the casual agent anymore. Having said that, you probably will be able to do better than Keller Williams. As the other poster said check out other local brokers in your area. Even then if you're not doing at least a million in sales then better just to refer it out and get the insurance biz.

 

[CALTCAgent]

If your getting leads on your own, than go with a local broker. They will usually take a split with you 70/30. You have to pay your own mls fee.

Is the MLS the only fee typically with a local & should it be 800 a year?

Keller Williams does not provide leads but they have lots of training they say.
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Having said that, you probably will be able to do better than Keller Williams.

You mean in the comp payout?

As the other poster said check out other local brokers in your area. Even then if you're not doing at least a million in sales then better just to refer it out and get the insurance biz.

Some of the homes were worth around 750 to 1 million. I wanted to avoid the ongoing fees, since I was going to wait until the next one that asks.

 

[Hailey9]

If you just plan on doing one transaction a year then forget all the dues. 25 or 30 percent referral fee is good. The key is working with an agent you like and trust. Keller Williams is a great company for full time agents and some would say their culture is like MLM. They make money on selling real estate and recruiting other agents. The other brokerages are much more flexible and are willing to work with you more if you are bringing them clients. Now if you are planning on selling real estate full time then you will have to pay MLS dues and Board of Realtor fees with whomever you go with. If you like the Keller Willams broker then take the 25 % and see how it goes. It is a fair deal.

 

[CALTCAgent]

If you just plan on doing one transaction a year then forget all the dues. 25 or 30 percent referral fee is good.

My plan was to take whatever I get. I don't know how many sales that will be. I never got involved before when people start asking me about real estate. A few years ago I was asked more than lately though.

I guess that is the dilemma here.

The key is working with an agent you like and trust. Keller Williams is a great company for full time agents and some would say their culture is like MLM. They make money on selling real estate and recruiting other agents. The other brokerages are much more flexible and are willing to work with you more if you are bringing them clients.

Do they have higher comp. splits?

Now if you are planning on selling real estate full time then you will have to pay MLS dues and Board of Realtor fees with whomever you go with.

Once again, if I am planning on just taking what comes to me, speculating at a few deals a year, can I wait to pay those fees when the deal comes?

If you like the Keller Willams broker then take the 25 % and see how it goes. It is a fair deal.

I am not sure yet, just met him. He told me he made 660k last year and offered me a book, "the millionaire real estate agent", then didn't give it to me when I left. Not sure I buy into him. Sounds like some hype.

He is a "Team Leader"/ "business coach", not sure if he does the deal, or he uses another agent when I get a case.

 

[Hailey9]

Keller Williams is big on hype. Especially the team leaders. I would continue to talk with other agents in the community. It's not all about splits. It's about doing what's right for your client. Buying real estate in expensive California is a very emotional experience and you want to make sure your client thinks the real estate agent has their best interest at heart. You don't have to hang your license with any company yet. Nor do you have to pay the fees. The first couple of deals I would just refer out. You could possibly get a higher split than KW is offering but the service your client may get may be less than stellar. Some firms may offer you 90% but you will have to do all the work, not mention be highly knowledgable in the art of the deal. My advice would be to take a little less on your first couple of deals, then reach for the bigger splits. And interview other agents besides KW.

 

[AIRECS]

I get asked every so often by clients if I do real estate as they need an agent.

I have a real estate license, but no experience in real estate, so was checking things out.

I was talking to a "team Leader" of Keller & Williams about fees.

He said:

$70 a mo. for office fee
$100 a mo. E & O-Must purchase through their office

$800 a year to join/view MLS listings
$800 a year to join Real Estate Board or something like that?

Totals $3,640 a year in fees.

1. Do these fees sound appropriate?
2. Is there a less expensive way to go?

Thoughts on whether this is a good deal?

They did say I could get a 25% referral fee.(without paying the above fees), or....

70/30 split. When I make over 100K then I get 100% payout.

Hi caltc! Is there any particular reason why your insurance clients ask you every so often about needing a real estate agent? Or why do they ask you this?

 

[CALTCAgent]

Hi caltc! Is there any particular reason why your insurance clients ask you every so often about needing a real estate agent? Or why do they ask you this?

They are thinking of buying and/or selling real estate.

 

[Mr. Bill]

Can't help with the fee stuff but you might want to talk to some commercial agents about what brokerage they go through for residential. Around my neck of the woods, seems the commercial go through their regular brokerage during the week and then on the weekends use a local independent brokerage.