Broker’s license should I open my own shop or work for someone else? I feel like I’m wasting it.
I have had my brokers license for 8 years. I worked under leading tenant rep brokers to handle their smaller deals and smaller clients so they could focus on larger deals. Then I took like 5 years off to raise my daughters. Now I’m not sure what to do with my brokers license? Should I go back to being a glorified assistant? I wouldn’t say that I was a great broker because I’ve never felt 100% comfortable negotiating very hard. I just haven’t had that much experience with it. What other things can I do to use my brokers license. I am in LA. Was considering investment sales too ?
[{"id": "hiegmyy", "text": "I would advise only setting out on your own as broker when you have reliable clients that will provide a stream of listings. It could be a long, hard grind to build the book of biz from scratch. You don't have to be an aggressive banshee negotiating, but you have to put your clients interests first and amicably counter others.   I don't know your market and exact situation so it may be more achievable than expected..", "replies": [{"id": "hiezlma", "text": "Thanks for your reply\u2026 yeah that makes sense. I don\u2019t have a client with a pipeline of deals at this time. I do have a few small clients with needs every now and then though. A woman I met south of here asked me if she could use my license to start a home sales brokerage (something I know little about) and she would hang her license under me and give me a cut of each deal since I would be the broker of record. I said no because a veteran Cre friend said it was a bad idea from a liability standpoint. But was it? Isn\u2019t everyone in the same boat if they break off and start their own thing? Wouldn\u2019t I just need E&amp;O ins to cover myself in case we are sued? I already have a personal umbrella policy. Is it mot worth it? Wondering if anyone has done this out there can tell me their experience?", "replies": [{"id": "hiie3bk", "text": "When you are the broker of record you are responsible for all  of your salespersons actions and can held accountable. If your salesperson breaks real estate laws, you can be in the sin bin as well as them and insurance doesn't cover much of the the RE Commissions fines and court lawsuits, if any. I also am strictly commercial and don't deal with residential. From my experience it is best to focus you and your firm's efforts on either residential or commercial. Best of luck pal!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hiez8hm", "text": "I was in a same situation as you a few years back. Did national brand tenant rep for 3 years and then went out on my own. You realize how much you don't know when there aren't people around that can answer your questions. Took some time off now I'm (probably) going back to being an agent/broker in an office with other experienced brokers that can answer questions on things i'm not 100% on.... like land sales, development, investment sales, etc.", "replies": [{"id": "hif0034", "text": "That makes sense! I was thinking about hiring people to do their own thing (who don\u2019t need my help) and then just taking a small cut for being the broker on record.  Maybe 10%-15%?", "replies": [], "depth": 2}], "depth": 1}, {"id": "hifsmst", "text": "Last time I notice there are 300,000 brokers in CA.  Majority work under another brokerage as brokerage-associate.  Expensive as hell to keep, subscription... Have you checked the Costar, Loopnet. MLS cost lately.  This is in addtion to insurance, lockbox, association fee etc... Min 3 K  a year to sustain. Office rent is extra...", "replies": [{"id": "hifx4t3", "text": "Yes I hear costar is $1300 a month now?! Yikes", "replies": [], "depth": 2}], "depth": 1}, {"id": "hift9gs", "text": "You should never work for anyone else if you do not have to. It will take lots of hard work and pain but you can do it why let someone else dictate your life not me. No one tells me what to do (except my wife and kids)", "replies": [{"id": "hifx74p", "text": "Can I ask what you do? Any advice for me then?", "replies": [{"id": "hig69lo", "text": "I own a property management company that serves Georgia and Alabama I am currently expanding to NY as well. I also have my own personal investments and I am a Realtor though I only sell real estate if a client wants me to or someone asks since I charge a flat rate and not 6%", "replies": [{"id": "higzuxn", "text": "That\u2019s really cool ! How did you start this? Was it something you started yourself?", "replies": [{"id": "hihpkcp", "text": "I did I started an LLC and opened a business on Google hired a web designer started to advertise and here I am I mean it was not easy and I had little funds when I began I mean it was tough but worth it once you get going. You most likely have money unlike I did use that to your advantage. Do research on your competition see what you can do that they do not do might cost you money in the beginning but that\u2019s how you build up your reputation.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]