I have recently passed the state examination for NYC salesperson. I have several questions and welcome any suggestions. 1) How to get a sponsoring broker: I have been searching for investment properties for myself for weeks now. I have met many brokers in the process, but have not yet found a suitable broker who I feel comfortable to work for in the future. I hope this person will both find me a... [more]
I have recently passed the state examination for NYC salesperson. I have several questions and welcome any suggestions.
1) How to get a sponsoring broker: I have been searching for investment properties for myself for weeks now. I have met many brokers in the process, but have not yet found a suitable broker who I feel comfortable to work for in the future. I hope this person will both find me a few investment properties and also sponsor my salesperson license.
I understand that if a broker holds my license, he gets a share in what I earn. But what if the BROKER brings in a client, do I get a cut? In this economy, I don't think most brokers from firms such as Corcoran and Elliman have that many listings anyway. Other than the selective few star brokers, most brokers in the city do not have enough income or workload to share his commission with a salesperson. (?) So what would be the incentive for these brokers to want to hire a salesperson? Or, does it mean that I have to approach only the star brokers of a particular "group" at one of the major firms?
2) What to do if I get employed as a salesperson and still want to
buy: After getting signed by a brokerage firm, how does the commission
structure work if I want to purchase properties? I know it depends but I'd like to get a general idea. Here, I want to point out that I do not intend to "promise" any potential sponsoring brokers that I will buy just so they can hire me. But the truth is that I probably will do -- so if I do get a share of the commission, I will buy AFTER getting a sponsoring broker.
3) In a "typical" contract between a sponsoring broker and a salesperson, how much can the salesperson earn in commission if the sponsoring broker brings in the client? I know contracts vary, but I am eager to find out how much is considered as a reasonable and acceptable split. Also, in a standard contract, is health insurance and other benefits included?
4) To obtain a sponsoring broker, should I approach individual brokers or the companies directly? In the past, I have only approached individual brokers, since I need their help in purchasing some investment properties. Also, if a broker decides to sponsor me, does he needs further approval from his agency?
Thank you so much for taking the time to answer my many questions!
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