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How to shadow a top agent in your market
If you're a new agent, the best way to learn the real estate business is from someone who has already figured it all out. If you have a buyer or seller that is ready to move forward in your local market, this will give a top local agent the incentive to show you how they work and also pay you back up to 50% of the total commission as a referral fee in exchange for your referral and a little bit of admin work on your part. Below are the steps on how to make this work for you only in the state that you are licensed in.
Finding the top agent
Use Realtor.com agent find tool here. Type in the city to where you want to find your agent and click search.
Once the page pulls up with all of the top agents, at the top left, click sort by most sold listings. (You can get more extensive in your search, add a buyer or seller agent only, which languages do they speak, or add certain certifications, etc...).
Once the list of all the local agents are sorted out, the agent with the most "sold" properties will be first. This number is the amount of sales that they have had in the last 2 years. It is best to find an agent who had many sales in the last 2 years, 15 or more, but currently has under 5 "for sale" which is the number right above the "sold" number. This means that they are experienced, but are not currently busy with active listings. This will give you a better chance at finding a top local agent that is not currently busy.
Contacting your agent
Go through the list of agents that you think might be a good fit for you. Click on their page and ready their bio. If you find an agent that you would like to work with, pick up the phone and call them directly. Let them know that you are a newly licensed active agent and are not a Realtor member with the company that you work for which is Park Place Realty Network as we are not members either. Discuss with this agent about your buyer/seller in their market and see if they are willing to split the total commission 50/50 for your referral, and that you want them to mentor you throughout the process. In exchange, you can handle many of the admin duties on behalf of the top agent.
Some agents might turn this down as they only like to work solo or are currently too busy to take on any new business. But, there are many agents that would be happy to split the commission with you and help you along the way as long as you put in some of the work too. If they are not ok with the referral fee of 50%, you can go as low as 30% on shadow agent transactions, you can even go higher than 50% if you can find a willing agent. Your split with Park Place is 75% to you and 25% to Park Place on the shadow transactions.
*Real estate agents are sales people. They will try to negotiate down the percentage on you. Stick to your number and let them know to take it or leave it as you can find another top agent to work with instead.
Guidelines once you find an agent
If you have found an agent that has agreed to the referral fee, and to mentor you, below are a few guidelines to follow since you are not a Realtor member.
1. Fill out the referral form here on our website with all of the details that you have worked out with your agent. We will send your agent our referral agreement for their broker to sign to assure that they will be paying us the 50% referral fee (or as low as a 30% referral fee or higher than 50%). *Make sure we have the executed referral agreement first before you ever give the contact info to this agent on your referral.
2. When working with the agent, the agent would need to handle all contracts, inputting and managing the MLS system or showing and getting into properties.
3. Your only job as a referral agent when shadowing a top agent is to sit back and watch how they conduct the transaction. If you show up to the listing appointment, watch their listing presentation, let the seller know that you are new and are in training. Same with a buyer, watch the top agent how they show the properties to potential buyers. You are allowed to handle phone calls and emails for the agent and assist them with any of their admin duties for the transaction. Make sure the agent copies you in any emails when it comes to negotiating any offers or they put you on a 3-way phone call.
4. Once the transaction closes, the top agents broker will mail us the referral commission about a week after the closing. We will then contact you that we have received the referral fee and will pay you back the 75% commission split to you.
Shadowing a top agent in your local market is a great way to get your feet wet in the real estate business without having to shuffle out thousands of dollars from the start for Realtor/MLS or broker fees. Once you feel comfortable after a few transactions, you might be ready to join the Realtor/MLS associations and start working with a local brokerage. If you have any additional questions on this program, please let us know. [email protected]