Seattle - Experienced, Which Brokerage to Join?

[Quantum]

This question might be best for Seattle members here, but input is also welcomed from everyone.

I passed my broker's exams two weeks ago, and am trying to decide which brokerage would be the best fit for me, and where I could make money.

I've been a licensed Texas broker for 12 years in commercial, specializing in multifamily and office, and have an MBA in commercial development and finance from a good university. Through the '90's I also did some multifamily development.

The idea is to start an income as soon as possible, and residential here is fairly pricey plus the season is starting, so it seems I should start in residential until I can learn the commercial scene here. I've targeted a zip code I want to farm, and visited most of the brokerages in it. I've also visited about seven of the commercial companies, although five do not return my calls for some inexplicable reason. I had to just go out there and look at the office without an appointment.

The president of one of the commercial companies told me that I shouldn't even bother with residential, and that I should just go straight to commercial. I tried to clarify this with him, but that's all he would say. He may have meant that residential is slowing and commercial is booming, or that I would be more suited to commercial, or that the money is bigger in commercial and just as easy, I don't know.

My tentative plan is to start in residential and hopefully make some money in the Spring and Summer season, and then move into commercial. I've narrowed the field to two firms: Remax, and Ewing & Clark. Windermere offices are full up.

Remax has good name recognition among homeowners, and probably has decent residential call traffic, but setup costs are high, and I'd essentially be on my own. They say I could do commercial, but Remax is not necessarily identified with commercial amongst the owners, so an uphill struggle.

Ewing & Clark is an old-line Seattle firm with an attractive office (only one location). They have a residential and commercial division, and it seems like a happy office. But they are downtown, which is difficult to get to in the traffic here, and they are about 6 miles from my target zip code. (Where would I draw up contracts with buyers?) Also they are not associated with residential by homeowners, and their commission structure is not as good as Remax.

Main problem is I do not know which area I am most likely to make money in soon. Remax, or Ewing & Clark? Residential or commercial. By most accounts, residential call volume is way down this year compared to last, which is worrisome. But I was told honestly by the president of a leading multifamily brokerage to just go straight to commercial. (they are desk-fee, and are full up right now, so couldn't take me)

Any advice appreciated. I've been dithering away two valuable weeks.

[benkjls]

Don't know about commercial so will focus on residential. While it's true the market has slowed somewhat of late, we're dissimilar to many bubble markets as demand is still strong and sold prices continue upward.

Ewing & Clark is a fairly small player in residential real estate, and probably may be difficult for someone who isn't yet established. Remax does have strong national branding, but the two largest and well-known players locally are Windermere and John L. Scott. Windermere maintains approximately a 40% market share of the greater Seattle residential market; John L. Scott (JLS) is #2, but JLS, Remax and Coldwell Banker Bain are very close...9-10% share each.

JLS, Windermere and CBBain do have lower monthly costs, so that might be something to consider initially.

[Calgary Agent]

Quantum -

I know several (residential) agents in the Seattle area - each works for a different brokerage. I'd be happy to put you in touch if you'd like to bounce some ideas off them and discuss the current market in Seattle (which as I understand it is still very strong).

PM me if you want names ...

[Quantum]

Thanks friends.

I would have liked to gone with Windermere, but they have no space for agents in my chosen zip.

I didn't consider JLS as they didn't seem big, but on reflection I guess they are. I'd seen a Coldwell Banker sign around, but they don't have a good rep in Dallas so I bypassed them.

[Calgary Agent]

I didn't consider JLS as they didn't seem big, but on reflection I guess they are. I'd seen a Coldwell Banker sign around, but they don't have a good rep in Dallas so I bypassed them.

It just so happens JLS & Coldwell are where a couple of the friends I referred to above hang their hats ....

[benkjls]

This is per the Puget Sound Business Journal for 2006 (millions):

1. Windermere ($23,709.6 / 60,200 transactions)
2. J.L. Scott ($12,745.6 / 32,590 transactions)
3. Coldwell Banker Bain ($7,998.7 / 19,131 transactions)
4. Re/Max International ($6,649.4 / 19,662 transactions
5. Prudential Northwest ($2,997.6 / 8,719 transactions)

Also, per Realtor Magazine, JLS is #7 in the nation for sales and I think #9 for transactions.

[AaronSOLD]

John L Scott is who I and some others in the Twin Cities have looked at for interface for MLS searches... they seem pretty far along technology-wise. I can tell you that I enjoy working for the 800lb gorilla in this changing market.

[Quantum]

Well, I got a call Monday night from Windermere! It was to set up an interview, and we met yesterday. Looks like I'm hired, and I am very happy about that.

For whatever reason, Windermere is the biggest player around, and they were really my first choice. I think they like the fact that my 12 years as a broker was exclusively in commercial, and they'll let me do commercial as I can. First I must go through the two-week training program though, which I'm told is rigorous.

This is a great forum gals & guys. I am grateful for your help, and will be asking more questions as time goes by.

[Quantum]

Hm, maybe I spoke too soon. A week gone by, and not a word back from Windermere. Two weeks ago I was interviewed by the Branch Manager, who said he wants me in for a second interview.

A week went by and I had just about given up on them until I got a call last Monday, and had my second interview last Tuesday. I thought it went well, but now another week gone and no word.

January-March are the very most valuable months of the year, if I understand from other residential agents correctly. This is a top office, which is why I've placed them first. If I'm in or out, why don't they just tell me so I can either get to work, or move on to a brokerage who actually wants me?

But just sitting around waiting during this valuable time of the year, is painful. I'm trying to stave off exasperation. Why would they do this?

I guess the healthiest thing is to set a deadline, and move on then if I don't hear back. Like this Thursday. Every day is another lost opportunity.

Anyone else had this experience?

[Quantum]

Ah, to heck with Windermere. They have already kept me waiting for two stressful weeks, during the prime selling season of the year, and that is enough. I don't think I could feel good working there now anyway, after they keep me hanging like this.

I'm going to check out John L. Scott tomorrow, like you guys suggest.