Real estate can be a rewarding and challenging career. Teaming up with a company that offers top-notch training vastly increases the chance of a new agent succeeding. Here are three of the best real estate companies to work for that are known for their programs and dedication to investing in their agents' success.
- A career as a real estate agent can be rewarding, but it can be hard to gain traction in the business without the support of a good team.
- Real estate companies that offer comprehensive training and mentorship programs can help new real estate agents get started and succeed.
- Keller Williams, Weichert, and Redfin provide career support and training to new agents.
Real Estate Career Stats
The U.S. Bureau of Labor Statistics (BLS) reports there were more than 477,000 real estate agents and brokers in the U.S. in 2019, the most recent data available. Their median pay was $50,730 per year, or $24.39 per hour.
The pay distribution, however, is broad. The highest 10% of agents made $111,800 per year, while the lowest 10% earned less than $24,930. For brokers, those figures are $178,720 and $23,600, respectively.
For many new real estate agents, the most difficult part of getting started is not the pre-licensing classes and passing the state exam—it's finding clients. Agents with broad social networks and large markets tend to have better opportunities, as do agents who work for companies with robust marketing strategies. New agents must also learn to skillfully process the mountain of paperwork involved with closings and build relationships with local appraisers, mortgage lenders, and title companies.
Consequently, the best training programs for new real estate agents focus on marketing and procuring business. Other characteristics to look for when seeking a place to hang a new real estate license include training on local market trends, access to the latest technology, and access to a broker who can assist and support.
The Bureau of Labor Statistics expects employment of real estate brokers and sales agents to grow by 2% between 2019 and 2029.
The world's largest real estate franchise by agent count is Austin, Texas-based Keller Williams. The company offers the seven-week BOLD (Business Objective, a Life by Design) program, which pairs new salespeople with experienced agents and walks them through real-world situations, such as sales calls and closings. New and experienced agents learn marketing techniques and how to position themselves as real estate experts within their local communities.
According to the Keller Williams website, "BOLD conditions agents with powerful mindset exercises, language techniques, KW Technology adoption, and lead generation activities. This transformative program increases sales through the relentless pursuit of leads and business-building activities."
In addition to an outstanding training program, Keller Williams offers an inclusive company culture focused on agent development, as well as generous commissions, growth opportunities (including profit sharing), and extensive continuing education options.
Weichert was founded by Jim Weichert in 1969. The company's training philosophy centers around viewing potential clients as people first—and customers second. This mindset enables agents to connect with people on a more personal level and gain a deeper understanding of their needs and wants.
Jim Weichert started as a real estate salesperson, and the training program is infused with his mantra that "people buy people before they buy a product or service."
Training at Weichert is made up of a mix of classroom and online learning. The Morris Plains, N.J.-headquartered company is big on team-building. Established agents are expected to offer their knowledge and expertise to new team members to ensure their success.
According to its website, Weichert helps real estate agents start and grow their careers with its Lead Generation System, Weichert PRO (a proprietary Real Estate CRM), "Fast Track" training and live sales training sessions, listing and selling tools, networking opportunities, and the Weichert University, which provides 24/7 access to a library of best practices "for rookies and seasoned pros alike."
One of the scariest aspects of starting a real estate career is working on a commission basis and trying to cover the start-up costs. It takes most agents at least two to three months to close their first sale. Unless they maintain another job on the side, they go without a paycheck during that time, all while trying to keep up with the costs of doing business.
Seattle-based real estate brokerage Redfin makes the transition a little easier for new agents—and makes staying in business easier for established agents, too. According to its website, Redfin pays an average of $20,000 per agent each year to cover benefits, mileage, licensing, MLS dues, continuing education, equipment, and mobile service. These are costs that most real estate agents have to cover on their own.
What's more, unlike traditional real estate agents, who tend to work solely on commission, Redfin agents are employees. They are paid a salary, earn bonuses, and enjoy benefits, including healthcare, paid time off, and parental leave. According to Redfin, its agents earn more than double that of traditional, commission-based real estate agents.
Redfin agents receive regular training and have numerous opportunities for professional development. According to its website, "Redfin agents work as part of a team that includes support agents who field inquires from customers, and transaction coordinators who manage the details and paperwork of a sale. Agents also work directly with software developers to create tools and technology that make their jobs easier and more efficient."
The Bottom Line
Keller Williams, Weichert, and Redfin all provide career support and training to new agents, as well as opportunities for growth. Deciding which real estate company is best for you depends on your experience level, needs, and career goals. Be sure to consider the company's fees, commissions, training programs, and growth opportunities as you look for the best place to take your real estate license.