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Instructor has made it sound like in the Triangle....PBs will have BICs chasing them down trying to get them to work for their firm and to be vigilant in vetting firms to work for as they vet you. "You'll be interviewing them"
To be fair she also seems to imply that the majority of those jobs offered wouldn't be worth our time (especially if they were looking for buyers agents only....this is the fastest way to be a "broke broker" as she says)
'fastest way to go broke' or not, being a buyer's agent is how you learn your local market. You have to drive the miles and see the places.... with buyers... not just on a screen.
rule A.0104 doesn't mention anything that I found about supervising brokers, regardless of the brokers PB or FB status.
the CE mentions how the BIC is responsible for the PB's.
The paragraph in question says this:
Having never been a PB nor a BIC, it's not possible for me to speak with complete accuracy. I imagine what they're doing is stressing to the PB's the correct habit of obtaining the WWA at first significant contact. Heck, how many emails do you get now from brokers that have the phrasing and the link in their signature?
It's one thing for CE to say BIC's SHOULD review the same things with FB's. All it requires them to do is ensure we FB's are following the requirement to have WWA's in a timely fashion and signed BA's before we write offers.
I meet with my BIC "regularly". I turn in paperwork "regularly" - thank you clients! The paperwork always, on the upfront, has an agency agreement (buyer or seller) and a WWA.
But until the pass a rule that FB's must be supervised like PB's, then we won't be required to list clients and show WWA's and agency agreements.
At the risk of seeming relentlessly pedantic, (although, obviously, I seldom quail at that prospect. )
I believe the NC Real Estate Commission has a more comprehensive view of BIC responsibilities, supporting the notion I cited above that the BIC should collect and store from all supervised agents, not just PB's, including all WWREA signature panels from all presentations, not just those resulting in clients.
And, I believe that I was one of the earliest to create an email signature with a link to WWREA, having done so for about 10 years.
I question the technical regulatory value of that document link, as it is not the same as a 2-4-6 minute review of agency roles, including getting nods of understanding from clients.
IMO, it really only suffices as support, as delivery of the document after complete disclosure with a consumer.
I can't speak to other email programs, but Outlook allows me to have, and use as default for different types of emails (new, personal, reply, etc), different signatures.
Having the WWA in emails that prospective or new customers/clients get is a good thing. having it in every reply you send not so much.
Instructor has made it sound like in the Triangle....PBs will have BICs chasing them down trying to get them to work for their firm and to be vigilant in vetting firms to work for as they vet you. "You'll be interviewing them"
To be fair she also seems to imply that the majority of those jobs offered wouldn't be worth our time (especially if they were looking for buyers agents only....this is the fastest way to be a "broke broker" as she says)
You might be wrapping your head around the technicalities, but the real business of being a real estate agent/broker is in the actual client communications and knowledge of your area of expertise. I would disagree with your instructor that being a buyers agent is the fastest way to be a 'broke broker' -- IF you are savvy about it. If you are a buyers agent who is expected to go out, hunt, kill and drag it back for the admin to cook it, you may find that you are struggling to find buyers. On the other hand, if you are in a situation where the team has a successful lead generation system going and simply cannot follow up effectively on those leads, it's a great learning situation -- you'll get practice with how to talk to clients, how to effectively assess needs, how to budget your time, etc., etc. Unless you've got a pent-up pipeline of buyers (i.e., your entire fraternity is suddenly buying their first homes in your particular area), it's a little faster to get going if you are working in an established team that is providing leads, admin support and continued training (you will NEVER stop being trained. Ever.)
If you choose to go the team route, be very, very clear on how much you are paying for those leads in terms of cuts, percentages, etc. Is there a cap on what you pay to the brokerage as part of your split? Some buyers agents have found that they come in at a 70/30 or 80/20 split to the house, and THEN end up sharing between 25-50% of the rest of their commission to the team. AND end up doing a lot of their own admin work, because, suddenly, the admin only works for the lead agent and your stuff gets shoved aside. All marketing will be done to showcase the "team" -- i.e., the brand the lead agent has created and nurtured, so if you want to grow your own business, you're going to have to put in your own marketing $.
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