I was offered a job as a business broker on straight comission, should I do it?
Dezerai asked:
I dont have my real estate license yet, but I can sale business lists and get commission if I close the deal or even if someone else does. It’s in Arkansas I need some outside advise.
http://www.namingmybaby.com/blog/
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I dont have my real estate license yet, but I can sale business lists and get commission if I close the deal or even if someone else does. It’s in Arkansas I need some outside advise.
http://www.namingmybaby.com/blog/
January 22nd, 2009 at 1:53 am
do you like selling?
are you good at it?
only take the job if you can answer both questions, “YES!!”
****
I looked into buying a business a few years back. the broker I met with was perhaps one of the finest one on one salesmen I’ve ever met. He told me he’d been a commercial RE broker before he went into selling businesses.
despite his skills, he sold me nothing.
selling used cars is easier, imho
January 24th, 2009 at 3:50 am
I started out as business broker 25 years ago. It is a very very tough business. You need to have two to three years of income available to you or a wife / husband etc who is making a very good living. My wife has a Sr. Exec and she is has a master of finance and is a CPA.
I would get a CBI from the International Business Brokers Assoc. It has an excellent training program. It take time and money to complete. A commercial real estate license does not give you the knowledge to be a business broker. However it does give the right to collect a commision on the sale of any real estate related to the business.
Having a MBA or a degree in finance or accounting or a CPA would be very usefull. Being a business broker means that you deal in finance. People buys business based on how much money they will make.
Yes, it is true that many of the people who buy businesses ar buying jobs. They will spend between 100k to 500k to buy these business. The commission on these sells is generaly 10%. Also realize that the commission on the sale of any the real estate that may be involved will be aprox 6%. also realize that you will be spliting this commission with your supervising broker.
It takes time and alot of professionalism to handle all the differnt personalities that you will deal with.
If you have further questions, let me know.