Going Out on Your Own And Starting Your Own Real Estate Brokerage

Starting Your Own Brokerage with Karin Thomas Robbie sits down with fellow broker Karin Thomas from Austin, Texas, about her journey to opening her own brokerage. They discuss the motivation behind her decision, the challenges faced, and advice for those considering starting their own brokerage. Karin emphasizes the importance of education and self-belief in creating a brokerage that is unique and reflects your personality. If you’ve ever thought about going out on your own, whether in real estate or any industry, this interview promises some invaluable insights.

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Guest Contact Information:
Karin Thomas, Broker
Hey Buddy Homes
hey@heybuddyhomes.com
www.heybuddyhomes.com

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Robbie English (Host, The REALTEA with Robbie English)  0:00

Y’all, I am so excited today today we’re talking about going out on your own and starting your own brokerage. And one of the reasons that I’m so excited is because I have somebody that I very much adore. And I’m proud to call my friend and fellow broker Karen Thomas. Yeah, Karen’s here in the Austin area, and she’s a mom of four. And of course, she’s got a husband, and that I’m sure adores her.

Karin Thomas  0:28

Great for 30 years unless you feel adored,

Robbie English (Host, The REALTEA with Robbie English)  0:30

I would. That would make sense. Karen’s also an avid animal lover, like me, and she likes drama just about as much as me. So we share that we don’t mind turning on the TV. But we certainly don’t want it in our own lives, if we can, oh, boy, drama is all about opening your own brokerage and going out on your own. It’s like, after being with a company for probably an extended period of time you get comfortable in it. And what really motivated you to say, Hey, my name is Karen Thomas, and I need to open a brokerage and do my own thing and put my own spin on it.

Karin Thomas  1:13

I think that, personally, it’s how I’ve always approached real estate, which is, I guess I shouldn’t name brokerages. I don’t know, people can probably now but you start with a brokerage, and you really don’t know what you’re doing. And so you’re looking for guidance, and you’re looking for that broker to really hold your hand. Right? I’ve no idea what you don’t know. And it’s a lot. And I feel like, from the moment I started, a lot of the things that people were telling me did not make sense for me. And I just knew it, they were like this is the only way that you can succeed in this business. And then they give you a checklist. And I just said to myself, if I have to do this to be successful, I never will be like this won’t work for me. And I, so I didn’t give up. But I just started pushing back on. Is this really the only way? Do this really what it has to do to be successful? And what are you talking

Robbie English (Host, The REALTEA with Robbie English)  2:20

about? Are you like talking about getting up and calling people are for hours every day or dressing a certain way and walking a certain way? Exactly.

Karin Thomas  2:29

Yeah. I mean, I was I have a lot of tattoos. And I thought we live in Austin, Texas problem. I know, right? Nobody cares. But and I had a lot of people. Yeah, it’s the cold calling and the door knocking, and I’m not going to criticize what another agent chooses to do to be successful. Unless it’s unethical or right. Well, but but I just knew that style wasn’t going to work for me. So I just kept putting it out there to people that I trust, and just say, is this true? Do I have to do these things to be successful? And the people who started to know me were like, No, that’s not going to work for you, you’re gonna have to do something different. And then I started leaning into the things I was more comfortable doing. And I didn’t find a lot of value in my brokerage, because they were presenting a way that I’m sure works for a lot of their agents, but they were branding it as the way. And it just wasn’t a good fit for my personality. And I wanted to believe I could do it in a way that was really authentic. So I think that that. Yeah, I think that ties in exactly to your question. And that’s why I felt like becoming a broker for that exact reason. Just to do it differently, and to do it my own way.

Robbie English (Host, The REALTEA with Robbie English)  3:47

And to put your spin on something even bigger than just you. So it’s not you just different than everybody else at the same marker name that’s out there. But it’s you from start to finish from front door to closing. It’s got the Karen stamp on Yeah, yeah. Exactly. Any key factors that led to your decision other than the aspect of just wanting to do your own thing? Was it? There’s a lot of people that are motivated by commission, they think that going out on their own, they’re gonna make so much more money or is there in time or is it any more than just putting that whole thing

Karin Thomas  4:25

or that niche? Oh, yeah, I think the commission is like a draw for most people that may current brokerage, that’s not too much of an issue. Honestly, it’ll probably cost me more to be on my own. But I’m fine with that. And I think just, I don’t I didn’t want anything to do to to limit me. So I had my eye on becoming a broker from day one. Like, when I decided I was going to stay being a realtor when I decided, okay, this is going to work for me, I can do it in my own way. Then I was like, next step broker. I just knew I was going to do that and you have that goal. For a while, this year, and it was just a matter of checking the boxes, and as soon as I could qualify, I did it. Yeah.

Robbie English (Host, The REALTEA with Robbie English)  5:09

Yeah, that was probably the best thing that I ever did was go ahead and make that leap and just do it and get that and it creates that autonomy for yourself. So think back as you started to transition, and really becoming a broker owner and running things, everything falls on your shoulders. So it’s all about you, you’re gonna succeed, or you’re gonna fail a lot more. Here’s issues. What are some of the challenges that you’re facing as you go to transition for just an agent with a broker? And even though you’ve been, I want to be clear here, because you are a broker now, and so you’ve been a broker associate in Texas for Texas licenses. But at the same time you do answer to a broker when you work at their firm. What are some of the challenges that you’ve faced, as you’ve worked on transitioning over to your own?

Karin Thomas  6:03

I think that are you just asking in terms of like the logistics of switching logistics,

Robbie English (Host, The REALTEA with Robbie English)  6:09

and set realizing that you’ve got to do everything to keep the doors open early? If you’ve got

Karin Thomas  6:16

a great question and ology. Yeah, I think that the mindsets of not having anyone that I can lean on in terms of who’s the boss who’s ultimately going to take responsibility, that doesn’t feel daunting. For me, as a broker associate, I think that’s the safety piece. I think, even in my own self, I have a lot of confidence in myself in terms of my ability to find out the best information at the time. And I try to keep my finger on the pulse of that at all times. But when it comes to overseeing other agents, I see how loosey goosey a lot of agents play it. And, and how a lot of brokers don’t oversee that much. And that talk about not my style, that that cannot be my style. Because I believe so much in like, education and broker excellence and, and realtor excellence and being at the highest level, just not as a fiduciary. But knowing your contracts in sight and out and all that kind of stuff. Right

Robbie English (Host, The REALTEA with Robbie English)  7:25

now, you’re very compliance heavy, and you’re very, you have surrounded yourself with people who have been a broker for a while. And, you know, we have a lot of friends in common, which is really fun. Because you and I go to some of the same people when you want a span of, okay, this is how I interpret it, how would you interpret it and play that both sides of the fence to make sure that you’re coming to the best end result, really. And

Karin Thomas  7:55

I think that there has to be a level of humility there too. Because we’re all peoples, I think I am a person. I don’t think my ego needs to be right. But I feel a deep sense that I have a responsibility to be as right as I possibly can be. But I’m, I’m a person, so I’m going to get it wrong sometimes.

Robbie English (Host, The REALTEA with Robbie English)  8:15

So we surround ourselves with those people. Yeah, the elbows.

Karin Thomas  8:19

Yeah, definitely. And I think on your page, like your education page, you just learn you learn the way that people talk and the way that people commit themselves. And so it’s in some ways, it’s just a good litmus test for understanding kind of the people that you want in your orbit by how they talk about it. How seriously they take it.

Robbie English (Host, The REALTEA with Robbie English)  8:39

Yeah, cuz you start looking at agents in a different way. And you start thinking, Okay, what questions do they ask what comments do they make? Do I want this station even before you ever talk to them? Yes. Yeah. potentially working with you. Because when your name is on the line, and your it’s your butt on the line, it does give you a different way to really handle and focus on things. Yeah,

Karin Thomas  9:04

definitely. And I

Robbie English (Host, The REALTEA with Robbie English)  9:07

know, by knowing you, you’re not going to be one of those loosey goosey brokers, you’re going to make sure your people know exactly what they’re doing. Yeah, you’re going to make sure that they do the right thing. And it takes commitment. I’m so glad you’re doing this. It’s so makes me happy anything about setting up the brokerage, that’s been overwhelming.

Karin Thomas  9:28

I think a lot of what’s overwhelming, it’s just the ticky tacky stuff. Just when you’re on your own when you’re a sole broker, you don’t have to add insurance, but again, I’m a safety person. So obviously, I’m going to do that. So it’s like just navigating those that can box and all the different systems that aren’t really interlinked. Like I actually thought about yesterday, as I’m like going through this laundry list of like little things boxes that I need to check to make sure it’s all buttoned up. And I just thought Why isn’t there a guide for this? I’m going to write a guide of how to do this on all the millions of things that you need to think about. Because it doesn’t exist something like that, or I started the wheel. I

Robbie English (Host, The REALTEA with Robbie English)  10:10

started one years ago at a happy hour, it wasn’t a happy hour, it was a party at a friend’s house. And I think, yeah, that’s what it was. And a mutual friend of ours, and I’m not gonna say their names just in case they don’t anybody to know this. I started the year playing in of setting up their brokerage and everything they had to do on a cocktail net. And I did number 123. And then I took that from memory and tried to put it all out so that when it came time to helping other people do that I’ve had it all laid out. And having done it before you have opened a couple of brokerages. So I have that kind of down in my head, but it’s everything from trying to pick a website to the best compliance program and who’s gonna give me the best deal on when surance? And do I want a permanent office? Where if I don’t? Where do I want my office address to be? Yeah, yeah. There’s a lot that kind of goes in there.

Karin Thomas  11:15

Yeah, that which is so interesting. I think it’s just I’m fascinated by how other brokers are doing it too. Because again, you’re gonna learn thing or find bits and pieces of things that I’ve certainly, in my business, I am doing things that other realtors do. I’m just doing it in my way. And so I very much feel like I’m doing the same thing as like moving into brokerage, just figuring out those little details that are just like, Oh, that would work for me, or that would work for me, I like that. But in terms of just the logistics, it just seems one hand doesn’t talk to the other hand. So it seems like a system where you should be able to just change it one place. And that’s not how the system works. It’s 1000 places. So I think just that but that’s similar to switching brokerages, honestly, those sort of logistical things.

Robbie English (Host, The REALTEA with Robbie English)  12:03

And it’s going to be really cool with you having launched this brokerage, because the agents that are going to be working with you will in fact be an extension of that whole Karen Thomas fee.

Karin Thomas  12:19

That’s what I did. So yeah, yeah, that’s my dream, for sure.

Robbie English (Host, The REALTEA with Robbie English)  12:25

I think that will be a really cool thing to even watch. And some of the best brokerages are some of the independent ones, because you’re able to turn on the DOM and you’re able to really look at that customer and client experiences, each mutually exclusive, but you’re able to make it better for them, which I Yeah. So there are brokers out there who just want to associate with another company, and they never want to take the leap of faith, if we call it that, or some people say the headache of owning a brokerage. It’s whatever you think it’s going to be is what it’s going to be. But what advice would you have for someone who’s really looking and thinking that I really like parent, I really think that I can do and what she’s doing in my own neck of the woods, and really put a spin on it, because I’m tired of putting on the jacket and hiding a tattoo or whatever it is, and just really just be who you are. Because that’s what people are attracted to.

Karin Thomas  13:26

I think that is you just said it, like you took the words out of my mouth. It’s just like, I think that people should try it. Because why not? Like, even if it costs a little bit more money, I just feel like I’m betting on myself, you know. So that should always feel good. That should always be a good motivator. And I think for me, my professional life kind of happened on accident. Because I was just at a stage in my life, where I was primarily a stay at home mom, but had all this jack of all trades skills, where I’d learned so much and I’d run my husband’s business and I’d blah, blah, blah, blah, blah. And I’m like, why can’t I do something for myself? And I had no idea what real estate was, but my best friend is a real estate broker. And I just said, What do you think of this? And she said, nine times out of 10? When so he asked me this question. I say don’t do it, you know, and she said, You got the one out of 10 I think you should do it. And I think that having people invest in me that sort of fate. And I think I consider you to be one of those people where it’s just you didn’t know me from Joe. And yet you for whatever reason, professionally and in a friendship play. We were just like attracted in philosophically lately. And I think sometimes it’s partly that it’s just like saying this person believes in me, so am I why am I cutting myself short? Like why don’t I just try it? What’s the harm? So yeah, that’s it and I think I think things like that, that hold you back is a big problem for all of us, including myself, just like that inner self doubt. So you have to be like we all. Yeah. So what’s the bit you have to say? What’s the worst that can happen? Yeah,

Robbie English (Host, The REALTEA with Robbie English)  15:15

I mean, yeah, my mom has always taught us. If you don’t like your choice choose again.

Karin Thomas  15:20

Yeah. It’s not the end of the world. And

Robbie English (Host, The REALTEA with Robbie English)  15:23

you know, it’s it’s not the end of the world. As long as you’ve got choices, you can make another one at the same time, it does give you some freedom to express yourself, put your own really design on something in may be really influenced people through the real estate experience, to not only feel like they were better represented, understand the process better and feel like they

Karin Thomas  15:52

were heard. Yeah. Yeah, I think that I like you. I feel like I’m almost the first a teacher in just the person that I am. And I think that is what makes me a really great realtor and representative for buyers and sellers is because I teach people my knowledge, I tell them, I teach them what I know, to help them buy or sell their home. Yeah, feel like, go ahead. You’ve

Robbie English (Host, The REALTEA with Robbie English)  16:24

got the knowledge, though. You have to cannot forget that you have the knowledge and you have this burning desire to learn and two things that you don’t know. So you have to accomplish that before you can teach that. And don’t you know, cut yourself short there, because you’ve really worked to make sure that you can talk and answer questions and help guide people in a way that yes, a lot of agents gentleman’s Yeah, they get their license, they go do 18 hours in Texas, because that’s the mandatory statutory minimum.

Karin Thomas  16:58

Oh, yeah. Which is way too low. That’s why

Robbie English (Host, The REALTEA with Robbie English)  17:01

it is,

Karin Thomas  17:02

I think, with myself, I feel like always passionately about sharing information with agents to with agents, with buyers and sellers, with other brokers, what do you know, what do I know? And that it should be a free flow of communication? And I think that it, it does sometimes still risky? And I think we touched on this, like you put yourself out there, when you’re like answering a question, sometimes you’re gonna get it wrong, or you’re gonna miss a detail that’s important. So you have to be willing to take that risk every time putting yourself out there. What do I think I know, I feel so passionately about competency and education, that it in a way, it was just like the natural next thing.

Robbie English (Host, The REALTEA with Robbie English)  17:44

When are we going to get you to change that thought

Karin Thomas  17:47

faster? Coming up? I think that’s it’s limitless now. Right?

Robbie English (Host, The REALTEA with Robbie English)  17:52

Yeah. Some of the most important lessons that we all learn, we can use and whether they’re in our real estate transactions are in line dealing with real estate, to help teach other people because learning in the classroom is a lot better than taking a filter where you cut your hand off or finger off or whatever. But it does come in, because when you seek advice of those who have done whatever it is, that you’re looking to do, and in your case, you had conversations when you were starting to set up a brokerage, and made that plan and pulled on people who had been there before so that you could save some of those field trips.

Karin Thomas  18:31

I think, if I were to pinpoint something in our industry, that’s very problematic. I would say it’s brokers who aren’t as engaged as they need to be. And I think that you have to have that when you’re starting. And I think a lot of agents don’t have it.

Robbie English (Host, The REALTEA with Robbie English)  18:50

Yeah, I agree. I think there’s that I think there’s also agents who get their license, and they say, I don’t need any help. I know what, and they don’t actually have the foundation. But it’s like, sometimes it gets tiring trying to argue with someone of note that you can’t do that. I

Karin Thomas  19:10

know. Yeah. And it’s funny because I have sometimes agents will call me and ask questions. And I had one conversation that was so funny, that it’s not that funny, but a buyer’s agent in a bind, trying to figure out a way to get her client out of the contract. And I said, she made a couple suggestions. I said, No, you’re past that deadline. You’re past that deadline. And then she I said, there’s more than 40 ways to get out of this contract. If it were me, I would go through each way. If it wasn’t an obvious way, I’d just go through each way through the entire contract and just make sure with a fine tooth comb. I had missed any contingency and that’s worked for me before. And she’s letter all the ways. And I said oh, that’s contracts training. That’s what you’re you should have have been and continue to be doing right? Do you have five hours? So I can so anyway? Exactly.

Robbie English (Host, The REALTEA with Robbie English)  20:06

It’s that foundation that you have to do that so that you can go back and logically think and it’s also being able to critically think about, okay, this is the situation, where do we pivot to go from here to there if you don’t want to sign that contract? Yeah. But you have to education well, before you have to apply it.

Karin Thomas  20:24

Yes. And I think that’s I took a really excellent class broker responsibility. It’s one of the best classes I’ve taken. And boy, that was really eye opening that like, isolate that a class I need to take. I’m glad it’s a requirement for renewing. And I feel like I need to take it 12 more times, you know what I mean?

Robbie English (Host, The REALTEA with Robbie English)  20:46

And I teach it, and every time I get the whole aspect of, I get a lot out of teaching, because I get different people’s perspectives on Yeah, yeah, sure. I really think that should be an agent responsibility class, because I think everybody should have to, I think they should tack six more hours on everybody’s license and say, you have to take this, I think

Karin Thomas  21:09

it would be invaluable for people to have that class, it would have been me like I there was it it was funny, because there was all these disclaimers before the class unless you have a corporate broker’s license, you don’t have to take this or you’re supervising agents, just so you know, you don’t have to take this. And I was like, after I got to the end, I’m just like this. I agree. 100%, that should be required education. I’d wish I’d taken it years ago. And I will be taking it many more times you’ll see me in class, for sure.

Robbie English (Host, The REALTEA with Robbie English)  21:37

That’s fun class, because especially when you have agents that don’t have any desire to go in and be a broker and that they’re looking for an extra class, or maybe they run a team or a group. And they sit there and go. I didn’t know this. What do you mean, you didn’t know this? Yeah. And they say, No, I didn’t know this, or I’d forgotten this or this. Always refreshing and it’s full of great information.

Karin Thomas  22:00

And you get new people in there are typically more experienced, which again, I think it’d be really valuable for new agents that that does really create some really rich conversations with people who have a lot of years under their belt. Yeah,

Robbie English (Host, The REALTEA with Robbie English)  22:13

some of the newer agents who have taken it have really benefited by just sitting back and listening. The stories because some people are like, Oh, my gosh, I’m really in this crazy career. What is the

Karin Thomas  22:27

I considered myself a low risk down to No, but apparently, I’m not.

Robbie English (Host, The REALTEA with Robbie English)  22:35

We all like different flavor doughnuts. Don’t we just take this all to like, shopping. So if you weren’t going back, and you were going to start this process all over again, about, we could even include getting your broker’s license or deciding to go out on your own? Because those are both two incredibly huge milestones for any practitioner. You actually do anything differently? Or would you have any words of wisdom for someone who’s following in your footsteps? Maybe they just got their license, maybe they’ve been licensed 30 years and are just thinking, hey, maybe this brokerage that I’m with isn’t the perfect fit, and I can’t find anything better. So I’m gonna go do that.

Karin Thomas  23:26

I think that broker responsibility class, is, I wish I had taken that sooner wait for it even did my broker’s license, I would say that getting your broker’s license. It should almost be a requirement. I think anybody in the industry would benefit from doing this. And so I would just say, just plan on it. Once you hit that five year mark, and you’ve got the transaction to do it. Just do it. It’s actually not even that hard. It should be harder.

Robbie English (Host, The REALTEA with Robbie English)  23:56

Okay. Five years and stuff. You’re talking about Texas specific. I am solder places, it’s not so hard that we have.

Karin Thomas  24:07

Yes, so I’ve heard it’s one of the more challenging places so you get a broker? It is yeah, in my opinion, the bar should be higher, but I agree.

Robbie English (Host, The REALTEA with Robbie English)  24:15

Yeah. Can I get behind you when you go fix that in our real estate systems? Yeah. Okay, let’s do it. Okay. I’ll champion you

Karin Thomas  24:23

1. Okay. And then I think as far as starting a brokerage, I think it’s, I do think it’s perfectly fine for people who, it’s just not their forte, right? They don’t, for whatever reason, perfectly fine. You could be an excellent agent or Associate Broker. But I feel like if you had that spark or that inkling, if I were to change it, I would have just ripped off the band aid faster. just gotten my stuff my ducks in a row. Yeah, and just made it happen. Because I also think I’m like, I’m one of Those people who tries to get involved and I don’t want to step on anyone’s toes or hurt anybody, all that kind of stuff. And I just feel like just rip the band aid off and do it if you have an inkling just push forward because I feel like it’s not going to be perfect. So it is a very much fail forward thing where there’s no way I can know everything I need to know before I do it. So at a certain point, I just had to ask myself, are you doing this or not? And the answer was, you’re doing this and then it’s just not, it’s not that big of a deal to make the leap. It’s just feel so overwhelming. And you just have to get your ducks in a row as good as you can, and rip the band aid off as fast as you can. That’s my opinion. I just think don’t wait, just Yeah. Even if you just venture out on your own without taking agents, if you have an inkling to do it, just do it. Because there’s a lot there’s a lot of people out there, there’s a good community of support for just one and doing. I’m glad I’m happy. I know.

Robbie English (Host, The REALTEA with Robbie English)  26:01

Hey, brokers license for a while, yes. Because you see things and people when you’re around them, and you’re teaching, and I want everybody to get their broker’s license, do not get me wrong. But at the same time things and certain people that you’re like, you want to push and you want to say why aren’t you here? Why aren’t you doing this? Why are cheaper? Because if I’m buying into your abilities, why aren’t you? Yeah, yes, yep. Yep. Yep. And then I just basically said, Shut up Robbie, with asking, just get it done. And you did. And, you know, I think it’s awesome. And I love the fact that you’ve gone in, you’re now doing on your own brokerage, and you’re putting your own mark instead of trying to adapt and to fit to someone else’s.

Karin Thomas  26:48

And I think that has served me well, to this point, I was trying my own thing. And I feel like I just did a couple key things that were so on brand for me, just on brand for my personality and the personality that I am. And it really did attract the right people to be my clients. And that’s such a gift. And it’s so empowering that I’m just like, Yeah, let’s keep going on this train. Why not?

Robbie English (Host, The REALTEA with Robbie English)  27:14

I absolutely. I can think of many bottles of champagne. We can start drinking to all the success and then I’m there for. But thanks for having this conversation with me. And if some of the folks listening wanted to reach out to you about real estate in Austin, or even tips on setting up their own brokerage or a little road, better for them. What’s the best way for them to contact you? Yes,

Karin Thomas  27:44

you can email me at my broker just called Hey, Buddy home. Hey, buddy. Hey, buddy. I love Thank you. And yeah, hey, buddy. homes.com Or, and you can reach out via email. Hey, at Hey, buddy. homes.com. Yeah, that’s how you can get a hold of me. And if you want if you’re an agent who’s just exploring other things, and like wanting to understand the process of it, I’d love to talk to you. Thanks for asking. Yeah, I

Robbie English (Host, The REALTEA with Robbie English)  28:14

saw that logo earlier today. That’s pretty cool. Hey, no, I’m glad. And we’re also going to put Karen’s contact information in the show notes below. So feel free to reach out to her. And until next time,

Karin Thomas  28:29

we’ll see you. Thank you, Robbie.

Robbie English (Host, The REALTEA with Robbie English)  28:33

Thank you. Thank you for tuning into this episode. We’re dropping a new episode every Sunday at 12 noon central. We’d love your support for The REALTEA with Robbie English. Please do us a favor and leave us a review on Apple podcasts. It only takes a couple of seconds and it really does help us out. Also, be sure to share it with your colleagues and friends. Until next time, we hope you have a profitable and productive week.