As a real estate agent, you know finding the right broker can make all the difference to your success. But with so many brokers out there, how can you know when you’ve found the right one for you? Follow these signs.
The reputation of a brokerage is important to your potential for success. If the brokerage has a poor reputation, you’ll feel like you’re swimming upstream. But if they are well known, have a solid market share and are respected in the community, they’ll give you a more immediate boost when it comes to marketing your services.
Are you looking for a franchise brokerage and the name recognition that comes with it or an independent brokerage? The choice is yours, but keep in mind franchise brokerages often come with a higher level of support. Make sure the one you choose is aligned with what you truly need in order to be successful.
Brokerage cultures are as different as the homes you’ll sell. So make sure you find one with a culture that works for you. And when you find a place that feels like home, chances are you’ve found the right one.
Few brokers offer salaries (only 3% according to the National Association of Realtors 2018 Member Profile, so it’s likely you’ll be working within a compensation structure based on sales production (i.e. commission). Make sure you have a good understanding of how the commission schedule works and everything that is, or is not included. If it’s too complex or difficult to understand, that’s not a good sign. How do you know if it seems fair? See #6 and #10
Many brokerages have an area of specialty. Find one that is aligned with your desired niche, and it could be a match made in housing heaven.
The support a brokerage offers can go a long way toward ensuring you get the right training and mentorship you need to really build your business. So before you decide on a brokerage, check out the types of support they offer their real estate agents. Do you they provide marketing support? Technology? Mentoring? Training? If you’re comfortable on your own, that’s great, but professional support can make a huge difference.
Have conversations with industry professionals to see who they recommend. A broker with good word of mouth says a lot about how they operate. So take time to chat with other Realtors, as well as professionals in real estate law, title insurance, home inspection and mortgage lending.
A neglected website can be a red flag. Well maintained and frequently updated sites garner more traffic, in general, which can mean more leads for you. More, why would you want to partner with a brokerage that doesn’t keep its primary marketing tool up to date?
Brokers may have scheduling expectations that work, or don’t, for your needs. Be sure to gain clarity about what they expect from their agents and whether that works for you. This can be an especially important consideration if you’re seeking flexibility.
Some brokers offer certain perks and programs you may not find elsewhere. Do they provide signs, or will you have to buy your own? Do they offer errors and omissions insurance, or do you have to buy your own individual coverage? Do they offer discounts on continuing education courses? Many of these basic business expenses and/or savings can add up over time and affect your business’ bottom line. If that works for you, great. If you need a more robust package, be sure to seek it out.
Partnering with the ideal broker for your real estate career is an essential step toward forging a path toward success. By researching these 10 considerations, you’ll have a better idea of whether a brokerage is right for you.