Whether you are just starting out in real estate or a seasoned agent looking to make a change, finding the right brokerage firm can be crucial to your success.
Contrary to popular belief, not all brokers are the same. Each firm has its own unique approach to real estate, including training, marketing, and support. It’s not a decision to be taken lightly. That’s why when you do find the perfect broker, make sure to put the metaphorical ring on it.
Seeking your happily ever after? Here are some tips and tricks to find the perfect brokerage firm for you.
Looks Aren’t Everything
There is certainly an alluring appeal in going with a broker that maintains a national presence and harbors brand recognition with consumers. But before you dive in, stop and think about how others might like working for a large firm. Reputation boils down to more than just consumer feedback.
Consider asking other local agents what they think of the firm or, better yet, ask agents that work directly for the broker you are considering. How do they treat clients? What is their sales approach? Do they value teamwork or is it every man (or woman) for themselves? What are their core values? All these are great questions that should be pondered before you enter into a long-term agreement with a broker. Don’t be mesmerized by fancy business cards or shameless video ad. Do your research!
Be in It for The Long Haul
Choosing the right broker can impact your career long term. That means that whichever firm you choose, you need to be committed to that firm for some time. While your career goals may change over time, or you may even outgrow a particular firm, picking the right firm that shares the same ethics and culture will make growing your career in real estate a more positive and successful experience.
Furthermore, switching companies to often can have a damaging effect on your book of business. Clients may not know how to get ahold of you, think they are not being taken care of, or even lose trust in your relationship. So, when you “say I do”, commit hard to at making the relationship with your firm work.
The Cost of Saying “I Do”
Just like a wedding, there is always a cost when picking a new broker. The bottom line is you want to know how you will be compensated for all the hard work you put into your job. Not only that, but you want to know that if you are shelling out some serious money, you better be getting something tangible in return (admin support, training, etc.).
That’s why you should always ask about the commission-split. The commission-split percentage will vary by firm, but it’s important to know going-in how much money the firm retains for each transaction.
Additionally, you want to understand all the services a firm offers to you and what you will have to pay for out of pocket. Yes, a firm might say they offer administrative support, but it may be something you have to pay extra for. Also consider continuing education and professional development. Is this provided for free or another bite out of your check?
Ultimately, it’s always good to be transparent and direct. You would hate to have to go through a divorce later down the road.
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