When it comes to finding a real estate broker to work for, it’s not just about the commission split. The package of training, benefits, and resources offered by each brokerage is very important and can make a big difference to your effectiveness as an agent.
So what should you look for? These tips will help you decide which brokerage to hang your license at in order to earn the most money and stay happy.
#1 Factor In Expenses
While it’s not just about money, the financials are still a good place to start. What services does each brokerage offer? Make a list of all of the things that you’d realistically use from each brokerage. Then, look up the cost of obtaining those services on your own.
Brokers that take more of your commission often offer better marketing services including websites, photography, and sometimes even staging. These things aren’t free, even if you can write them off.
Multiply the commission split by the average price of a home in your area and then write down the amount of money you’ll save by using brokerage resources. You’ll get a set of useful numbers that you can compare to help make a decision.
#2 Culture and Training
Different brokerages have hugely different cultures. Some are competitive and push you to work extra hard. Some are more relaxed. Some expect you to come into the office a lot. Others expect you to be busy showing houses and performing marketing outside the office.
Make sure that you understand what the culture at each brokerage is like before you decide on one. You don’t want to be surprised when it clashes with the way you want to work. Culture is an important factor when it comes to training.
It’s easy to simply compare the resources that each brokerage offers you for free, but take a step back and consider the context. How much training are you expected to attend? Are you expected to seek additional outside training on your own?
According to this extensive guide written on RealEstateBees.com by Kristina Morales, a licensed Realtor, it is imperative to join a real estate brokerage that offers a solid training especially for new agents. Kristina says, “You will want to make sure that you are selecting a real estate broker with an extensive training program OR join a team that will train you. Either way, training is SUPER important for succeeding in real estate.”
Will other agents in your home office be valuable sources of advice, or will they compete with you and try to steal your clients? Is there an opportunity for mentoring from more experienced agents?
The answers to these questions will help you determine which brokerages will help you grow. Your goal is to learn, not to sit through hours of lectures.
#3 Lead Types
Consider where you actually expect to get your business from when comparing commission splits. Most brokerages have different splits for clients that come to you through different means. Ask a few agents with each brokerage where their clients are coming from.
Be sure to run the numbers for a couple different brokerages and a few different referral splits. You might be surprised how the differences pan out.
Stay Happy By Choosing the Right Real Estate Broker
Finding the right real estate broker can be tough. You might have to bounce around between a few different agencies for a while before you finally get settled in. By following the tips above, you can maximizes the money you’ll make and find an agency that fits your personality and style.
Assigned category: Real Estate Agents
