The path of a real estate agent begins with the brokerage you choose, and let’s face it — there are a lot to choose from. Plus, the process can appear intimidating at first. How do you choose? What do you look for? What do you need as an agent that will propel your career in the right direction?
We’ve compiled some great advice for you to get started on your decision-making process.
Understand the Commission Split
If you are unaware, the commission split is often a huge determining factor for new agents. Nearly every agent working today is paid on commission, but the structure of it varies from firm to firm, and that difference is something you should take into consideration as you make your choice. We’re listing this factor first because it often is the most important one for many new agents — which makes sense given that your split can often improve with experience and sales volume.
A good commission split is dependent upon your business, your market, the broker’s support, and a few other factors. Keep in mind too that some brokerages offer real estate agents a salary and benefits, and some offer a hybrid model. Do your homework and recognize which appeals to you most! Whether the commission split is a huge determinant for you or not, it’s significant enough that you should be asking about it.
Assess the Brokerage Culture
In the same way that any prospective employee should do, you should research the brokerages you are seriously considering. Look them up online, read reviews, maybe even speak to a realtor or two that works there to get a sense of what you’re walking into. Take a look at the office, the staff, and glean as much as you can when you show up for your interview. Remember, as much as they are evaluating you for the right fit, you should be evaluating them too.
Of equal importance is the style of brokerage: are you more of a small mom and pop firm, or are you interested in a larger franchise that spans the nation? These two types of brokerages have their pros and cons, which we will delve into in greater detail, below.
Evaluate the Mentorship Offered
How you are mentored and how often you are mentored are significant, both in terms of what you prefer and in terms of what will push you to greatness. Are you looking to hit the ground running? Is real estate something you are beginning only part-time? The truth of the matter is that only you know what will speak to your strengths and develop you as a realtor. Unfortunately, brokers and mentors at real estate firms run out of time and simply cannot give you the attention and answers you need, when you need them. (That’s where we step in!)
The mentorship we offer here at Agent Mentor is designed to put you on the fast track to success. We want you to be our next success story, and we will be with you every step of the way! Even if you are receiving training from your brokerage, we want to supplement that education and ensure you get the most out of your exciting new career! Give us a call today: 855-636-8678 to get started
Franchise vs. Independent brokerage
A great way to narrow your focus is to decide between a franchise or an independent brokerage. As we alluded to earlier, the two offer both positives and negatives, and it’s important to look at all angles.
First up, big-name brokerages (RE/Max, Keller Williams, Dilbeck, etc.):
- Offices all over the country, allowing you to work virtually anywhere
- Tend to exert more control over agents
- Offer more robust support and training
- You tend to follow their system, their strategies
On the other hand, smaller independent firms have generally been serving a single community for generations (these are your mom-and-pop style firms):
- Freedom to operate your business as a realtor the way you want
- Less support, smaller teams overall
- Locally based, which means they don’t have the nationwide brand recognition
Ultimately, you have to determine what brokerage will be best suited for you. This could be the brokerage you feel most comfortable at, the one that pushes you the most, or simply the one your relative works at that gave it a glowing recommendation. Hopefully, this blog helps you make a more informed decision!