If you are a real estate agent who is newly licensed, you might be considering how to look for a brokerage and what are some key factors in deciding what brokerage you want to affiliate yourself with. The important thing to remember is that this is a business relationship and as an agent, you have a choice. You want to interview several brokerages to see what you think is the best fit for you and your business.
How Does an Agent Decide Which Brokerage to Work With?
When you work in a brokerage there is a commission split. You don’t always want to choose your broker just based on keeping more money in your pocket because mentorship is vital when you are starting. Pay attention to what the commission split is and make sure it is something you are comfortable with.
You want to know whether the brokerage you have selected has a prominent presence in your area and online. You want the brokerage to be well known so clients recognize the name and are fond of the reputation it holds. Stay on brand with the brokerage and its website as you build yours.
There are always fees when you start in real estate. Pay attention to what the monthly fees are for your desk and printing as well as any insurance. These all add up so you want to be budgeting accordingly.
Greg Kennedy of Calgary House Finder offers this information: “Ultimately you want to feel comfortable with large people you are working for, so the size of the brokerage isn’t always what matters. However, larger brokerages may be able to offer you more in some ways while smaller brokerages will have a more persona; tough. You need to weigh the pros and cons and decide what you feel most comfortable with.”
As a new agent, you will need mentorship. You need others who are willing to walk alongside you and your first few contracts as you navigate this new career. As you look at brokerages, consider what their mentorship and training look like and if it is structured in a way that will benefit you as you grow your business.
Consider the aspects of real estate that you want to dive into and find out what the specialty of each brokerage is. You want your specialty to match the brokerage’s specialty. You also want to make sure that you can branch off if you feel inclined and that you are with a brokerage that supports that.
Talk to many agents in your area and pay attention to what they say. You want to know that the brokerage you are working with has an outstanding reputation amongst the community and other real estate agents. Take your time and research this.
Referrals & Leads
As an agent, you are constantly working hard to generate your own business. Some brokerages help with referrals and lead, and this can potentially help boost your business. Find out how each brokerage goes about this process to see if it is the right fit for you.
Whatever you decide to do, pay attention to the contract so that you understand your business relationship and can change brokerages later if you desire. Real Estate can be a great and rewarding career so take your time and find the best fit for you.
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