Launching your real estate career is a major decision – and for any major change, you will want the right team supporting you. Choosing a brokerage is an extremely important decision during your licensing process. After all, this partnership will be instrumental in your success – or failure – as a real estate agent.
The simple truth is that not all brokerages are alike, and finding the right match for you can take time. We always encourage people considering real estate to invest in themselves and take the initiative to interview multiple different types of brokerages. This will allow you to get a feel for all of the options available to you.
When interviewing a brokerage it is easy to get swept away by the presentation. Some of the biggest details you will want to understand are often the ones overlooked. That’s why it’s important for you as an entrepreneur to have a plan and understanding of what you are searching for in a potential partnership.
Here are a few areas you may want to consider when deciding on a brokerage:
Coaching And Training – As a new agent, you will need a comprehensive training program to help you learn the ins and outs of the business.
Support and Services – Whereas some brokerages provide end to end business support and solutions for their agents, others provide a more virtual plug and play approach. You will want to decide how much support you need to flourish.
Market Share – Bigger is not always better, but it is important to understand a brokerages footprint in the local market
Reputation – Asking friends, family, and even industry professionals like lenders about the differences between brokers can be helpful.
And, most importantly, Culture. – What is a brokerage’s collective personality? How do agents and staff like working there? Is the team vision and mission something you buy into?
You may also want to have a list of questions prepared prior to your meeting. Below are a few examples of questions to ask within each category. Take the time to ask around locally as well – reach out to agents in the community, friends, and family to get their thoughts and input.
QUESTIONS TO ASK WHEN INTERVIEWING A BROKERAGE
- Does the brokerage offer any type of new agent training?
- What does this look like (1-1, small group, large group)?
- Who will I be working with (is it a mentor, broker, trainer, coach)?
- Who do you call when you have your first offer to write or your first listing appointment or just have questions in general?
- What tools & systems do you get exposed to & does anyone help you learn them?
- Is there a cost for the training being offered?
- Is this a brokerage that collaborates & works together or is everyone really more independent?
- Do you have team meetings & what do these look like?
- Am I expected to attend team meetings?
- What types of agents do you have – hobbyist, part-time, full time?
- What kind of support staff would I have access to?
- Is this brokerage a part of a bigger brand?
- How big & from where?
- How does that work?
- What kinds of extra tools, support do you have at your fingertips?
COST & COMMISSION
- How much does it cost to be a part of this brokerage?
- Do you have monthly costs, marketing costs, training costs, printing costs, desk fees, etc.?
- What do I pay for on my own vs. what is covered as a part of these costs?
- How does your commission structure work?
- Do you have the ability to grow in regards to commission?
CHOOSING A BROKERAGE
Ultimately you want to select a brokerage that matches your needs and your style. It’s best to interview a few different types of brokerages to get a feel for the options you have when it comes to training, culture, brand, and cost. Your broker will be instrumental to your success as a real estate agent.
You will need to select a brokerage prior to submitting your real estate license application.
HOW TO SUCCEED
How to succeed in your first year of real estate is often a question we hear. So we put together a course to explain everything from budgets to generating leads.
As is true when launching your own company within any industry, initial start-up costs are to be expected. In real estate, budgeting for those costs can be vital to launching your career as a financially sound business person. Start-up costs can vary, depending on the state, local MLS, and brokerage in which you’re joining. You should be prepared to spend a significant amount of money during this initial licensing time period.
A criminal background check is required by Iowa law for all real estate salesperson and broker applicants. The Iowa Real Estate Commission searches an applicant’s history through three divisions: The Iowa Division of Criminal Investigation (DCI), the Federal Bureau of Investigation (FBI), and Iowa Courts Online. The search will include the Iowa Sex Offender Registry.
Preparing for the Real Estate Exam is definitely a daunting task (at least feels that way). The best advice is to think about what methods really worked for you to study when taking tests in school. For example, some are good with memorization – so flashcards & repetition within the hours leading up to the test can be really helpful.