Selecting the Right Brokerage
Choosing a brokerage can be confusing. You will want to partner with the right one for you to ensure success.
Read the transcript
Selecting the real estate brokerage that you are going to partner with to launch your real estate career is a huge decision and one we suggest that you don’t take lightly. We’ve interviewed a few of our agents so that you can hear first hand the process they went through when selecting their brokerage and the advice they would have for you as a new agent.
Think of your relationship with a brokerage as a partnership, rather than an employee-employer dynamic. It’s in the best interest of the brokerage to support you and you want to find a brokerage that will develop you as a business owner. Don’t forget, you’re an entrepreneur looking for the right partnership to help you succeed.
As you heard from our agents earlier, these are some of the topics to consider and questions to ask when interviewing brokerages:
Coaching and training
Costs and Commissions
Coaching and training- You will need a comprehensive training program for your first year as a new agent. A good brokerage will help you learn the ins and outs of the business by offering an education plan, facilitating mentoring or shadowing opportunities with experienced agents, offering support during your first few transactions and checking in with you throughout the first year or two to help you meet your goals.
Support services- Some brokerages provide end-to-end support and solutions, while some offer a pay-as-you-go approach and still, others offer only limited virtual support. You have to decide how much help you need to flourish.
Market share- Bigger is not necessarily better, but it’s important to know and understand a brokerage’s footprint in the local market. You want to ensure the brokerage you select has a strong understanding of local communities and the housing markets.
Reputation– What is a brokerage’s reputation? This question is better answered by friends, family and industry professionals like agents and lenders who have worked with different brokerages and can offer insight into their reputation in the community.
Brokerage Brand- Is the brokerage part of a bigger brand? A local company or a franchise? These questions will help you gain insight into networks, connections, benefits, promotion and support as a result of the different brands that real estate brokerages affiliate with.
Culture– The culture of a brokerage (even a virtual one) will have a big impact on your work. Evaluate their vision and mission, what team members are like and if the company personality is one you enjoy.
Cost and Commissions – Although it may not be your primary consideration, knowing how the brokerage structures their commission splits, dues and fees, offices and education is an important consideration.
At the very latest, you need to select a brokerage by the time you pass your licensing exam and complete the education requirements. Once you’ve committed to a brokerage, the managing broker can guide you through the last steps in the process.
Ultimately, you want to select a brokerage that matches your needs and your style of working. The real estate brokerage you choose is instrumental to your success as a real estate agent.
I started my career in real estate when I was 19. I work as the New Agent Success Coach at Century 21 Signature Real Estate. I am passionate about equipping new agents with the tools and systems they need to start building a successful real estate career.
Contact us with any questions you may have!