So you’ve earned your stripes for becoming a real estate agent and now you’ve got your real estate agent license, and a mind full of ambition. Now what? Some real estate agents think that once they’ve received their real estate license, they can go about selling houses and making their money. But the reality is that there’s a missing step – you’ve got to find the right real estate brokerage to work with, who will hold your license and allow you engage in a real estate transaction with other buyers and sellers..
Working with a reputable brokerage adds to your credibility as a real estate professional, and helps you build relationships with clients on the buyers and sellers side, mortgage lenders and fellow agents. Of course, the real question is, how do you pick the right one?
Choose a Real Estate Broker that Provides Ongoing Training
College and university graduates often hear some rendition of the following words: you’ll learn more in the first two weeks of the job than you did during your entire school program. This rings partly true for those who are becoming a real estate agent as well. You may need additional training, mentoring and support because you will encounter unfamiliar situations as you deal with new clients. That means you’ll benefit from ongoing support where and when necessary.
With that said, training and mentoring can take or assume different forms within your real estate career. That could mean scheduled classes in person. Or, due to COVID-19, you may attend virtual classes and webinars. Mentoring can also be more personal or private such as peer coaching. Marketing your brand, bringing you leads and industry tips you’ll want to know to succeed in this year’s market.
Regardless of form, you want to work with a real estate broker that provides you with ongoing training, especially for a rapidly shifting real estate market.
Choose a Real Estate Broker With a Great Reputation
Before applying to work with a real estate broker, you should look beyond the veneer of their image. Reputation is everything. New and upcoming real estate agents need to work in a brokerage that promotes a culture of transparency, ethics, and consistency. The right brokerage will have a long-standing track record of closing deals ethically. Also, a worthwhile brokerage will have low turnover and positive reviews from both agents and clients alike.
You can find reviews about a brokerage from both clients and agents on websites such as Glassdoor, Indeed and Google My Business reviews.
For bonus points, a great brokerage will probably have accolades or praise from third-party real estate organizations or publications that recognize them for their integrity and quality of service in the real estate industry.
Evaluate the Work Place Culture of a Real Estate
Just because a real estate broker has a great reputation, it doesn’t mean that it will automatically be a good fit for an agent. That brings us to our next point – the culture. The hopefuls who are becoming a real estate agent might think enthusiasm and drive will help them overcome cultural differences and to be surrounded by people with years of experience. But that’s not the full case to a long and happy career. Your success at a brokerage will largely depend on how well you jive with the approach and atmosphere of the brokerage.
So think for a while about what type of environment you would like to work in. Depending on your personality, you might opt for a cozy brokerage with a more family-oriented staff. Of course, you might be the opposite, especially if you’re extroverted – a juggernaut-type brokerage might be better off for you.
Also, think about the focus of a particular real estate broker. Some may focus more on educating their clients to make decisions, while others may focus on using technology to help their clients buy and sell homes. Regardless of the brokerage, you should talk to the agents who work for them or do some online digging to find out what their culture looks like and if you can see yourself growing and learning from the people you will work with.
Choosing Between a Franchise or Independent Brokerage
This tidbit of advice correlates to the previous point on workplace culture. Opportunities can differ between franchise brokerages and independent ones. That is especially true for new and upcoming real estate agents.
Dominant franchises are great for new real estate agents. They tend to offer more training and mentoring and can help these agents access a wider network of clients and lenders. That translates to more opportunities in less time and greater advancement in their real estate careers. Of course, having a big name on your business card also helps to secure clients faster.
Independent brokerages, on the other hand, provide a little more flexibility. They can be good for newcomers, but more seasoned real estate agents tend to go for independent brokerages since “indie” shops allow them to conduct business in their preferred way.
Ultimately, you want to apply to some of the advice given in the previous points here. Speak to agents who work at a brokerage of Interest and read about their experiences online.
Inquire About How Your Real Estate Broker Splits Commissions
Of course, a post like this wouldn’t be complete if we didn’t talk about pay. Real estate agents should know ahead of time how a particular brokerage splits commissions, especially since they all split commissions differently. Knowing what’s important to you as a new real estate agent will help make this decision easier in your starting up years.
Choosing a brokerage just for their commission structure isn’t always the best idea, though it surely will seem like the most appealing. However, you should know how the brokerage of your choice works. That means understanding the ratio of earnings given to you versus what the brokerage will take for themselves. There might also be a commission split between a buying and selling agent, and you want to know what those numbers look like as well.
Lastly, there would likely be some other fees taken out of your earnings, including taxes and other expenses. The purpose of knowing about commission splits is to give you a realistic view of how much you can earn. Keep in mind as well the other benefits and offerings the brokerage provides such as education programs, marketing and sales training. Other offerings might be more expensive if you choose to pay for them independently at a brokerage with a higher commission structure and no added benefits.
Keep in mind that commission structures vary among brokerages. Factors such as your niche and the resources they provide to you may also influence your paycheck. And also, keep in mind that as your real estate careers progress over time, agents can negotiate for more lucrative commission structure.
Becoming a Real Estate Agent Begins With Choosing a Good Brokerage
Real estate brokerages and agents are like sports teams and superstars on those teams. Some of the greatest athletes only blossomed and reached their full potential when they joined the right team under the right coach. Real estate careers are no different.
You can have all the potential and talent in the world, but it won’t blossom unless you work with the right brokerage that helps guide you and set you up for success. Do your utmost to find the brokerage that’ll help you reach your best potential. When you do, there will be no ceiling on what you can accomplish.
Are you searching for an established real estate broker that will help you jumpstart your career? Get in touch with us so you can start your real estate journey today!