Four Questions To Ask When Choosing A Brokerage
As a new agent, choosing a brokerage may feel overwhelming, that’s why we have four questions to ask when choosing a brokerage for yourself. Remember you are interviewing the broker while they are simultaneously interviewing you. You will be hanging your license under your broker, but ultimately, you are entering into a partnership with them. And as with any successful partnership, both parties need to bring something of value to the table.
Here are four questions to ask when choosing a brokerage and your potential broker before entering into a business agreement.
Do You Align With The Culture?
If you’re starting as a Realtor and are unsure where to begin, the best place to start is by deciding what you’ll need most as an agent. Do you need accountability, assigned tasks, busy work, a competitive environment, a nationally recognized brand? A national brokerage may offer you these things, but it won’t necessarily be the hands-on interaction you get from a boutique brokerage. If this sounds like you, go with a national brokerage that offers this culture type.
If it’s more important to you to be independent while being mentored one-on-one with supportive coworkers and flexibility, look into smaller brokerages where you can build relationships and structure deals in a way that offers you more possibilities and allows individuality. You may find a boutique brokerage to be more your style. A smaller brokerage usually offers you more attention, personal relationships, and a more accessible mentor or broker. However, a smaller brokerage may not provide as many resources, and can be limited in terms of exposure. Decide which works best for you based on your individual needs.
Culture also umbrellas a company’s mission statement, branding, reputation, and vibe. Ensure the brokerage you choose has a culture that aligns with your personal mission statement, values, and goals.
What Is The Commission And Fee Structure?
Money is a huge factor when considering a real estate brokerage, and brokers will vary where commission splits are concerned. Some brokers will cover some tools and expenses upfront in exchange for a more significant cut of your commissions, while other brokers let you keep more of your earnings but charge a desk fee. When interviewing potential brokers, questions about commission splits and fees should be high on your list. These payment arrangements need to fit your financial goals and needs.
Before you can accurately compare the commission splits and service offerings of real estate brokerages, you’ll first need to know your personal expenses and projected Realtor business expenses. Once you have an idea of what you’ll need to move your business forward, you’ll have a better understanding of what you’ll need from your broker/agent split. Having this ballpark number helps you to make better, educated decisions that set you up for success right from the start.
Do They Offer Any Mentoring And/Or Training?
Most new agents need training as they learn to navigate contracts, negotiate successfully, and carry out operations. However, your needs can be pretty different from the agent next to you when discovering your niche and sales/marketing style. The desire for a mentor or training in real estate is a personal choice. Keep this in mind when evaluating your options and comparing different brokerages.
What each person needs in this area varies greatly. Determine what you need and decide with that vision in mind. It’s important to remember that you are an independent contractor as a Realtor, and you’ll be running your own business. However, to get to a place as a new agent where you are successfully standing on your own, takes months’ worth of time, training, persistence, patience, and much more. A successful career starts with who you learn from initially, so make sure you choose wisely. A good match for your learning style is invaluable to ensure you have a firm foundation to stand on; otherwise, your career as a Realtor will crumble before you even have a chance to start.
What Type Of Support Do They Offer?
Different brokerages carry different offerings that can influence and elevate your efforts in your local real estate market. There are many professional services made available to real estate agents through brokers, and each one is designed to help the agent succeed. The list of services and resources that a brokerage provides should be one thing that helps guide you toward the brokerage you choose.
Give all services and resources careful consideration because these are the things that you need to get started in the industry. Without adequate support and access to marketing materials, branding, services, design, technology, and so much more, you will struggle to build your presence and your business.
Interview Living Houston
Living Houston is a boutique real estate brokerage, and we are always open to interviewing potential agents. We’ll offer you an in-depth and realistic look into what it takes to be a successful Realtor in today’s market. To learn more about Living Houston, visit joinlivinghouston.com to find out all the ways we can support and elevate your real estate career.