Yesterday I was contacted by a mortgage professional. He carries a real estate license as well and is now looking to go into real estate sales full-time (and for the first time) with his two partners. I asked him which brokerage firm he was going to be joining and he said he had a friend that has a broker's license so they were just going to activate under him.
Can you see the red light flashing over my head??
For any agent, your choice of brokerage firm is an all-important one. The same type of firm will not work for every person. It's imperative to not only understand the different types of firms but also understand yourself, your individual situation, your working style, your strengths and weaknesses... All of those things play into choosing the right firm. So what exactly are the options?
Well, you have the big franchised firms of course. They're all a little different from each other but some of the things you will find the same are: larger amounts of agents, franchise branded marketing materials, a recognizable name/established brand, structured training programs, and usually a support/admin team. Some agents love this environment, some find it too impersonal. To be honest it has a lot to do with the sales manager and other agents in the office. Yes, that environment has the potential of being impersonal, making you feel like just another face in the crowd, etc. but if you have a great sales manager that treats his/her agents as individuals and creates a positive team-focused environment and then also have an office full of agents that encourage and support one another... that potential impersonal can turn into just a big 'ole happy family. The best way of finding this out is interviewing with the sales manager and also speaking to some of the other agents. Notice how many agents are coming in and out of the office and look at the expressions on their faces. How does the energy feel in the office and how do you feel being in the office? These impressions will give you clues into if it's the right environment for you.
You have the independent firms. These are the ones NOT associated with a franchise and are usually localized but can have more than one branch location. It's more common than not to have the broker/owner also be the sales manager here. You won't necessarily have branded marketing materials available but these offices tend to be more close-knit, have a reputation in the local community and are generally specialized (luxury focused for example). The training is usually more individualized, less structured, and based upon the experience of the person doing the training. These offices are not under the corporate gun so have more flexibility in what they can offer to agents. Again the environment is key.
Then you have the "no-names". These are the individual, single brokers that have a couple of agents working underneath them. They don't have a reputation to speak of in the community, they don't really offer any kind of training or structure. Everybody pretty much works from home and there is no office environment. It's more just a small place to meet with clients. This is more of a workable situation for agents that enjoy working autonomously and don't want to answer to anyone. They don't like sales meetings and just want to be left alone to do their own thing.
Of course there are many variations of the three types listed above but those are the general categories most offices will fit into.
So now, back to my original mortgage guy turned Realtor at the start of this post. When you're just getting started, whether or not you have industry experience, being in an office where you have other agents to work with and learn from is going to be a huge benefit. You can sit open houses for them, probably get yourself some floor time, attend informative sales meetings, and get the on-going training you really need. Having a recognizable name, either a franchised or local one, will give you something to offer Sellers when you're still building your experience level.
Can you imagine getting started in the business and essentially being left to your own devices??? No training, no support, no motivating force behind you? Not to mention you're likely to end up a liability to your broker. Not a good situation...
Whatever your choice in firm, make sure it's one for the long-haul. There's nothing worse than office-hopping. What you want to look for is a home to hang your license. Like home, it should be a comfortable environment for Y..O..U.
If you find yourself struggling with this decision or suddenly find yourself "homeless" because your office closed, feel free to give me a call at 347-374-1379. We can discuss your individual situation, options, and work together to find the right home for you and your real estate license. :)
Comments(1)