Making a business decision is tough. As a new real estate licensee, certainty you are choosing the right brokerage is your first business decision. Part of the reason so many people leave their first brokerage is choosing the wrong company. Don’t be misguided by commission splits. It is an important aspect to consider, obviously, but it is not the only one. This guide highlights the crucial unspoken elements to keep in mind when choosing a real estate brokerage agency.
1. Decide between a franchise, independent brokerage, and a virtual brokerage
A franchise brokerage is a national company that sells the right to use its brand and business model. They charge you a percentage of every deal closed in the office. A franchise has built its brand over time and offers you instant credibility. You can choose an office conveniently located close to you, get access to free or discounted resources such as CRM software, and attend their incredible training programs.
Small companies own independent brokerage or boutiques. A single broker manages them. You get individual attention, less competition for leads, more flexibility and more creativity in marketing. Virtual brokerage has been made viable by advancement in technology. They give high commission splits since they do not pay for expensive office space, give better tech tools and give you more independence.
2. Evaluate the agency culture
Every organization has a unique way of working. The company’s beliefs, ideologies, and values determine its culture which controls how real estate agents interact with each other. The culture promotes healthy competition, creates the brand image, and gives predefined directions in the workplace. If the organizational culture does not match your personality, you will not last. Happy agents such as 100 percent commission agents are successful agents.
3. Find the company reputation and niche
The trust and confidence clients have directly impacts the company’s bottom line. A strong reputation facilitates growth and creates valuable relationships directly affecting how the company does business and the quality and quantity of leads you receive. Just as important is the niche. The right niche can be a combination of your interest, lifestyle and available opportunity in your area. Creating brand loyalty and trust in a niche market is easy, competition is low, and the focus is clear. This makes your work as a realtor easier. You know exactly who to target, where to get them and how to approach them.
4. Training and mentoring
Training familiarizes you with processes, increases your capacity to adopt new technology and gives you morale to work. You will show higher productivity and provide quality work output. You will have the ability to handle more leads over time. During training, you learn how to nurture leads and care for their pain point and how to follow up and close a sale without nagging and pushing the prospect away. You also learn the art of communication from how to talk to leads to how to describe the property. Tech can be intimidating, but a little training will show you how to navigate tech the company uses.
Choosing a real estate broker comes with a lot of uncertainties. When you start, you will need a broker’s help to get your name known. You will use their tools to start your career which makes choosing the right fit crucial.