Changing real estate brokerages can be a pivotal decision in your career as a real estate professional. Whether you're a seasoned agent or just starting out, finding the right brokerage that aligns with your goals, values, and support requirements is crucial to your success. Let’s discuss 10 things to consider when changing real estate brokerages.
Company Culture:
The brokerage's culture sets the tone for your working environment. Research and understand the company culture to ensure it aligns with your own values, work ethic, and professional aspirations. Consider whether the brokerage promotes collaboration, supports growth, and fosters a positive atmosphere.
Reputation and Track Record:
Research the reputation and track record of the brokerage. Look for a brokerage with a solid reputation for ethical practices, successful transactions, and client satisfaction.
Training and Support:
Consider the level of training and support the brokerage provides to its agents. A brokerage that offers training and comprehensive support can contribute to your professional growth and success. Inquire about their resources, educational opportunities, technology, and tools available to agents.
Commission Structure:
Let’s be real. Your take home commission is a huge factor in your real estate brokerage choice. Review the commission structure offered by the brokerages you’re considering. Do they take a percentage of your commissions? Do you keep 100% of your commission? Consider how their commission structure fits into your financial goals and plans.
Geographic Focus:
Assess the brokerage's geographic focus and specialization. Is the brokerage only local or does it have a further reach giving you the opportunity to tap into other regions or states for possible referrals?
Marketing and Branding Support:
Examine the marketing and branding support provided by the brokerage. Look for a brokerage that offers resources, tools, and strategies to help you market yourself effectively and build your personal brand. Does the brokerage you’re considering have access to branded items (online logo store?), a marketing support line or department, training and tools? What is the cost or are those tools included?
Technology and Systems:
Technology is critical in real estate transactions. Evaluate the brokerage's technological infrastructure, CRM systems, website, and online marketing capabilities.
Brokerage Size:
Consider the size of the brokerage and its implications for your career. Larger brokerages may offer a wider network, more resources, and greater exposure, while smaller ones may provide a more personalized and supportive environment. Is the brokerage you’re considering a healthy mix? Is it the best of both worlds?
Agent-to-Support Ratio:
Find out the agent-to-support staff ratio at the brokerage. A high agent-to-support ratio may indicate limited availability of staff and resources when you need assistance. Ensure that the brokerage has an adequate support team to handle administrative tasks, transaction coordination, and other support services.
Timing:
When should you make your move? Be educated about the different brokerages in your area even when you’re happy where you are. Brokerages and policies change and when they do, you want to be educated and ready, not feeling rushed or pressured, if those changes no longer meet your needs. Be open to hearing about other agencies. If you’ve decided to make a move, then check your contract to understand how your current client transactions and listings are handled. Consider your current contract while balancing the benefits of making the move. It often makes sense to change brokerages even when it seems like an insurmountable step.
Conclusion:
Changing real estate brokerages can be a challenging yet ultimately rewarding step in your real estate career. By considering these top 10 factors, including company culture, reputation, training, commission structure, geographic focus, marketing support, technology, brokerage size, agent-to-support ratio, and timing, you can make an informed decision that aligns with your professional goals and sets you up for success.
Jen Woodbury, Real Estate Broker, MORE Realty. Licensed in South Carolina
541-499-9941
Realty ONE Group, Dockside
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