What do I Look For in a Brokerage?
Once you have your real estate license, the next step is to look for a broker. When it comes to finding the right brokerage for you, there are a few key things to look for. But what do you look for in a brokerage? As you begin your search for the right brokerage, there are a few key factors to keep in mind. Here are a few things to look for:
Think about your preferences
Consider what features you personally want in a broker. For example, do you want a large brokerage with many resources, or a smaller one that may be more intimate? Do you want to be in a big city, or would you prefer a smaller town? Do you want to work more independently, or would you rather join a community of people and work as a team? There are pros and cons to each option, so it’s important to think about what would work best for you.
Being a new agent, what kind of training a broker provides is crucial to you. Even when you’re experienced training is useful, as real estate is always growing and changing.
Many brokerages offer training classes, but some are better than others. It’s important to look into the training that a brokerage offers and make sure that it is comprehensive and covers what you’re looking for. When shopping around for a brokerage, ask to sit in on some classes to get a feel for what they offer. What kind of resources does the brokerage have? Do they have a good website? Good marketing materials? These are all things that can help you as an agent, so it’s important to make sure the brokerage you choose has these things.
Make sure you are aware of all the fees associated with the brokerage. Some brokerages will charge a monthly fee, office fee, transaction fees, etc. When researching fees associated with a brokerage, compare them to other brokerages to find the one that will give you the most bang for your buck.
In addition to fees, you’ll also want to know what the brokerage’s commission split is. This is the percentage of the commission that you’ll get to keep, and it can vary greatly from brokerage to brokerage. As a real estate agent, you’ll also need liability insurance. Some brokerages will provide this for you, while others will require you to get your own policy.
Do your research and make sure you are comfortable with the fees before joining a brokerage.
The brokerage you choose should offer plenty of support. Look for a brokerage with experienced agents who can help you with everything from marketing your listings to negotiating deals. They should have a mentorship program, educational resources, and experienced agents who can help you grow your business.
Some brokerages only offer an office for you to work in. They may offer the occasional training class or meeting, but otherwise, you’re on your own. It’s important to find a brokerage that is very hands on and willing to offer support, as you’ll have many questions while you find your footing as an agent.
A good brokerage will also offer leads and referrals. This is important because as a new agent, you likely won’t have many clients of your own. A brokerage that can provide you with leads and referrals can help you get started in your real estate career.
Choose a brokerage with a good reputation. Check out online reviews and talk to other agents in your area. One helpful tip when trying to determine reputation is to Google for houses in your area as if you are a buyer, and see who comes up first in the results. These are the brokerages that are doing a good job at marketing their listings.
Ask around and see if anyone you know has had any experience with the brokerages you are considering. You can ask other real estate agents, but you can also talk to other professions who have worked with brokers, such as mortgage lenders, attorneys, appraisers, and home inspectors.
You can also do research into how long a brokerage keeps agents around. If there’s a high turnover rate, it may be a red flag that agents don’t like working there. If they have a lot of agents who have been with them for years, it’s a good sign that they take good care of their agents.
The Bottom Line
When choosing a brokerage, it’s important to do your research. Make sure you are aware of all the fees associated with the brokerage, and that they offer comprehensive training. The brokerage should also have a good reputation and be willing to offer support. Using these criteria will help you find the best brokerage for you. It’s important that you find a brokerage that is the right fit for you and your business. Once you have found the perfect brokerage, make sure to get involved and take advantage of all the resources they have to offer. Happy brokerage hunting!