How to Choose the Right Real Estate Broker
When you sign on with a real estate brokerage firm, you’re joining a team. The culture, mission, and reputation can have a big effect on your success, as well as the advice and incentives the principal broker offers. Click To TweetSo, you can’t take this choice lightly. Here are a few tips on how to choose the right real estate broker to work for.
- Crunch the numbers: First, calculate your likely expenses and your income needs. This is helpful information for comparing the commission splits, support, and services of different firms.
- What are your training needs: As a new agent, you’ll likely need some mentoring in marketing, contracts, and negotiation.
- Identify where you want to work: Some brokers focus on specific towns and neighborhoods. Many become experts in the properties, trends, and politics of certain areas.
- What’s your specialty: Do you want to focus on buyer representation, seller representation, single-family homes, commercial real estate, condos?
- National chain or independent firm: Research the pros and cons of both and decide which you’d prefer.
- Shop like a consumer: Research several brokers, check their sales numbers, client reviews, and marketing materials. If you’re impressed by a firm, buyers and sellers will be too.
- Interview local agents: Talk to agents from various firms and ask questions about the principal broker, the firm atmosphere, and what it’s like to work there. Pay attention to their attitude and mood. Get an idea for what is customary in the area.
- Narrow the choice: Whittle your choice down to a few well-established brokers and gather all the pertinent information about each firm. Call and ask if they’re interviewing new agents.
- Important info: Consider factors such as training, commission splits, bonuses and incentives, benefits and market share, desk fees, lead generation, obligations of the agents, clerical support, and floor duty.
- Great relationship: After interviews, reflect on the rapport you had with the brokers. Eliminate brokers who did not appear committed to mentoring their agents. With which person can you easily imagine developing a beneficial relationship as you grow in the industry?
- Choose wisely: Which broker and firm is the right fit for you and what you want to do? Which broker will provide the tools and support for you to succeed? These are the two main factors in who you’ll choose.