After acquiring their real estate license, the next step for an agent is to seek a brokerage to work from. The process can start early in states in which aspiring agents have to be sponsored by brokers for their real estate exam. A reliable professional can fund your marketing, lead generation, and conversion goals that can kick-start your career.
Irrespective of which path you take, here are a couple of ways you can choose a broker who can advance your career.
Independent Firm vs. Franchise
One of the first things you need to consider before signing up with a broker is whether you want to join a franchise or an independent company. The difference between the two lies in coverage. The former has offices across the country… Click To Tweet
If you want to remain in control of your career aspirations, an independent brokerage will serve you well. Franchises have more control over their agents but unlike a standalone brokerage, they offer more training options and support.
So, you will have more freedom working for an independent company but you will get more opportunities to expand your skill set in a franchise.
Broker Availability and Commission
As an inexperienced agent, you need a broker who can show you the ropes and share experiences you can use to make a reputation for yourself. This will involve a number of queries and timely responses from your broker of choice. Therefore, during your search, ask other employees how much ‘broker time’ they get when they need help. A professional will always have time to talk with agents.
As a new agent, your main concern should not be the commission split. You have to be prepared to get a reduced split in the beginning when you are just starting out. Chances are that the resulting income from a deal comes after service costs are deducted or is based on the number of leads generated.
Some brokers are quite helpful and hands-on when it comes to mentoring and training. Others might only hold a couple of meetings per month for progress reports and leave you alone. There are a number of variations between these 2 extremes.
Your job is to find a corporate culture that works for you, and can help you meet and improve your career aspirations. Don’t hesitate in attending a couple of interviews before narrowing down your choices. Ask some questions yourself to get an understanding about how each brokerage supports its agents, and make your decision accordingly.
Don’t assume that you will work with the same broker forever. The longer you stay, the more dependent you will become on them. While a good broker will give you the exposure and clients you need to advance your career, at one point you may want to become independent.
For instance, while you will need training for essentials such as negotiations and contracts, you may have different marketing ideas than your mentor. At that point, you can consider creating your own website which you will have even after you leave the brokerage.