Real Estate Agent and Trainer, Robert Rico, explains what exactly new real estate agents should consider before joining a brokerage. Do you want to see more video blogs? Subscribe here!
What is their culture like?
There are many differences between brokerage types – small “boutique brokerages” or large “franchise brokerages” – and they are each suited for a different type of agent.
In a boutique brokerage, you will not benefit from the brand recognition and by the potential of multitude listings offered by the reputable, more recognized brokerages. The general public tends to trust a reputable brand that has been in existence for some time.
When working with a larger brokerage, the culture within the office is typically energetic, electric, dynamic, friendly, and supportive. This type of culture has the ability to encourage a new agent who is looking for an office. A smaller “boutique” style office may lack these important qualities that a new agent may benefit from. The right culture should provide the ability to inspire and motivate all agents. It is important for agents to feel that family cohesiveness in their brokerage.
Do they have technical and service support?
It is crucial for a new agent to have the right equipment and office space to succeed in their new career. However, there are times when new agents lack some of the required tools and the brokerage should then be able to fill that void for the benefit of the agent. Some of the items that most brokerages should offer are computers, scanners, fax machines, desk phones, and printers. In addition to the technical tools, the brokerage should also offer agents suitable conference rooms that the agents can utilize when meeting with their clients. It is important to provide a client with a positive first impression when meeting them at your brokerage to do business. A clean and professional office space will create a solid impression for your clients. Another form of service support a brokerage should offer an agent is assistance with their marketing plan. Having a marketing specialist within your brokerage provides the agent with comfort and convenience when creating business fliers, open house signs, or any other marketing material. Bottom line, brokerages should provide you with technical and service support, period!
What is the training program for new agents?
Being a new agent at a real estate brokerage can be very confusing – who handles which leads? How should I upload my database? What’s the protocol for printing flyers? Make sure that the brokerage you join clearly explains all of these things to you before you join with them. You definitely don’t want to be blindsided by rules or policies that you didn’t ask about beforehand. Also ensure that the brokerage has a comprehensive training program for new agents, as many new agents make “rookie mistakes” and a good training program can help you to prevent most of these mistakes.
What is the ongoing career support for existing agents?
It’s important to remember that a real estate education is a never-ending process, and you should always be learning! What does the brokerage’s ongoing training program consist of? Do they help coordinate any Continuing Education (CE)? It’s important to understand how well they support existing agents, since you don’t want to feel cast aside after the initial training program. Plus, veteran agents are the lifeblood of any good agency, so the agency should absolutely support them as much as possible. Seasoned agents also have the opportunity to earn a higher commission split, which leads us into our last point…
What commission split is offered to the agents, and what are the office fees?
Brokers have a couple of commission patterns that are typically offered to new agents: one, take a customary and reasonable portion of your commissions from your closed transactions and provide you with a lot of perks and materials such as extraordinary training and mentoring, or two, take a smaller portion of your commissions and offer no training whatsoever. Which one you choose is ultimately up to you, and what you feel is important in your career. Are you willing to invest in your business by acquiring a mentor that will provide you with the proper education, and support for your business at the cost of a portion of your earned commission? In most cases, it is completely worth the investment. Or, would you rather keep most your commission, but possibly have no training or mentor offered to you? Only the individual agent can answer these questions, but it’s most important that the split and fees are reasonable – 90/10 sounds like a great split until you realize that 10% gets you nothing, and 50/50 sounds pretty low until you realize that the agency might be shouldering a large portion of your training and mentoring that will positively affect the rest of your real estate career!