This write-up is the 1st installment within a list of publications on the subject of beginning a career in real estate. This specific article is about choosing the best company to work for. The 1st step after you’ve passed your real estate examination will be to determine which broker you’ll go to work under. This is a very important 1st move and something that must be carefully made. It can be challenging to change brokerages once you start doing business and have marketing materials & business cards produced, signs made etc. not to mention if you’ve begun handling buyers or sellers and having to explain your purpose in switching organizations. Things that are crucial to consider would be the following:
Commission Percentage – Often referred to as the commission rate split; this is the money you retain compared with what how much the brokerage takes. It may be 50/50 or you might get a somewhat greater share. Clearly more is preferable.
Reputation – You basically need to make certain the brokerage company is well liked and highly regarded in the local industry as well the local community. Working for a big, well known organization almost always is an advantage for any newer agent by simple virtue of the fact individuals will have heard of the company which will buy you some quick credibility.
Facility & Resources – This essentially means the type and quality of office space available to you to use. In addition to that do you have office administrators accessible to help process sales, issue checks, and pretty much keep the office operating. Ask any proven agent exactly how critical this last part is and you’ll get explanation of how critical having quality office staff is.
Training – It is incredibly important, in fact it is mandatory, for you to continue to learn about the industry and keep up with laws, regulations, and methods. Agents are required to acquire continuing education credits in order to keep their licenses. A number of larger offices may offer this training at low or zero cost to their own agents. Take advantage of this benefit if you decide on a bigger brokerage house to work for.
Culture – One of the final factors to consider about choosing a brokerage is how you feel you would fit in there. Even though all of the agents are technically self-employed, there are various organizations which encourage working together and assisting other agents. Receiving assistance as a new agent is absolutely essential as there’s no real training you can take to learn to be successful in real estate. Learning where to get business, how to handle specific situations, and also the best way to process a transaction from beginning to end is best learned by doing. Getting a mentor to help you is the best move you can make. See if you can find a brokerage that offers a mentor program. If you can’t find one that does, make sure you pick one that offers a great culture where helping each other is valued.
The next article in this sequence will discuss getting organized and how to start getting business once you’ve chosen a broker to work for.