When it comes to your real estate business, it can be difficult to finally decide on which brokerage is right for you. After years of experience, we know that the relationship between real estate agent and brokerage is not something to be taken lightly – with the right combination, both parties are able to meet and exceed their goals.
Types of Brokerages
When looking for the right fit for your real estate career goals, it’s important to understand the differences between the types of brokerages as they can highly influence your income, ability to meet your sales targets, and long-term career goals. The brokerage you choose should have the tools and resources to support your real estate business. There are two main types of brokerages – independent models and franchise models. An independent model is not tied to any corporate brand, which allows you more flexibility as an Agent to build your business. Franchise models are usually tied to globally recognized brands and as an Agent, you gain access to a suite of proven tools to have you build your business.
The Questions You Should Ask
Choosing a brokerage is like interviewing for a job. While some might look at job interviews as one-sided, candidates and employers alike should be asking the right questions and having candid conversations to determine whether expectations align between both parties. Real estate brokerages are no different. When searching for your real estate brokerage, try starting with these questions:
- What tools, resources, and support does the brokerage provide? The tools, resources and training the brokerage provides will be a crucial part of your success. Find out what resources are available to help Agents continue to build their business.
- What is the brokerage culture? Asking questions about management, resources and communication are all excellent indicators for brokerage culture. Remember that culture can’t always be summed up in words. When assessing potential real estate brokerages, take the time to evaluate how the brokerage employees interact with you and each other, as well as how the public views them. You may even want to have some quick conversations with the salespeople at your top brokerage picks.
- What lead generation resources are available through the brokerage? Real estate, when it all comes down to it, is about sales and delivering value to your clients. This all begins with quality lead generation, which varies between brokerages. Depending on your willingness to generate leads on your own and your expectation for commission splits, the amount of resources available to you especially when it comes to lead generation is an important conversation to have.
- What are the brokerage’s market strengths? This will help you expand or strengthen your current portfolio, helping you to reach your sales targets and some untapped markets. It is also important to look at what the brokerage’s niche is and if matches your goals as an Agent. Do they do it all or do they specialize in rentals, commercial, property management, second homes, vacation rentals, etc.?
- What is the commission split? How will you be paid, will it be a split? Will there be a cap? What fees will you owe to the Brokerage on an annual basis? Typically, a good commission split isn’t a specific number but rather a percentage that is determined based on variables such as your market, the type of resources provided by the brokerage, and what you bring to the table.
- What are you looking to specialize in? Do you desire to work with buyers or sellers? Do you want to work in the luxury real estate market? These questions are important to ask yourself so you can find a brokerage who most fits your needs and goals for the future
There might be some questions outside of those listed above that you know would help you decide exactly what’s right for you, but starting with these questions but be the best way to get closer to finding the right fit.
The Resources at Your Fingertips
One of the largest benefits of working with a real estate brokerage is access to their time-tested resources. However, there is a vast range in the number of resources available from brokerage to brokerage. Resource availability also influences your career development, so it’s important to carefully consider where your opportunities for improvement lie and what brokerages offer the resources that allow you to advance your skills. Resources can include:
- New agent sales training programs
- Advanced sales training for experienced Agents
- Technology and tools training
- Websites to promote your personal brand
- Brand marketing resources
- Agent support and business mentoring programs
- Dedicated real estate team support
- Administrative support
Making a Decision
Finding the right brokerage for you can take time, and it’s important not to rush the process. With the knowledge of the resources, culture, and business systems to look out for, you are now equipped to head into your brokerage interviews with confidence that you will choose the right real estate brokerage for you and your career goals.
If you’re interested in learning more about what the tools and resources we offer at RE/MAX, contact us today.