Choosing A Real Estate Broker To Work For

This article is the first installment in a series of articles about starting a career in real estate. This article is about choosing the right brokerage to work for. The first step after you’ve passed your real estate exam is to choose which broker you’ll go to work under. This is a very important first move and one that needs to be carefully made. It can be difficult to switch brokers after you start doing business and have marketing materials and business cards printed, signs made etc. not to mention if you’ve started working with buyers or sellers and having to explain why you are changing companies. Things that are important to examine are the following:

Commission Percentage – Often referred to as the commission split; this is the amount of money you keep as compared to what the broker takes. It might be 50/50 or you might get a slightly larger share. Obviously more is better.

Reputation – You basically want to make sure the brokerage company is well-liked and well-respected in the local industry as well as the community. Working for a big, well established company can be an advantage for a newer agent by simple virtue of the fact people will have heard of the company and this will buy you some instant credibility.

Facility and Resources – This simply refers to the type and quality of office space available for you to use. In addition are there office administrators available to help process transactions, issue checks, and basically keep the office running? Ask any established agent how important 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, that you continue to learn about the industry and keep up with laws, regulations, and practices. Agents are required to earn continuing education credits in order to maintain their licenses. Many larger offices may offer this training at low or no cost to their own agents. Take advantage of this benefit if you choose a larger brokerage to work for.

Culture – One of the final things to consider about choosing a brokerage is how well you feel you would fit in there. Even though all of the agents are technically self-employed, there are many organizations that promote working together and assisting your fellow agents. Getting help as a new agent is a must as there’s no real class you can take to learn how to be successful in real estate. Learning where to get business, how to handle certain situations, or how to process a transaction from start to finish is best learned by doing. Getting a mentor to assist 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 the series will talk about how to get organized and how to start getting business.

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