Finding The Best Brokerage For New Agents
How to Find the Best Brokerage For You as a New Real Estate Agent.
It can be tricky, there are a lot of companies out there, all claiming to be the best real estate brokerage, but how do you really know?
As a new real estate agent, you may be wondering what the best brokerage is for you. After all, there are a lot of factors to consider, which we will cover in just a moment.
Before you decide on which brokerages to interview, it’s suggested that you take a moment to go over what is most important to YOU when choosing who you will ultimately like to work with.
Is this a brokerage that provides you with real estate leads? A brokerage that pays for your continuing education as your career progresses? A brokerage that offers a good mentor program? A brokerage that offers low commission splits? A brokerage that is more fit for DIY agents or part time agents? There are a lot of different things to consider, and depending on what is most important to you as a new real estate agents will play a huge role in which brokerage is the best fit for you.
The good news is that you can interview brokerages in the same way that you have been interviewed at other jobs.
There’s a misconception that when you go on brokerage interviews, that it’s the same as any other job interview, but in fact it’s just the opposite! YOU are interviewing THEM. And don’t you forget it. After you’ve put your list together of what’s most important to you, here are a few things to keep in mind as you compare brokerages before setting up your interviews:
Commission splits: How does the brokerage split commissions with agents? Depending on the brokerage and what they offer, the commission splits can be very different. Some companies that offer less incentives and are a bit more hands off, tend to have lower splits because you are essentially doing everything yourself. Where as brokerages that have a lot to offer are more likely the have higher commission splits.
Monthly fees: What are the monthly fees for the brokerage, and what do they cover? One fee that is going to be unavoidable at pretty much any brokerage is going to be your E&O coverage, or Errors and Omissions. Other fees that you might have to pay for are general business liability insurance, electronic key fees, CRM fees, etc. These will all contribute to the overall amount you pay in desk fees to hang your license at any particular brokerage and will vary drastically depending on who you choose.
Mentor program: Does the brokerage offer a mentor program for new agents? Pretty much all brokerages will say that they offer some form of mentorship program but not all are the same. Many brokerages that say they offer a mentor or training program isn’t actually what you’d expect. Often times it ends up being that there’s a few agents you can ask questions anytime something comes up but there’s no one actually going out of their way to show you the ropes or teach you what to do. Or maybe they just offer the occasional class you can go to but overall you mostly end up having to figure it out on your own unless you join a team (which means even more commission slips and still no guarantee of anyone teaching you what to do). So when you’re interviewing a potential brokerage as a new agent, make sure that you are asking very specific questions about what their training and mentor programs look like and how they work.
Incentives: What other incentives does the brokerage offer, such as lead generation programs, call lists, office space, CRM, ways to keep you safe? (My previous brokerage offered usage of an app that allowed you to look up any phone number and provide you with a criminal history of that person so you’d know whether or not you felt safe meeting with this new potential client.) Not all brokerages offer all of these things, and some will offer even more, so again, keep your list of what’s most important to you in mind when speaking with a brokerage you are considering.
Take the time to interview several brokerages before making a decision. And don’t let the responses of one discourage you or sway you in regards to any others. Personally my first interview was horrible, I felt completely beaten down and was questioning whether or not I made a good decision to invest in getting a real estate license. The next day I went on a few more interviews and by the end I had found the right one for me and was so excited to begin my real estate journey! Had I let that first interview get me down or sway me to cancel my other interviews, I wouldn’t be where I am today. So now that you have the information you need to start looking, you’ll be able to find the best fit for your needs as a new real estate agent.
If you find a brokerage that you think is the best fit for you but you are questioning the training or mentor program that they offer, or if you’ve already joined a brokerage but have found the training and mentor program to be lacking, then don’t sweat it! There are outside programs such as this coaching program that are designed to teach you how to succeed as a real estate agent, build your network, and expand your business, all while saving money and providing you with the necessary tools that will carry you throughout your whole career!
If you’re interested to learn more about a coaching program that will help you succeed in this new career you’ve chosen, click here to find out more!