"How to Choose a Broker" is the true title to this episode as we will discuss all the issues around finding the perfect match for you.
As always email us at [email protected] with comments, questions, or ideas you would like to hear about on future episodes.
Stacy has never chosen a broker as she was literally "born" into real estate with both parents managing their own brokerage for decades before Stacy joined them. However, she has been interviewed hundreds of times by agents choosing a brokerage. She feels that she has given her business to the Lord as a "Kingdom Business" so her view is when agents choose her office, it is truly meant to be and when people choose to leave, it is still meant to be. She does not fret over the numbers or feeling rejected because the Lord will always take care of her. She currently does not operate in the brokerage position as her team is part of a the World's First Cloud-Based Brokerage, eXp Realty.
Danielle has chosen a broker twice in her real estate career. She explains that it is important to understand the demographics of the brokerages you are interested joining:
* The mix of new and veteran agents
* The on-boarding process (see episodes 9 & 10 for this topic)
As a new agent you may not even know what you are looking for so interview at least three brokerage offices before choosing. Questions to ask:
* What tools do you recommend?
* What support do you offer as a broker?
* What are your core values for the office?
* What is the emphasis of office meetings? Are they driven strictly on performance or do they encourage giving back to the community and personal growth?
* The commission split discussion will need to be addressed before the interview is over, but it does not need to be the first question.
There is more to know about the numbers than just the commission split.
Are there additional transaction fees?
Are there office resources like a copier, etc?
Does the office provide a CRM?
Does the office provide a website?
Is there a marketing resource available in the office?
Is there office support?
Do they encourage phone time or working in the office or are most of the agent working from home?
Do you like their branding and will your branding build on it or detract from it?Real Estate has many specialties. Residential, Commercial, Farm and Ranch, Luxury, Multi-Family, andResidential Leasing are some of the most common. You need to know if the broker supports the specialty you desire to promote.
It is a good idea to go to a sales meeting before choosing and meet a few of the agents. You want to understand the 'vibe' of the office and it needs to be compatible with the environment you enjoy.
Most importantly, you are interviewing the brokerage, not being interviewed. Every brokerage is looking for production and wants you to join them. You need to make sure you will be encouraged to perform at your highest potential.
On the other hand, if you find that you have changed brokerages several times, you need to evaluate the real issues. It is costly, both financially and in terms of time, to switch brokers. Rebranding yourself takes energy as well so make sure you are changing for the right reasons.
The obvious reasons to change:
If you move, unless you are with a national or global brokerage, you will need to changes.
Your brokerage may be more attractive to new agents and as you become a seasoned agent, you want a different demographic.
Your brokerage may not be designed for new agents and as a seasoned agent, you would like a newer agent to mentor or to share business with so you can have a freer schedule.Ultimately, you need to way many issues before choosing a broker and the weight of the decision is multi-faceted and should not be taken lightly. We hope this episode has helped you in your decision or at least given you something to think about.
