There are a lot of factors to consider when choosing a real estate brokerage. Not to mention tons of brokerage options all claiming to be the very best. It can be difficult to determine which one is the best fit for you and your goals. Do you want to be a solo agent or work with a team? Do you want to be affiliated with a big name company or a smaller, independent firm? Luxury focused or churning through lower price point homes? These are all valid questions that you should ask yourself before making a decision.
The most important thing to remember is that this is a partnership. You will be working closely with your broker and the other agents in the office, so it is important to choose wisely. Here are some factors to consider when choosing a real estate brokerage.
Factor #1: The Opportunity Matches Your Goals
It’s important to start by taking some time to think about what you want to achieve in your career. Are you looking to make a lot of money? Work with high-end clients? Join a team of like-minded agents? Work under a top producer for awhile to learn the ropes?
Once you know what you want, you can start narrowing down your options. This will be different for everyone, but you need to have defined goals. Only then can you can compare the brokerage or real estate team against what you are looking for.
Factor #2: Training and Support
Another important factor to consider is the training and support that the brokerage offers its agents. Is there an in-house training program for new agents? Are there experienced mentors available to help you grow your business? What kind of marketing support do they offer? Is there assistance available for contracts and closings? These are all important things to consider when choosing a real estate brokerage.
Factor #3: Commission Splits
It might go without saying, but you need to consider the commission splits offered by the brokerage. Your personal take-home pay can vary super widely depending on the commission split and payment model. Most brokerages will take 50% of the commission, but some will take less (and a few even more). You should also find out if there are any hidden fees that they charge their agents, especially related to support services or office space. This is an important factor to consider because it will have a direct impact on your bottom line.
Factor #4: … And Don’t Forget About Culture!
The first thing you should do when considering a real estate brokerage is to research the company culture. Do they have core values that align with your personal values? What is the office environment like? Is it relaxed and laid back or more formal and uptight? Do they have regular companywide social events? You will be spending a lot of time at the office and with the team, so you want to make sure it is somewhere you feel comfortable.
Choosing a real estate brokerage is a big decision. There are a lot of factors to consider, but the most important thing is to choose a partnership that aligns with your goals and values. Make sure the broker, agents, and other staff are people you want to spend time with for years to come. And of course make sure that you are in a position to excel personally, make a great living, and grow as an industry leader.
Do your research and take your time in making this decision. It could be the difference between leveling up and having a successful career in real estate or struggling to make ends meet. Someday down the road, keep these same items in mind to help you build your own real estate brokerage that Agents can’t wait to choose.