4 considerations when choosing a real estate brokerage
Real estate agents operate under the supervision of a managing or principal broker. Since the broker relationship affects the sales, commissions, reputation and satisfaction of a real estate salesperson, choosing a real estate brokerage can drastically affect your career.
It’s important to do your research to ensure you’re choosing a real estate brokerage that fits your goals. Learn everything you can about these companies from web searches, visiting their offices and talking to employees and clients.
Choosing a real estate brokerage that’s right for you
Here are some of the factors you should consider when choosing a real estate brokerage.
1. Investigate niches
You may want to find out what niche of client the brokerage specializes in serving. Talk to real estate professionals in several specialties to see if there are any that particularly appeal to you. When most people think of real estate agents, they’re envisioning residential salespeople finding dream homes for clients. But you can also specialize in commercial properties, rural areas, condominiums, relocations or property management.
2. Consider commissions
You may remember from the real estate licensing exam that each brokerage can handle agent pay differently. Consider how each brokerage handles commissions. A high commission percentage may provide strong motivation for selling. Being paid a flat fee may help if you’re selling inexpensive properties in the beginning.
3. Evaluate the level of support
Make sure to choose a brokerage with the level of support you desire. Principal brokers and real estate agencies typically help new agents launch their careers by providing training and mentoring programs. If you’d benefit from being assigned a seasoned mentor, be sure that’s a brokerage benefit.
It’s also important to know what level of marketing support the firm offers. If you don’t excel at creating sales emails to clients, for example, it would be comforting to find a brokerage who creates marketing collateral for you. A brokerage whose web page garners an impressive amount of traffic would also make marketing your properties easier.
Likewise, look at the level of administrative support. Unlicensed assistants can help shorten your list of tasks by scheduling and making phone calls.
4. Check their reputation
The brokerage’s reputation is another important factor. This affects whether potential clients take your calls and list properties with you. For new real estate agents, affiliating with a large, national brokerage can provide brand name recognition that boosts early sales. Choosing a small, family-owned brokerage could help clients see you as a friendly, trustworthy neighbor.
You should also investigate the brokerage’s reputation among its employees. Look for a workplace with satisfied agents and pleasant, respected support staff. A conflict-free work environment will promote efficiency and keep you coming back to work day after day.