One of the biggest choices you’ll make at the start of your real estate career is selecting a broker. And one of the biggest considerations to make when selecting that broker is how much support you want from them. An agent who comes from a family of real estate professionals may not need much real estate broker support. He or she might already have a stream of prospects, a good understanding of the business, and family support. On the other hand, a new agent with little experience and a short list of professional contacts may need real estate broker support in the form of lead generation, education resources, and advice.
What types of real estate broker support can you expect?
Some real estate brokers are very hands-on and serve as mentors and managers. Others simply provide you with a place to hang your hat. When you’re considering the amount of support you want from your broker, think about the areas where you’re lacking. Where do you see yourself needing help?
Here is a list of some of the common types of real estate broker support provided to agents. We’ll cover a few of these in more depth below.
- Office space
- Sales training
- Continuing education
- Lead generation
- Errors & Omissions Insurance
- Help navigating transactions
Real estate lead generation
Building your sphere of influence and perfecting lead generation is often the hardest part of the process for new agents. It can take months before you’ve developed a steady stream of buyers and sellers to work with. That’s why lead generation is a very valuable form of real estate broker support.
Most brokerages have websites that are driving lead traffic, are advertising online and in local publications, and have enough name recognition to drive walk-in traffic. As such, they have a steady stream of leads coming in the office. Ask your potential broker how they distribute those leads.
If you already have a pretty solid network or feel like you’re capable of generating leads on your own, you might not need a real estate broker who supplies leads to their agents. If you’re starting from scratch, receiving leads from your real estate broker can be essential.
Mentoring is another important form of real estate broker support. Having a mentor to turn to during a tough transaction, or when you need some ideas for growing your network or prospecting new clients, can be quite valuable. You’re the best judge of how much experience you have and how much guidance you’ll need.
The art of the sale can be difficult to learn without real-life experience. Relationships provide a foundation for your career, but at some point you have to sell. Selling is an art that can be learned. If you come from a previous sales career, maybe you don’t need real estate sales training. If you’re straight out of college or have been out of the workforce for the past decade, maybe you do. Some brokers offer significant real estate sales training, while others expect you to already have these skills or to learn them somewhere else.
Brokering for success
The fact is, unless you have a broker’s license, you will be required to work with a brokerage—usually for a few years—before venturing out on your own. The level of real estate broker support you receive will depend on the brokerage you choose, and this will play a role in your success. For additional info on this topic, check out our previous article on How to Choose a Real Estate Broker.
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