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What Makes a Good Real Estate Brokerage?

real estate brokerageAll states require you work on behalf of a broker once you’re licensed. In some states, you’ll need a real estate brokerage to sponsor you to take the licensing test. How do you find the broker best suited to your needs? Here are a few important steps to keep the search moving forward:

Search the way a client would

Explore your community as though you were a potential client: an out-of-town buyer or a local resident looking to sell. Who has the most visibility in the market? Who has the most yard signs, the best advertising, the most compelling website? Visibility can help you estimate the brokerage’s market share. Often, this directly correlates to the number of leads and the amount of activity going on in that office.

Understand size, location, and office amenities of the real estate brokerage

Would you like the buzz and excitement of a large office, or would you prefer the personal attention that might be easier to get at a smaller office? This comes down to your personal preference. Small brokerages often have a gratifying sense of community and teamwork, which larger brokerages might lack. On the other hand, large brokerages often have robust training programs. Smaller brokerages may help you with training but in a less formal way. If you’re female, you might want to look for female-friendly brokerages.

Office location comes into play when you think about the amount of foot traffic that may come in, as well as when you consider your commute times. Consider the office amenities. Will you have your own desk and/ or office? Will you have a conference room for meeting with clients? Does the office feel successful?

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Explore training and support opportunities

Not all brokerages provide the same training and support. While you’ll learn a tremendous amount of information in your pre-license coursework, you’ll need to acquire skills that can only come with time and experience, which a great mentor can provide.

Many brokerages offer formal training for new agents in topics like sales techniques and negotiating, while others may have a mentorship program with senior agents. It’s important to understand how much guidance you will have during your first years.

Administrative support is also important. Does the brokerage have an administrative person who can help with scheduling, appointments, contracts, earnest money deposits, etc.? Some offices even provide administrative support for duties like MLS listing uploads and transaction paperwork.

Commission splits

As previously discussed, your commission split correlates directly to your earnings potential, and customarily your commission split will be commensurate with your experience. The commission split is negotiable, and you can always shop around for the brokerage that will give you the best split when you’re starting out. Keep in mind, however, that your commission split may not be the most important factor when you make your decision.

The importance of the interview

Schedule interviews with several local brokerages, and take your time selecting the one that will best suit your specific goals and needs.

 

Download our free Real Estate Broker Comparison Chart to help you weigh the pros and cons of each broker your explore. 

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