Selecting the Right Brokerage

I was just reading some posts in the OREA forum. I was reminded of how difficult it is to know which brokerage to work for when you are starting a new real estate career. I hope that this will help you.

First I’d like to clear up a couple of misconceptions:

1) Good brokerages don’t hire everyone that comes in off of the street. Impress in your interview. We’re looking for an overall professional impression, someone preferably with a lot of contacts, a steady employment history, a positive attitude, a team player, a somewhat assertive personality, an eagerness to learn, and a willingness to try new ideas and strategies to create new business.

2) You don’t need a “nationally recognized” company to succeed in this business. It’s your efforts that create sales, not the brokerage. You do however need a locally recognized and respected company with a good reputation.

Set up interviews with a few brokerages in your area. Some interviewers are prepared to tell you everything that you need to know, some are not. So be ready with some questions that you will need answered in order to make an informed decision. Here are the main things that you will need to know:

1) TRAINING This is absolutely the most important question you need to ask the interviewer. You are about to find yourself in the real world, license in hand, thinking “What do I do now?” Some brokerages don’t train at all. Some offer on-line, self-directed study. The best that you can receive is face-to-face, “show you how” kind of coaching or mentoring. More than half of all new agents fail within the first 2 years! I believe this is mainly because of the lack of good guidance. Find a good trainer and start making money quickly to ensure your success.

2) FEES How much is it going to cost you to be in this business? Brokerages offer different types of commission plans for new agents. You will want one that doesn’t incur large monthly fees. Be careful of hidden fees. Some brokerages will tell you that they have an attractive commission split, but neglect to tell you that you will be charged monthly advertising fees, franchise fees, listing and deal processing fees, administration fees, etc. If you work for a franchise company, not only do you pay fees or a portion of your commissions to the brokerage, but you will also have to pay franchise fees to the corporate entity. Ask the interviewer if the costs they have told you about are ALL of them. Note: Don't get hung up on things like the cost of photocopies. Stuff like that is so minor in the scheme of things!

3) BRAND Has the company got a solid, long-standing, ethical reputation? Do they sell a lot of real estate?

4) PEOPLE What kind of support will you get from the management and staff? Is it a “team” environment or “every man for himself?” Are you excited about working with the interviewer? Talk to some of the agents with that brokerage. Ask them about the training and support.

Good luck in your search and in your new career. If you are interviewing in an area where we have an office please consider Bowes & Cocks. We’ve been coaching agents to success for over 50 years!