By Real estate agents should do their homework before affiliating with a new brokerage
Deciding what brokerage to affiliate with is a key decision for any REALTOR®. It can mean the difference between success and failure in your real estate business.
Of course, like anything, there is no one brokerage that can meet the needs of everyone. Your personality, working style, goals and support requirements are just a few of the things that will influence how well you fit into a particular company. So, shop around. Find out what it is you like and don’t like about different companies before deciding to join their team.
For what it’s worth, I’ve put together a list of 10 things I think every REALTOR® should consider before joining a new brokerage. These come from my experience working with many different brokerages during my tenure in real estate (more than two decades). I’ve included numbers 6-10 here; 1-5 will be posted next week.
(6) COMMISSION SPLIT
There are many valid reasons for considering your commission split when thinking about a new brokerage, but be careful how much importance you place on it. A company may give you a higher percentage in the split, but could be lacking in the support it offers in other areas like marketing and training. A fair amount of thought should be given the overall picture, including how the brokerage will support you and help you to succeed in the long term.
(7) TECHNOLOGY & VALUE ADDED SERVICES
Technology can help you work smarter and more efficiently as a realtor, whether you’re trying to capture and convert more leads or gain a competitive advantage to become the realtor or broker of choice. It should be user friendly, easy to work with and empower you to be mobile. Also, is the technolgy out of date, current or leading edge? How will it help to make you more efficient?
Another thing to consider is the affiliations a brokerage has developed with companies that offer real estate related services, things like mortgage, insurance and title services. Today’s buyers are beginning to demand a one-stop shop where they can get these value added services all bundled together. Being able to provide that for your clients will make their life easier and give you more touch points with them.
(8) GIVING BACK
Does the company give back to the community? This is an important, but often under emphasized, consideration for joining a new brokerage. Remember, giving back is as much about good business as it is about philanthropy. People appreciate (especially in real estate) realtors who give back to the communities that support their business. Social and environmental responsibility is becoming increasingly important to today’s consumer and more are making choices about whom they work with depending on this. It’s also an excellent way to get publicity, network and generate new leads.
(9) POTENTIAL FOR GROWTH
Where do you plan to go with your career? This will inevitably affect how well your fit in at a particular company. Does the brokerage offer potential for your professional growth? Will you be bored within a year, or constantly challenged? Are there growth areas for your leadership and business acumen? We are all in a state of becoming. Are you becoming all that you have the potential to be?
(10) POSITION IN THE MARKET
Again, this is a careful one to consider. Just because a brokerage is a market leader does not necessarily mean it’s the right fit for you. Then again, a company with an excellent reputation and strong brand can help to bring you more business, especially if you’re starting out and haven’t established a strong name for yourself. Ultimately, your success will depend mostly on your own drive and work ethic as a realtor, paired with the support and guidance you receive from your brokerage.
Please, comment on these and let me know if you have anything to add. I’d also like to hear your story about a good or bad transition you’ve made between brokerages.
