||You may be a new real estate agent or an established agent and if you are, you are already familiar with the importance of selecting the right brokerage.
The brokerage you select says a lot about you, it is often the first thing buyers and sellers see when you hand them your business card.
Remember, the brokerage you select becomes a part of your brand so it’s important to choose wisely. In order to help you determine the best brokerage or evaluate whether your current brokerage is truly the best one, consider the tips below.
5 Tips for Selecting the Right Brokerage
Once you have narrowed down the area in which you would like to conduct business or the area in which you would like to continue doing business, do your research. Walk around the neighbourhood; see which brokerage has the most for sale and sold signs. This will tell you whom the neighbourhood trusts the most to sell their home.
2. Shop around
Tip 1 is a good starting point. From there, select the top three brokerages in your desired area and conduct research. A good place to start is to visit the brokerage’s webpage. There is generally a vast amount of information on a website that is useful. If there isn’t, consider this and make note of it in your research.
When you meet with the managing broker be prepared and ask a lot of questions. Remember this is an interview process for them as much as it is for you. Being prepared and asking the right questions will help you understand whether that is the best brokerage for you. Do they stand for the same things as you, do they offer supports that you need, etc.
4. Support level
Different brokerages have different support levels. Be mindful of the stage of your career when selecting a brokerage. If you are a new broker, you will require more training initially and as well as a successful way to obtain prospects. Be sure the brokerage you select offers what you need. If you are an experienced agent looking for a new brokerage, your focus may be on the marketing tools the brokerage uses to help you increase your sales. Whatever your needs are, be sure you are aware of them as they will be crucial in selecting the right brokerage for your real estate career.
All brokerages take a fee to operate and provide services to its Realtors. The fee varies and the benefits of what is included in the fee should be considered as well. Keep in mind that while the percentage of the commission you get to keep is important, it should not be your first priority. The best policy is to evaluate the benefits of the brokerage and what you are getting versus the commission split.
For example you may be paying lesser fees with a smaller brokerage but keep in mind that this brokerage may not be the top choice for many sellers when they are listing their home on the market. Operating under a more familiar brand will often equal higher commission fees however, more people trust the brand therefore increasing your sales in the long term.
A career in real estate is what you make of it. You have the power to increase your sales, become number one in your area or win the medallion club award. The power is in your hands. Selecting the right brokerage will help you achieve your goals faster, whatever those goals are.