The decision of choosing a real estate brokerage can be stressful, but it needn’t be. The average agent switches brokerages five times throughout their career, so you aren’t locked into your first choice. When selecting a brokerage, don’t let cost be the deciding factor. As the old saying goes, “you get what you pay for.”
Remember: You’re in Control
It’s important to remember that you’re not the one being interviewed – it’s the other way around. The brokerage you choose can either propel you towards success or hold you back. So, choose wisely!
The Big Company vs. Small Company Debate
Joining a larger company can provide ample opportunities. You could meet potential mentors and even receive referrals. However, there’s also the risk of getting lost in the crowd. For newcomers, I recommend joining a big company for the exposure it provides. But if you’re experienced, the world’s your oyster.
Smaller companies might not have the same number of agents, but they can offer more personalized attention and easier access to the Principal Broker.
In the end, your choice between a large or small company should be based on the Principal Broker, the training provided, and the systems in place. The right environment can spell success for any agent.
Questions to Ask When Choosing a Brokerage
When interviewing potential brokerages, here are some key questions to ask:
- What training do you offer? Can I observe a training session before joining?
- What kind of support will you provide?
- How accessible is the Principal Broker?
- If I have a critical question at 9:30 pm, who do I contact?
- What’s the Principal Broker’s background?
- Do you provide leads? (Remember, all leads aren’t created equal and this shouldn’t be your main criteria. Quality leads are worth their weight in gold. )
- How will you help me achieve my goals?
- What unique opportunities do you offer?
- Do you provide mentors or coaches?
- What systems are in place to support agents?
- What marketing support do you provide?
Understanding the Financial Aspects
Ensure you understand all the financial aspects such as desk fee, cap limits, commission splits, franchise fees, royalty fees, monthly fees, tech fees, profit share, revenue share, stocks, other income opportunities, and Errors and Omissions Insurance.
Know Your Expectations
Understanding what the brokerage expects from you is crucial. Do they want all agents to follow the same lead generation methods, or do they cater to individual preferences? Do they have a Company Manual that you can review?
Remember, it’s completely normal to hold a second interview with your top choices. Be sure to ask all necessary questions to make an informed decision.
n and what the brokerages or recruiters tell you. A second interview with the finalists is completely normal.
You’ve picked your brokerage, now it’s time to think about being a solo agent or joining a team.