Finding the right real estate brokerage for a new agent is crucial. Whether you will be a success in this business is entirely up to you, but a good broker can assist in your endeavours.

In contrast to a traditional job interview, you should evaluate the brokerage. Here are some points that will help you choose a brokerage firm that’s right for you.

Commission:

It is far too common for people to choose their broker solely based on commission splits. That’s a terrible way to choose a broker!

Allow them to share in the profits if they can assist you in starting your business. There is no such thing as a perfect split. Traditionally, the agent receives a half-commission on all sales. The real estate company covers a significant portion of the overhead.

Some brokers will give you a commission of 100 per cent. If a brokerage claims to take zero commission, you will be charged transaction fees, E&O and desk fees.

Please keep in mind that these are broad concepts. Each brokerage is distinct from the others. Inexperienced salespeople have less bargaining power than more experienced salespeople. Start selling now to gain negotiating leverage.

A web-based application:

This is critical. Everyone has access to the internet. Someone who works for a brokerage firm is frequently found on the internet, so the website must be visually appealing. Successful brokers have a professionally designed website, social media accounts and other online content.

Investigate the agent display on the brokerage’s website. Does the brokerage link to the agent’s website? You can create your own alternative to relying on the broker’s website.

Charges:

Calculate your monthly office expenses, including desk, printer, copy, transaction and insurance. Find out about the unique and non-exclusive fees charged by each firm.

Size of brokerage:

In a large brokerage, you have the opportunity to network with successful agents. The majority of large brokerage firms provide new agents with training. Working for a well-known company can also assist you in establishing your brand recognition.

You may get more leads if you are with a well-known brand. But if you work for a large brokerage, a lead can transform a family into a pack of wolves on the prowl for meat in minutes. When you work for a large real estate brokerage, you must adhere to a predetermined process. Adoption of new ideas, circumstances and objectives can be a difficult task.

Consider working with a small, local boutique brokerage if you are wary of large corporations. Boutique brokerages are typically more specialized firms. Because of their small size, boutique offices are more selective in hiring.

It is common practice in small brokerages to work directly with the broker and other experienced agents. Leads will be more limited, but you will receive them more quickly because there will be fewer agents to compete with.

Additional benefits:

Consider whether you’d be willing to refer your clients to a new real estate office. After visiting clients’ homes, you’ll most likely return to your office to finish up the paperwork.

Is the office, aside from being attractive, large enough? What kind of technology is available? Are there computers, copiers and fax machines? Is it possible for you to arrive after hours? Is there parking for clients and agents?

Calculate how often you will be in the office. Take into consideration the amount of time spent driving. Modern technology allows real estate agents to work from the comfort of their own home or while traveling. You can work from home but still drive to the office for meetings.

Companies should provide training for new agents. Know who will be training you and how they will train you before you begin. Because of the fast-paced nature of the real estate industry, all agents should invest in ongoing education regardless of their length of service.

If you’re thinking about working for a brokerage, ask to observe some training sessions. A good broker will take advantage of the situation. Working with a broker who will not allow you to try out their training is not a good idea.

For their first few transactions, most new agents prefer to work with a partner who will be there every step of the way. Meet the person who will be your mentor. This is extremely important. This individual serves as a personal advisor. When are they expected to arrive? Who is the source of funding for them? How will they assist you? Are you confident that you’ll get along? Mentors should be supportive and encouraging.

Management aids and techniques:

Is the management of the brokerage firm available to new agents? The primary point of contact in a large corporation is a salaried manager, whereas in a small corporation, the primary point of contact is the broker/owner. If the manager or broker also sells real estate, that may impact their availability or even cause a conflict with your needs. Learn about the agent’s responsibilities and how to get information about them. It would be difficult to manage a team of more than 50 full-time agents.

Assistance in the office:

Newcomers frequently experience difficulties with paperwork. Few people enjoy paperwork, but many people enjoy selling.

Some brokerage firms employ a full-time employee solely responsible for dealing with paper. Some establishments have staff, but you must pay to use their services. Each brokerage establishes its own set of standards. If you’re concerned about filling out forms, you should inquire.

Culture:

Because real estate is a lonely profession, people who work in it need a place to meet new people, exchange ideas and feel like they belong. A new office filled with agents is both exciting and chaotic. If the majority of agents are seasoned veterans, you may feel alone.

Make decisions based on your instincts. While the culture of a brokerage firm is difficult to quantify, it is an important factor to consider. Your broker, office staff and fellow agents will all need to collaborate to succeed in this business. If you’re miserable while earning your money, money won’t help you. Selling can be enjoyable if you work for a good company.

Residential, commercial, leasing, property management or another type of real estate may be more appealing to you than others. Some brokerages allow you to work in various specialties.

Adil Rahman

Adil Rahman is assistant business development manager (remote) with Royal LePage du Quartier in Montreal. He says, “I love to share ideas, experiences and opinions with people.”