Looking for an agency to work with can be overwhelming for a new agent. Many new agents are not sure what to look for in a real estate company. Many have no benchmark or idea about what to look for before they make a commitment to a company.
Every agent has different motivations and needs. What should you as a new agent be looking for from a company you are considering?
Not all real estate brokerages have the same business model. Real estate firms have different commission structures, cultures, and company visions.
If your goals are not on the same page as the company you are considering, the result may be you compromise your success. You want to work for a brokerage that has an interest in your success. Your goal should be to align yourself with a brokerage that will have the same goals and values they do. For instance, if you want to specialize in property management, interview companies that specialize in that niche. Joining forces with a company that has similar goals will allow you to grow and succeed in your business.
The failure rate in real estate is incredibly high. Most new agents leave real estate school with a grandiose perception about real estate sales. Many companies lack the training resources that new agents need to succeed long term.
Lead generation and business planning is a key component for an agent’s success. Real estate school will teach an agent how to get the license; but, a training program will teach you how to generate leads and build a business.
While agents are independent contractors, we work in a high-risk industry. A company that makes an investment in training and risk management wants to see their brokers succeed the right way.
60% of nothing is no different than 80% of nothing if you are not making any money. You can make a good living selling real estate with the right tools. A higher split may mean that you are responsible for paying for your own lead generation tools or marketing materials. But, you may pay a company a little more for the opportunity to take part in lead generation opportunities.
When considering risk management and compliance, not all companies manage their risk the same way. Investing money back into your brokerage to help you oversee your file risk and compliance is a huge value as an agent. It will help you stay out of trouble and become a better agent.
There is more to real estate than simply the bottom line. Doing your research and connecting with a brokerage that fits your overall business goal will help you succeed in real estate long term.