Congratulations – you just passed the exam and you’re holding your freshly minted real estate license in your hand!
So now it’s time to find a brokerage to work under.
You didn’t study sales contracts, finance and real estate laws to sit around and do nothing, right? You want to put that knowledge to use and start earning an income as a real estate agent!
Your choice of brokerage will set the tone of your real estate business for years to come.
I’m not kidding…it’s that important!
In fact, it could mean the difference between you making a full-time career out of this and moving on to another, easier way to make a living!
You won’t have the funds to compete with the big brokerages when you’re first starting out – they have massive budgets for marketing, generating leads and converting those leads to clients.
So, it’s in your best interests to choose your brokerage wisely.
Relationships are at the heart of the real estate business. Successful agents rely heavily on referrals and past clients, something that, as a new agent, you probably don’t have.
In the first couple of years working as a new agent, you’ll need to earn your business through cold-calling expired listings, knocking on doors and doing open houses.
Not to mention growing your professional network and increasing your knowledge of the real estate business.
Because these activities are more of a numbers game, it can take longer than expected for them to pay off and you may not receive a commission check for months.
Don’t go with the first brokerage you come across. Interview with several companies until you find one that fits with your goals and what you want from your real estate career.
There are tens of thousands of brokerages across the U.S. That’s a huge number to choose from, so where do you start?
What do you want from your real estate career both in the long and short term? What about your personal goals?
Your short-term and long-term goals might support one another, or they might be slightly different, so think about what you want and partner with a brokerage that can help support those goals.
These questions can help you better understand what your business goals are.
Your personal goals will typically be tied to earning goals (i.e. the type of commission the brokerage offers)
Now that you’ve thought about your goals, narrow down your prospective brokerage list further by choosing a type of brokerage that will help you reach those goals.
National brokerages are well known and have a large network of real estate professionals. Anyone even remotely aware of the industry will recognize these companies.
You may also want to consider local (also known as boutique) brokerages. Typically, these firms are local or regional and have smaller offices. Boutique firms cater to local market needs more than national firms.
As these types of firms are smaller and have fewer agents, there’s more of a chance you’ll get the opportunity for a mentor relationship with a more seasoned real estate pro.
Fewer agents can also lead to more leads as well.
Local firms have some distinct advantages over national franchise brokerages. A local brokerage might be a great fit for you if you:
Joining a real estate team is another good option for a new real estate agent.
The majority are led by an experienced, successful agent and are usually supported by several younger agents. You can find a real estate team at both local and national brokerages.
While you’ll still be associated with either a local or national brokerage, being part of a real estate team offers some great benefits.
Finally, once you’ve evaluated all the pros and cons, done your own research, and spoken with a few brokers, it’s time to decide. Are you better off with a national brokerage, a local firm, or a real estate team?
When you have your answer, consult peer reviews to determine if your dream brokerage is truly as good as it sounds.
Read some first-hand experiences, then shortlist your top two to three brokerages and call them. Meet with each of your top choices to ask more questions about:
Remember, as a new agent, you’ll have a lot of questions, doubts and new experiences. That’s why it’s vital that you choose to work under a real estate brokerage that will offer the support you’ll need to meet both your personal and professional goals.
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