Assessing Brokerage Employment Opportunities
Here’s a piece of great news: There are ample real estate brokers around so it shouldn’t be difficult to find a brokerage that will take you in. This gives you the luxury of shopping around and selecting the best companies to apply to. Talk to as many as is practical, but aim for a minimum of at least four.
How can you spot the best ones? The TOP factor to consider is whether a brokerage firm will mentor you in your beginning stages. The material covered by pre-exam classes and books are not sufficient to make you a super-agent. You need a brokerage that provides hands on training and mentorship rather than throwing you out into the field without leads or knowing how to fill out basic paperwork.
Other factors to consider when choosing a real estate brokerage to work for include:
1. Location, location, location:
Is the office in a busy neighborhood? How is the parking? How far will your commute be from home and to the neighborhood you want to sell in? Is the outside welcoming? Is it easy to find?
2. Real Estate Brokerage Services
How does the brokerage divide commissions for new agents? (Expect 50-50) What are the brokers fees? Who will pay for tuition, the real estate licensing test, business cards, listing signs, etc? Is there an office receptionist? Is there a health insurance plan (you will most likely have to pay for it)? Does the brokerage carry errors and omissions insurance, or E&O (This covers you in case a client sues you; consider this a priority)?
3. Brokerage Size
Do you want to work for a national franchise or a smaller, independent office? If you work for a national franchise, you will have the name recognition of Coldwell Banker, John L. Scott, Century 21, Remax, etc. and you may be able to get free or discounted tuition for pre-exam courses, partake in formal mentoring program and have a wider range of marketing resources. However, you will have to sacrifice some control and flexibility in how you structure your work. If you work for an independent office, your startup fees will likely be lower, your preferences of types of deals or commission structures may be taken into greater account, and you will have a more personal, team-oriented relationship with your colleagues. But on the other hand you may not have as much walk-in business, infrastructure or benefits. It would benefit you to visit a few of each kind and see which one fits your style.