So, you’ve completed your real estate courses, taken the exam, and have your license. Congratulations! Now, you can begin selling homes and serving your clients. Before you do, though, you’ll want to select a real estate brokerage for whom to work.
You know what your clients are looking for in a realtor, but now you need to know what you're looking for in a brokerage! Choosing the right real estate company to work with may seem overwhelming with the myriad of places available, but it’s not that difficult if you know what to look for.
Here are four BIG questions you should be asking when choosing your brokerage!
Which Fees Are Involved?
One of the first things you’ll probably want to find out is what the fees associated with working with a particular brokerage are. Brokerage firms use multiple model fees. Most of them work off of a commission split with the agent. This amount varies depending on various factors. For example, a brokerage firm may start with a low but allow you to work your way up to a higher cut of the commission.
Some brokerages throw in additional fees as well:
- Flat fees on each transaction
- Desk fees (a monthly fee for using the space)
- Other miscellaneous fees
All of these fees vary from place to place. The important thing is to know up front what to expect!
What Are the Benefits and Offerings?
Brokerage firms are different in what incentives they offer agents. Some may not have much in the way of extras, while others offer quite a bit. One brokerage firm may only give you a small desk in the corner of the office while another place provides you with a spacious room to meet with clients.
A broker may also provide benefits that would be costly: Some of these include secretarial assistants, training programs, and regular supply of lead generations. You have to decide which perks are vital to you for your success as a realtor.
Are Education and Training Provided?
Even though you have your license, it’s helpful to keep up with continuing education and professional development. Some states require that you keep up with training so that you are on top of changing laws and trends. Even if it’s not needed, ongoing training is critical to have in the real estate industry: with tastes and legislation changing all the time, you’ll want to stay competitive!
Find out if the brokerage you’re considering offers anything in the area of education or training. Do they have a training program? Do they out-source their training? If so, do you have to pay for it? It's essential to get all the information up front before you begin working at a brokerage firm to know where you'll stand.
What Is the Company's "Culture" Like?
What is company culture? Culture is defined by the balance careers as “...the personality of a company. It defines the environment in which employees work. Company culture includes a variety of elements, including work environment, company mission, value, ethics, expectations, and goals”.
Some companies put a high premium on individual success. They promote and reward independence and personal achievement, whereas other companies strive for team collaboration. Another factor in company culture is how each of these companies views success: the latter, for example, sees the company success as everyone’s success! The culture of each of these types of companies is different, and you need to decide which way suits you best.
Ready to Succeed in Real Estate?
When selecting your real estate brokerage, don’t be shy! Asking the right questions means landing in the right place to kick-start your career. Not sure where to find the brokerage that will help propel you to the top? Look no further than Mark Z Real Estate: contact us to learn how to join our team today!