Yay! So you have passed your Real Estate exam and you’re wondering what’s your next step?
It is now time to start searching for the perfect broker to affiliate with so you can start selling houses.
It’s no secret that a career in Real Estate is very rewarding and a great way to build wealth.
However, choosing the wrong broker could greatly hinder your chances of having either.
As new Real Estate Agent it is very important that you find the broker that’s the perfect fit for your goals or your career can take a nosedive before you even get started.
As a new Real Estate Agent you have a lot to learn and I’m here to help you any way that I can.
So first, I would like to address two commonly asked questions:
Why Do I need to Find a Broker?
Buying Real Estate is one of the largest financial investments most people will make in their entire life. Because of this, your state has created laws and regulations to protect the consumer from getting screwed over.
So as a brand new Real Estate Agent you can not simply have a license and immediately go out selling houses.
You could get sued or even worse placed in jail.
There has to be someone to oversee your transactions to ensure you are handling things in an ethical manner. This is where your Real Estate Broker steps in.
It’s your Broker’s responsibility to keep you in check.
And if you stay out of trouble and work really hard, in most states you can start your own agency after working under a Broker for 2-3 years. That’s pretty cool right?
What is commission split? And does it matter?
Never ever choose a Broker based on commission split unless you are a Real Estate Investor or pretty self sufficient. Choosing a Broker based on commission split is a terrible idea. If there is a low commission split, usually the Broker is offering less of something else such as training, resources, office space or availability. You have to figure out what is important to you and the things you are willing to sacrifice for a lower commission split.
Do you need training? An office space? Do you need your Broker on call 24/7? These are things to heavily consider before settling on a specific commission split.
Now that we have those questions out of the way let’s move on to the steps you need to take to find the perfect Broker for you.
How to Find the Perfect Broker as a New Real Estate Agent
1.Perform a self-assessment
Take a sheet of paper and answer these questions:
- Who am I? (ex. mother, wife, veteran etc.)
- What do I hope to gain with a career in Real Estate?
- Do I work better in a team or by myself?
- What is my personality type?
- What are my personal strengths? What are my weaknesses?
- What is my 1 month, 6 month and 1 year goals?
You will not be able to find the right Broker if you are unable to determine who you are and what you want. You have to fully assess your personality and work ethic as well as have clear business goals that you want to achieve.
Knowing these things will help you prepare for interviewing prospective Brokers and you will not be blindsided when asked questions about yourself and what you wish to accomplish as an Agent.
Remember, your Broker will be a key player in assisting you with finding the right training and helping you determine your marketing strategy.
Performing a self-assessment before your interviews will allow you to gain insight on yourself and help you quickly decide which Broker will compliment you and elevate your Real Estate ventures.
2. Drive around the neighborhood, city,or town that you wish to prospect.
Take note of all the ‘For Sale’ signs that you see. Write down the Agent names and their respective brokerages.
If you see certain brokerage signs or Agent’s name numerous times, it’s a good chance that they are well-liked or high performers in that area.
Figure out why.
Contact the Agent and ask questions such as, “How long have you been an Agent at XYZ Brokerage? Why did you choose to work there?”
Visit the brokerage. Talk to the staff. Ask for a quick tour. Do you like what you see? Is there an upbeat and positive atmosphere?
As a warning, do not make a decision based solely on what you see. We all know that not all that glitters is gold. Conduct a little bit more research before settling on a brokerage
3. Read reviews
You are in the people business. If people do not like the Brokerage you want to work at then it could hurt your chances of finding and keeping potential clients. Keep this in mind.
4. Research the brokerage’s background
Visit your potential Broker’s websites. Read the company’s history as well as Agent benefits. Find out how long the brokerage has been established in the community and their future goals.
5. Ask friends and family
Ask your friends and family, “If you had to work with a brokerage to sell or buy a house, who would you work with and why?”. Their answer will leave clues to brokerages in your community of which they are more likely to do business with. Keep this in mind but do not select a brokerage based on what your friends and family think. Always do what’s best for you and your goals.
6. Set up Appointments
Narrow down to 3-5 brokerages that you would like to work with. Call their offices and set up appointments to interview the Broker. Not the Office Manager or Assistant Broker, but the Broker who owns the company. You need to know who is in charge and what you will be dealing with.
Don’t forget to download and print your FREE Broker Interview Questionnaire!
7. Pick your favorite
Sometimes you have to follow your gut. You will know which brokerage is the perfect fit for you because you will feel at home. No matter who you decide to contract under, keep your focus on your goals. Your Broker is there to supplement your success as a Real Estate Agent not to hinder it.
As a new Real Estate Agent, you have a lot to learn. Finding a Broker that is supportive and knowledgeable is vital to your Real Estate Success. Just make sure to take the necessary steps to select a Broker that has your best interest at heart.
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How did you find the Perfect Broker? Comment Below!
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