21 Mar Expert Tips On Choosing A Real Estate Broker
If you are a real estate agent, the one guy that you need the most is, a real estate broker. But how do you decide which broker to choose out of so many options? Here’s a list of considerations that you should keep in mind while selecting a broker for yourself.
When you make an appointment with a broker, you will hear many alluring promises. Mostly, they will be offering you 90/10 split or an 80/20 split. Of course a better cut will get you more money but there are other important factors too that you should consider.
Angus Reed who is a bigwig in real estate industry, tells us about the important factors to consider while choosing a broker (Learn more about Angus Reed here):
- Work culture: The work culture of the company in which the real estate works is an important factor. A real estate broker works independently most of the time but they also need to work closely with their colleagues. A good work culture means better etiquette which might be an indication of good job satisfaction. It will be hard for the broker to sell a property himself if he/she doesn’t have this.
- Broker Availability: This factor is probably more important for a new agent than an experienced one. Being a new agent, there are a lot of questions you may ask your broker. And you will expect a timely response from your broker when you have a question. The best way to check if a broker is easily available/accessible when you need is asking the real estate agents how do they get time when they need it. A good real estate broker will always welcome you talking to their agents.
- Services and Support: Services and support is an important factor which can vary mainly from brokerage to brokerage and even among different offices. You may need a good software and tech support to do your job or you may just need a flat surface and an electrical outlet to plug in your laptop. Whatever may be the case, make sure you understand what a brokerage offers in the way of tools and support.
- Good Training and Coaching: A beginner real estate agent will need access to good training. There are various real estate licensing schools that teach how to pass a licensing exam; it does little to prepare you to actually sell real estate for a living. Good training and coaching is the cornerstone for a successful real estate career.
- Business Opportunity: It all depends on how experienced you are in the real estate industry, what a brokerage offers in terms of securing new business might play an important factor. Most of the reputed and experienced agents tend to create their own business through past clients and referrals. However, the agents who are new in the industry and have little experience often need leads to work.
However, ensure to understand and figure out the potential cost of leads provided by the brokerage when you make the decision of whether or not to join an office.
There are many more things to consider about real estate brokerages than split. Work culture, broker availability, support, training, and opportunity are the important factors to consider when choosing a brokerage.
Another way is interviewing the broker and a few agents which will help you make the right decision. So, do proper homework, analyze your specific needs and priorities, and then pick the right brokerage for you.