In this article focused on East Bay Real Estate jobs, we will discuss the best ways to choose the right brokerage firm for you.
Key Steps To Choosing a Brokerage
Before approaching a brokerage firm, it’s important to have a plan of action. Here are a few ways to narrow down your search:
Step 1: Identify Your Goals
Knowing what your goals are is key to choosing the right brokerage firm. Ask yourself the following questions:
Do you want to be full-time or part-time? Do you want to be in the real estate business full-time, or just on a part-time basis?
How will you use your real estate license? Selling real estate isn’t the only thing you can do with a real estate license:
- Teach real estate classes. Real estate classes can be taught at the college level, for those getting their real estate license, or for continuing education.
- Work for an apartment complex as a leasing agent. Some states or apartment owners require their leasing agent to have a valid real estate license.
- Work for the government. Some government agencies might prefer individuals with “real world experience” (have a real estate license).
- Be a foreclosure bidder. A foreclosure bidder is a person who bids on foreclosed properties on the behalf of others for a fee. To provide this service, foreclosure bidders must be licensed real estate agents.
- Interpreter. Real estate agents who are bilingual can work with other agents to help them close deals with foreign investors. Using a licensed real estate agent to translate can decrease any confusion or miscommunications between the agent and the client. In addition, bilingual agents can help to avoid any potential legal ramifications of using an unlicensed person in a real estate capacity.
- Real estate consulting. Individuals may be willing to pay you a consulting fee for your knowledge and expertise as a licensed real estate agent. Companies often hire consultants to research land or real estate projects they are working on as well.
Step 2: Determine the Area(s) You Want to Work
Where do you want to work? Here are a few tips on determining the best places to conduct your business:
Check your immediate area first. Make a list of the brokerage firms near you. Working close to home is always a plus.
Talk to real estate agents. Ask them about their brokerage firm: what do they like about it? Is there a lot of turnovers? How do they treat new agents? What would they change about the firm if given the opportunity?
As you narrow your search, determine the following:
- What is the company’s reputation as a real estate brokerage? Locally? Nationally?
- Are they well established in the local area?
- Do they have a presence in the area you want to work?
- Are they in a safe/reputable area?
- Do they help promote their agents? Properties? Offices?
- Do many agents work out of the office, or are they primarily in the office?
These and other key questions can help you determine which brokerage firms best suit your needs.
Step 3. Talking to Brokerage Firms
After researching various brokerage firms, it is now time to talk to them. Here are a few questions to ask them at your interview:
- Would you be working as an employee or independent contractor?
- Are they members of the MLS (Multiple Listing System)?
- Are clerical or administrative staff available for agents?
- What is the commission split? 50/50? 60/40? 80/20?
- What type of agent is the brokerage looking for?
- Are extra-income opportunities available?
- What are the goals of the brokerage firm itself?
- Are there any benefits available (medical, dental, etc.)? Note: Most firms do not offer health benefits for agents.
- Are there lead generating and marketing options available? Are there charges for these services?
As you interview, take notes and compare the answers of various firms. The responses to these questions could help determine which brokerage firm aligns with your needs and goals.
Step 4: Evaluate their Training Program
For new agents, getting their brokerage license is just the beginning. Adequate training on how to become successful is key. Inquire about training programs and how brokerage firms help new agents learn the business.
Step 5: Evaluate the Company Culture
When looking at brokerage firms, company culture is key. Companies may look good on the outside, but what goes on behind the scenes? Are people enthusiastic? Are they excited and happy to be there, or do they seem to be unmotivated and under a lot of stress?
Here are a few statistics that highlight the importance of company culture:
- 46% of all job seekers feel company culture is an important factor
- 86% of job seekers avoid companies with bad reputations
- 69% of employees would work harder if recognition was received
- 33% revenue increase is found among cultures that attract high quality workers
Here are a few signs of positive company culture:
- No gossiping
- Sense of job security
- Open communication between employees and management
- Long list of interested prospects/employees
- Laughing, smiling, and positive energy
- Low turnover
- Referrals from employees
- Customer testimonials
A healthy work environment greatly increases your probability of success as a real estate broker. Businesses that are built on trust, family, and culture are considered great attributes that help create a positive place to do business.
Putting it All Together
For new agents, choosing the right brokerage firm is key to success. It’s important to identify your specific goals and what you want (and expect) from a career in the real estate industry. By asking the right questions, you can be one step closer to achieving the goals you desire.
About Range Homes
Do you want to work with a brokerage that lives up to its promises & that puts your career first? Range Homes is a Bay Area and Beyond real estate company making a difference in our agents’ lives. Join a fast-growing team that will help you propel your dream Real Estate career and level up your commissions.
Have you been looking to take the next step in your career in the real estate industry? Looking for an innovative training program that will keep your knowledge fresh? Maybe you are looking to become part of a team that supports you in building your capability both personally and professionally? If so, consider Range Homes.