Whether you are a new real estate agent or are just considering the career path, you likely want to research the type of broker you want to work with. Before you choose a real estate company to work for, it is a good idea to take the following considerations into account.
The size of real estate agencies available to you will depend on where you live. In large cities, real estate firms may offer hundreds of agents, whereas small town firms may offer just three or four. Think about how much space each firm has for you, as well as the expectation for you to be a part of a larger team. Do you prefer a bustling office with a social atmosphere, or something cozy?
Quality & Accessibility of Facilities
Are the facilities offered by the real estate company appropriate? You should feel proud, not embarrassed, of your office when you bring clients in. You should have adequate workspace, including the use of computers, copy machines, and fax machines.
Additionally, you should consider the proximity of the office to properties you will be showing. If you need to host a meeting, you want your clients to have convenience. It may be silly to judge the parking lot of a potential agency now, but it will make sense later when your clients aren’t searching for parking in a crowded neighborhood.
Length of Time in Office
After looking at the real estate company’s office, it is important that you consider how often you will be working in the office. How often will you come in for work, and how long will it take you to get there? You should also consider whether or not you will be able to check your email and answer office calls from home.
Your state may have special requirements for hours spent training with a broker before you can obtain your real estate license. Under this training, you will learn the fundamentals and principles of real estate operations. This includes learning about real estate law, writing contracts, listing properties, and financing homes for a variety of clients.
If you choose a real estate company wisely, you have access to a skilled broker with vast knowledge of sales techniques. Ideally, the broker you work with will guide you through negotiation tactics, property evaluation, and listing homes for sale. The fact of the matter is that you need to have access to a broker with knowledge who has the time to offer you formal training and personal coaching.
How established is the agency you intend to work with? Experience is an essential component of success in the real estate industry, and you need to know if the agency is growing or stagnant.
Looking at the potential for personal growth is essential as well. It is important to ask the broker who your primary point of contact will be within management. If the agency only offers one broker or many other agents, this affects how often he or she will be available to help you.
Is there any support available in the office for real estate agents? Will you be forced to process your own paperwork? How will you reach the accounting department? It is perfectly fine to ask the broker about these types of “housekeeping” chores.
According to traditional brokerage models, half of the commission would go to the sales agent, and the other half would go to the agency. In many cases, the split increases for the agent as the volume of sales increases.
There is also a hybrid model of commission, in which sales agents are charged a fee, but the split is higher in favor of the agent. Many companies make this choice because they want to stabilize their bottom line. This may work in the advantages of sales agents with more experience.
It is important to examine the atmosphere of the company you intend to work with. Is it exciting? Is it slow but stable? Both? Consider whether this is an office where you will enjoy spending time. You may not get the best feel for a place in one visit, but you can certainly get an idea. You’ll get a feel for whether you want to work with a national brokerage or boutique style agency.
You likely want to join a real estate agency in which you can become a valuable member of the community. How important is it to you that you are a recognized member of the brokerage? For many real estate agents, this is the ultimate question that will help determine how happy you will be at an agency.
Look at your future workplace from a consumer perspective, assessing its reputation. You also want to assess the presence of the agency in your community, looking for social media profiles and professional behavior. Is the view of your new company generally favorable? If not, how does the agency deal with feedback? This may reveal something about the agency’s atmosphere.
Many agencies specialize in certain aspects of real estate. For instance, many companies focus not only on sales, but also in leasing or managing property. Others may focus on catering to specific types of clients, like first-time buyers or those who own ranches or farms. Some real estate brokers focus only vacation homes. Take a look at the agency’s current listings for an idea of what to expect.
Look for Red Flags
There are many red flags to be on the lookout for when you search for a real estate company to work with. For instance, you do not want to work for a broker that is bad at negotiating or is not organized. Your broker needs to be good not only at creating listings, but also in closing sales.
Want to learn more about pursuing a career in real estate? Continuing education courses can be your best bet. Contact us for more information about following your new career path.