Picking the brokerage that’s right for you can be one of the most anxiety-inducing decision in an agent’s career.
Do you aim for industry giants like RE/MAX and Keller Williams or explosively popular newcomers such as Redfin and Compass? Each will vary on commission splits, brokerage models and sizes as well as the training and technology they provide to its agents.
No doubt, considering all these factors can send heads spinning, and your decision will determine what type of real estate business you’ll bring in and play a major role in future career growth.
Christine Lee, CEO of Seize the Market, and Imran Poladi, the vice president of NextHome, Inc., shared tips during a panel entitled “Picking the Right Brokerage for the Long Haul” Tuesday morning at the 2019 Inman Connect conference in Las Vegas:
1. Figure out what you need
The first step to selecting a brokerage is knowing where you want your career to go. Some brokerages provide the type of intimate training that can be beneficial for newer agents while others have a well-established branding strategy that can launch more established brokers into a new level of popularity.
“No office can cover everything you need by 100 percent,” Poladi said. “You need to know what you need the most support on.”
2. Go for specifics, not buzzwords
In the early stages of recruitment, most brokerages will promise similar accoutrements — high-end technology, a great branding strategy, and plenty of growth opportunities. Don’t get drawn in by buzzwords like “high-end technology,” Lee advises. Ask for specifics on commission rates, training and referrals.
“I want to hear specific things that they will help me overcome,” Lee said. “Is it helping bring in clients? Increasing my referral rates? What are the needles they can help me shift to take me to the next level?”
3. Look beyond the money
Both Lee and Poladi warned against being drawn in by an offer right away. While lower fees or a high commission rates might seem tempting at first, they mean nothing if they’re not bringing in clients. Weigh what you’ll be paying against how much business you’ll bring in and the support that you’ll be receiving.
“When you make a decision based on money from the start, it’s often the wrong decision,” Poladi said.
4. Do your research
Do not expect the brokerage’s representatives to tell you everything you need to know. Do your own legwork by reading up, looking for numbers and — most importantly! — speaking to agents who already work there.
5. Look at The Bigger Picture
In the end, a brokerage is there to have your back in your real estate work. Go with your gut but also look for concrete ways that the brokerage will support you in the long-term.
“Are they just opening the door to let you in or are they opening the door for you every day?” Poladi said.