By Brandon Doyle
Whether you’re new to the business or in a growth stage, at some point in your career you’ll need to pick a brokerage to associate with (or start your own). There is no “one size fits all” answer, and there are many factors that go into this major decision. It is important to understand what stage of your career you’re in, how much training, mentorship, and supervision you need. Many of the larger brokerages will have training courses available to you, either paid or unpaid. If you’re in need of more hands-on training, a company that promotes teams and mentorships may be the best route.
Brand awareness is important in the marketplace when you’re going after business outside your own sphere of influence; it lends credibility. You should choose a brand that does business in the style and niche you’re focusing on. Research the area you’ll be selling in, and see who has the most listings and sales. If relocation and out state referrals are important to you, a brand with national presence may be a better fit over a smaller shop. Ideally, your brokerage will have offices in the areas you intend on working, even if you plan to work from home.
Visit multiple brokerages to get a feel for the culture; talk to the brokers and agents. Sit in on a meeting or training if possible, that way you can put together a pros and cons list. Fee structure is important and varies by experience and annual sales volume. Oftentimes, newer agents will only get 50 percent of the commission earned, whereas experienced agents will get 90 percent or more. There are additional fees that your broker will pass along to you, and it is important to find this out before making your decision.
At the end of the day, there are great agents who will do a lot of business at any size or brand of brokerage. No one brokerage is better than the other, you just need to find the one that works for you. And don’t discount your competition, because you’ll never know who has the buyer for your next listing!
Brandon Doyle, ABR, e-PRO, is a second-generation real estate pro with RE/MAX Results in the Twin Cities. Learn more about Brandon at www.doylerealestateteam.com.