Friday, January 20, 2012

Tips On Picking a Broker To Work For

English: The Penrhyn Estate Office The Estate ...Image via Wikipedia
By Bert Batermus

This post is the 1st installment within a collection of publications with regards to establishing a career in real estate. This article is centered on selecting the right brokerage to work for. The first step once you've passed your real estate test will be to choose which brokerage you'll go to work under. This is a very important first move and something which needs to be properly made. It can often be difficult to change brokers once you start conducting business and have marketing materials & business cards produced, signs made etc. not to mention if you've begun working with buyers or sellers and having to explain your purpose in changing organizations. Items that are very important to analyze include the following:

Commission Percentage - Often referred to as the commission rate split; this is the money you retain compared with what how much the brokerage takes. It may be 50/50 or you might get a somewhat greater share. Clearly more is preferable.

Reputation - You ultimately need to make sure the brokerage firm is popular as well as well respected in the local market as well the community. Working for a big, well known firm almost always is an advantage for any newer agent by simple virtue of the fact people will have heard of the firm which will buy you some instant credibility.

Facility & Resources - This simply refers to the type and quality of office space available to you to use. What's more are there office administrators accessible to help process sales, issue checks, and pretty much keep the office running. Ask any proven agent exactly how important this last part is and you'll get explanation of how critical having excellent office staff is.

Training - It is incredibly important, in fact it is mandatory, for you to continue to learn about the industry and keep up with laws, regulations, and methods. Agents are required to acquire continuing education credits in order to keep their licenses. A number of larger offices may offer this training at low or zero cost to their own agents. Take advantage of this benefit if you decide on a bigger brokerage house to work for.

Culture - One of the last aspects to consider regarding choosing a brokerage is how you feel you would fit in there. Even though every one of the agents are technically self-employed, there are various organizations that encourage working together and assisting your fellow agents. Receiving support as a new agent is essential as there's no real class you can take to learn how to achieve success in real estate. Discovering where to get business, the way to handle certain situations, or the best way to process a transaction from beginning to end is best learned by doing. Getting a mentor to work with you is the best move you can make. See if you can find a brokerage that offers a mentor program. If you can't find one that does, make sure you pick one that offers a great culture where helping each other is valued.

The next article in this sequence will discuss getting organized and how to start getting business once you've chosen a broker to work for.

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