5 factors to consider, before signing with a broker
“Am I making the right choice?” a persistent question that concerns agents before signing-up with a broker most of the time. Whilst those who have been in the business have their experience to rely on, fresh professionals have a difficult choice to make. It is an important choice that could flourish or stagnate your
Here are 5 factors you should consider that will help you make an informed and better decision.
The best way to find and receive feedback is to speak to those already in the profession. Family and friends could help you connect with experienced agents in the community if you are aware of none. You could hope and expect for an honest opinion from expert hands. Find out how the broker has contributed to the overall growth of the agent, be it monetarily or skills enhancement. Reasons he/she has chosen to continue or quit with a broker as well as what changes he would like to see in the organization that would give further momentum to realtor career.
Social media or mass media as I would like to call it is another source of information gathering available at our fingertips. Browse thoroughly through discussion forums, rating and review sites and social media platforms of the company to get a broad view. Whilst some social platforms can be directly or indirectly influenced by companies, exploring beyond the first page of any search engine, portal or platform should help paint the larger picture.
Whilst all companies have proprietary technology and verticalised support teams, factors that distinguish them are agent centric and customer driven attitude. Non availability of staff during the closing of that crucial escrow, access to senior management for guidance during a short sale, in-house expertise across domains that help centralize operations for you and increase efficiency are some of the things that matter and should be researched well before joining.
Periodic, industry oriented training modules would help in professional growth in realtor career. Whilst most companies make promises of training its important these promises are met consistently. For those new to the profession adequate training would help build confidence and firm your footing in the industry.
Your Revenue – Your Costs = Your Income
Simple maths and important one at that, 100% commission splits are common now-a-days, it’s the hidden costs you should find out and worry about. Desk fees, monthly membership fees, franchisee fees, workstation fee and more such fees would inflate costs, dig deeper into your revenue and shrink your take-home income. Also, the ability of a broker to generate and provide good quality leads consistently would increase the probability of opportunities for you to continue with a healthy income.
Lastly, Build yourself as a brand
A recent NAR study shows that only 4% of real estate buyers and sellers think that a brokerage brand is an important factor for a successful transaction. A company that supports you by providing you the required tools and enhancing your knowledge and skill sets would help you build a brand of yourself and thereby multiply your realtor career. Innovation, though an overused word, is something that sets apart people and firms who make it a cornerstone of their existence. An innovative and professional driven company would help you become the Real Estate professional you aspire to become.
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