Congratulations – you’ve done it! You’ve completed your courses and are a licensed REALTOR®, so now what? OR maybe you’ve been with the same Brokerage for a few years and feel it’s time to try something new – switch from a franchise to an independent, vice versa, the list goes on. Either way when you’re looking at joining a new Brokerage, there’s a lot to consider and many questions to ask before you make the jump.
So where to begin? Remember, you’re an Independent Contractor, so instead of the Brokerage interviewing you, make sure you interview the Brokerage as well, and maybe even interviewing a few so you can get a feel for different offices to make sure they have what you are looking for. There’s more to a Real Estate Brokerage than an attractive split. Here are some important things to consider/questions asking:
What type of training do they offer?
If you’re new to the business can you shadow an experienced agent?
Is there a mentorship program available?
Are open houses available to agents on weekends to help you get your name out there?
How is ‘Duty Time’ organized, do they keep track of this so you can be informed how busy the office is?
What are the expenses?
Board fees will be apply to all Brokerages, but franchises will have franchise fees, some offices – franchise or independent may have desk fees, be sure to have in writing all the fees you will incur through the brokerage.
What are the advertising policies and expenses?
Are you reimbursed at your split-level for any advertising you do?
How accessible is management?
Is there someone available to answer questions and help you after hours and on weekends?
What percentage of the market share does the Brokerage hold?
How many Sales Representatives/Brokers are in the office?
Is the market share split fairly evenly or is there one superstar in the office?
This list is just touching on some of the questions that you could and should ask when you’re looking at different brokerages. You should do your own research and come up with a comprehensive list that applies to you and what you are looking to get out of a Brokerage.