The vast majority of today’s professionals have many financial aspects to take into consideration when structuring their business, and real estate agents are certainly no exception. It’s no secret that the experience and expertise of an established brokerage firm can help lead you to success —but how do you know which is the right one to choose?
As you consider the possibility of making the move toward a new brokerage, be sure to go over these 3 questions with your potential new broker to make sure that you are getting the most from the relationship.
1. What costs will I incur?
As most any professional can tell you, building a new business is hard work. One of the first, and most important, things you will want to know when working under a broker is what costs will be involved. Not only is this information helpful and good to know, it’s also critical to the viability and success of your new business.
One of the most important things you’ll want to know about the cost structure is the errors and omissions insurance —obviously, you want to be sure that you purchase the right insurance to both protect your assets and maximize your output of capital. It’s important that you understand the coverage that will be provided by the brokerage, as well as any further steps that are necessary to help make sure your business is covered and safe.
You’ll also want to make sure you understand any monthly fees you’ll incur, your commission split, any marketing fees, and other items that are not included with your commission split.
2. What are your office goals?
One of the biggest pieces of the puzzle to your happiness in any job is the culture of the office. While the typical answers to the question “What’s the office culture like?” can be canned and rehearsed, there are several indirect questions that can be asked that can help give you insight into the everyday life of a brokerage’s employees. One such question is about the goals of the brokerage. Knowing what the goals are can help you better understand what would be expected and asked of you.
Other questions to ask include:
- Is the environment team based or individual based?
- Does your brokerage hold regular required meetings?
- What is the dress code for the brokerage?
3. What type of training do your provide, and is continuing education offered?
One of the keys to a successful real estate career, for both new and established agents, is thorough training and continuing education. This combination allows agents to not only stay up to date with current laws and regulations regarding real estate, but also to stay on top of the industry’s best practices.
One trend that we’re seeing in today’s collaborative brokerages is mentorship programs. In addition to extensive new agent training, this type of continuing education is a great way to expand your wheelhouse as an agent and for employers to offer their employees a well rounded educational experience.
There is a lot to keep in mind when considering a move to a new brokerage. These 3 questions are a great start to finding a brokerage that will best suit your needs and personality.
One thing you shouldn’t have to worry about is the technology your brokerage offers. At CommissionTrac, we offer solutions for the modern commercial real estate brokerage back office. Learn more about how agents can be paid faster or contact us today.