If you’re like many agents looking for a new broker, you know you need to do your homework – but what do you look for? This guide explains.
10 Things to Consider When You’re Looking for a Broker
Looking for a new broker is a big deal. You want to make a move that will benefit your career, keep you happy, and ensure that you’re able to provide your clients with exceptional service, which means you need to do some serious homework.
Check out the ten things every agent should consider when looking for a new broker; ask yourself:
- What kind of commission split does the broker offer?
- Does the broker have a strong internet presence?
- What kinds of fees does the brokerage charge?
- How big is the broker (as in how many agents do they have)?
- Would you be proud to bring your clients to the broker’s facilities?
- Is the nearest office close enough to your home?
- Will you get the training you need to further your career?
- Are other agents who work there happy?
- Is there strong leadership that can provide you with mentoring and support?
- What’s the workplace culture like?
Here’s a closer look at each.
#1. What Kind of Commission Split Does the Broker Offer?
This is probably the first thing you think of when considering a new broker. After all, your income depends on it. You want to be sure that you’re getting a fair commission split – one that will leave you with enough money to live on and save for your future.
Some brokers offer different plans, such as 70/30, 80/20, and 90/10 splits with some annual fees (though a good broker uses an annual cap). Depending on your anticipated volume, you should look for a plan that lets you walk with the best possible profit.
Related: Email marketing basics for REALTORS®
#2. Does the Broker Have a Strong Internet Presence?
In the digital age, it’s more important than ever for your broker to have a strong online presence. This includes an up-to-date website, a blog that’s updated regularly, and a strong social media presence.
You want clients to be able to find you easily when they’re searching for an agent online, and you want them to see that your broker is keeping up.
#3. What Kind of Fees Does the Brokerage Charge?
Be sure to ask about any fees that the brokerage charges – and there are usually quite a few. Some of the more common fees include:
- Desk fees
- E&O insurance
- Transaction fees
- Marketing fees
- Listing syndication fees
- Training fees
- Website fees
#4. How Big is the Broker (as in How Many Agents Do They Have)?
The number of agents a broker has can impact your business in several ways. A small broker may have fewer resources, which could mean less training and support for you.
#5. Would You Be Proud to Bring Your Clients to the Broker’s Facilities?
If you’re going to be successful in real estate, you need to be proud of the brokerage you work for. That means you should feel good about bringing clients to the office – and that starts with the physical space.
The broker’s office should be clean, welcoming, and professional. It should also be conveniently located for both you and your clients.
#6. Is the Nearest Office Close Enough to Your Home?
Most agents don’t want to drive an hour to get to their broker’s office. You should be able to get there easily, without spending a lot of time in the car.
You may also want to consider whether the broker has more than one office location. This can be helpful if you have clients in different parts of town.
#7. Will You Get the Training You Need to Further Your Career?
A good broker will offer training and development opportunities to help you further your career. This might include classes, webinars, and even one-on-one coaching.
#8. Are Other Agents Who Work There Happy?
One of the best ways to gauge whether a broker is right for you is to talk to other agents who work there. See if they’re happy with their experience and if they would recommend the brokerage to others. You can also look for online reviews, though keep in mind that people are more likely to post a review if they’re unhappy.
#9. Is There Strong Leadership That Can Provide You With Mentoring and Support?
In addition to training opportunities, you want to be sure that the broker has strong leadership in place. This can be helpful when you need mentoring or support. The broker should also have a clear vision for the future of the company, and they should be able to articulate that vision to their agents.
10. Does the Broker Have a Good Reputation?
Make sure that the broker has a good reputation in the industry. This can be difficult to gauge, but you can start by asking around and doing some online research.
Ready to Explore Your Career With Benchmark Realty, LLC?
If you’re an agent who’s ready to explore your options with a brokerage that has your back, discover Benchmark. Take a few moments to learn about our company and what we offer – including:
- Three simple broker plans, all with 100 percent commission
- Cutting-edge marketing tools and consistent training, all free to you
- 24/7 access to any Benchmark office
- No franchise fees, no desk fees and no technology fees
When you’re ready, apply to join the Benchmark family. With offices all over Middle Tennessee, including Nashville, Clarksville, Cool Springs, Murfreesboro and Hendersonville, there’s a place for you to be better… Be Benchmark.