There’s a lot to consider, from the training provided to available technology and other factors.
For example, a new agent might be more focused on training, support and mentorship, while a seasoned agent has other priorities.
Here are some things to consider – which we found reading various real estate publications – when choosing the right fit for you.
Franchise vs. Independent Brokerage
A franchise brokerage is one everyone knows, the national brands. They have offices throughout the country consisting of thousands of agents.
An independent brokerage is typically known in local markets and has earned its place and reputation. Some local brokerages have a smaller number of agents, while others have multiple offices and large agent rosters.
There are pluses and minuses to both.
A franchise brokerage has name recognition and may have robust training programs; when combined with a large agent network, it could be a nice option for new agents looking to learn the ropes.
An independent brokerage may have more of a family feel, perhaps giving agents a sense of belonging. Check out this piece for a great run down on more differences between these two types of brokerages.
Training & Education
Colorado agent Debbie Laity said she wrongly focused on the commissions offered by various brokerages; she ended up belonging to four offices before she was in the business for two years. Her recommendation: focus instead on education, training and finding a mentor to help show you the ins and outs of the industry.
Company Culture
As with any company and industry, you want to join a brokerage that aligns with your values and is a business you’re proud to call home.
Do you prefer to be part of a corporate-style culture or work in a small family-like atmosphere? Do you want weekly get-togethers, or would you prefer to stick just to business?
How will companies integrate you into their team?
Identify what type of culture you want to join and, of course, reach out to current agents to see what they think of the culture at the places you’re considering.
Market Share
How successful is the brokerage compared to its competitors? In what areas of your local market do they succeed or come up short, and how will you fit in?
Is your niche client or type of listing a need of theirs, and can you make an impact?
These are just some of several questions we came across from various real estate sources that are good to ask as you make your decision.
Investment in Technology
Many brokerages offer various types of tech tools for their agents.
The most popular tools agents look for, according to the National Association of REALTORS® 2018 Technology Survey, are: predictive analytics, CRM, transaction management software, personal website, tablet and technology support staff.
Don’t forget to ask how you’re charged for the technology your brokerage utilizes. Thirty-nine percent of respondents to the above survey said they’re charged a monthly technology fee, but 18 percent said a percentage of their commission split goes to technology products and services.
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