The Key: How to Pick the Right Brokerage for Your Real Estate Career
“THE KEY” IS BLAKEMORE REAL ESTATE’S AGENT-FOCUSED BLOG SERIES IN WHICH EDUCATIONAL TIPS, BEST PRACTICES, AND EXPERT INSIGHTS ARE SHARED TO HELP REALTORS® EXCEL IN THEIR CAREERS.
If you're a new real estate agent or just looking to join a new brokerage, it's essential to carefully evaluate different brokerages to determine the best fit for you. You’ll want to consider factors like your values and goals and culture fit in addition to commission splits. You’ll also want to determine what support and materials your potential brokerage provides.
Keep in mind that selecting the right brokerage can have a significant impact on your success both in the short and long term. To help you navigate finding the right brokerage for you, there are some questions you should ask yourself and research before jumping on board.
What type of brokerage are you looking for?
There are a few different types of brokerages: boutique, national, or virtual. Identifying the type you wish to associate your brand with is crucial. As a Utah-based boutique brokerage, we’ll try not to be too biased in this section.
A boutique brokerage refers to a localized and independently owned firm that provides a personalized experience to both agents and clients. A boutique brokerage is typically a closely-knit group where teamwork is highly valued. These types of real estate brokerages specialize in providing customized services to their clients.
A national brokerage usually has a presence across the country, but each branch is individually franchised by a broker. They'll be the names that you recognize the most. These companies often have thousands of agents on their roster. While they provide great training for new agents, you are often on your own when it comes to building a database and running your real estate business.
Fixed-fee brokerages are companies that do not have a physical location or have a very small physical location and offer little to no support, but instead of standard commission splits, they charge a fixed fee at closing. These brokerages are particularly suitable for agents who work primarily from a home office or don’t work in real estate full-time.
Do your values and goals align?
Having values is like having a compass that guides us toward our goals and gives us direction and purpose in life. No matter what situation we face, our values can help us make better decisions and move forward on the right path. Real estate is a personal business, so ensuring that your values align with the brokerage you'd like to work with is essential. You wouldn't want to work with a firm that is only focused on profit when your values align more with putting people first and making meaningful relationships. Likewise, if you value investment, you’ll want to work with a firm that provides ample resources to you to build your business.
When setting your goals, it's important to consider whether your short-term and long-term objectives align or differ. Take some time to reflect on what you truly want out of your real estate career and choose a brokerage that can assist you in achieving those goals. You can and should take these goals with you to meet with the brokers so they can see if you’ll be a good fit for their office.
Does their brand resonate with you?
How you position and market yourself as an agent is one of the most important factors to be considered when looking for a brokerage to work with. You want to ensure that their brand resonates with you. Your reputation is at stake when you work with a brokerage that doesn't coincide with how you've branded yourself.
Also consider: What is their reputation?
Reputation is essential in the real estate world. You'll want to do your research to find out how their clients feel about the brokerage through testimonials or reviews. Look into how they present themselves on their website and social media. Talk to the top-producing agents in their office about what it’s like to work with them.
What resources do they offer?
Not all brokerages are made equal, and they certainly don’t offer equal resources. From training to mentoring opportunities, you’ll want to find out how much support you’ll be getting from your Broker and from the other agents in the office.
When it comes to marketing, look for if they have tools and systems in place for you, like readymade client guides, listing materials, business cards, and more. Do they provide you with a professional email and headshots to help set you up for success? You’ll also want to find out if they have any on-staff support for your marketing.
Word of advice? Look out for junk fees. These are fees for standard items like paper, letterhead, office access, desk access, etc.
Selecting the right brokerage is crucial for achieving success in your real estate career.
This can be a challenging decision for agents, whether they are new or experienced, as each brokerage has its own strengths and weaknesses. To make an informed decision, you have to carefully assess your own requirements and make a choice that is the best match for where you are now and where you want to go.
