Choose your broker.
With great power, comes great responsibility.
The price of freedom is a great deal of micromanagement. Working for yourself does not mean working. Unless operating independently and you decide to earn an extra broker’s license, you will be operating under a broker with an agency. That being said, just as your license can hang anywhere does not mean you should. You will want to be certain you have the ideal fit before committing to a broker. Begin by doing some research on the earnings of the company. It’s important your agency is lucrative, but how successful are they in your specialty? If you find you work with buyers, an agency comprising the seller’s agents won’t help you; an agency with mostly listings might not be the perfect solution if you’re comfortable selling to middle-class households.
In picking a broker, cultivating your relationships, reputation, and visibility are crucial. If you are going to link yourself you need to be certain they are going to help you become noticed and gain customers’ trust once you don’t have contacts of your own. The agency in your region might have a reputation for being filled with salesmen and shysters; a big global franchise might seem like the ticket, but folks your area might be more comfortable and experienced in dealing with family-owned institutions. There’s a reason lots of real estate agents do not opt into a chain. Tens of thousands of dollars can be charged. They can also charge renewal fees and get extra income by marking up promotional products. Plus franchises require another percentage of each commission sellers pay. Your bottom line will be affected by all these costs. In other words, a big company might have offices in 82 countries, but when everybody in a twenty-mile radius understands the local family business, you would probably be better off with them.
It’s essential to have a sense of working in an agency of the nuts and bolts. The best way to do this is by talking to other brokers. Try to meet up with as many as possible from the agencies you are contemplating. Request technology commission splits support, and advertising. Try to get a sense of the culture there. Is the agent that is lead an egomaniac with a temper? Is he interested in enlarging the business or apathetic? Is the dynamic collaborative or among brokers competitive? How does this match up with your doctrine? Align yourself with the service that is currently going to support your success.