What Makes A Real Estate Brokerage A Perfect Fit For You
A real estate salesperson is required to work under the guidance of a brokerage when representing people in property transactions. If you are a newly-licensed agent, a lot will ride on which brokerage you choose to join. At this stage in your career, it is extremely important to be careful while choosing a brokerage because it will shape up your personality as a real estate salesperson and pre you for taking on your professional responsibilities in the future. It will also teach you how to build relationship with your clients, how to provide them a great quality service and most importantly, how to build your own brand.
Many real estate brokerages in Toronto are constantly on the lookout for good talent. When you are interviewed by a brokerage management team, keep in mind that an interview is a two-way street. You need to ask your own questions to be sure that this is the right brokerage for you.
Here are 7 things you should look for in the perfect real estate brokerage:
1. Office locations in the city
There are many advantages of working with a brokerage that has multiple office locations in the city. You can easily extend your business to all the neighborhoods which are in close proximity with the brokerage’s office locations. You can use other offices in your city that are more convenient for your clients. You can bring clients over for briefings or document handling.
Moreover people like to work with real estate agents who are experienced in particular neighborhoods. By gaining experience of representing buyers and sellers in multiple neighborhoods, you can scale up your business in a short period of time.
2. Management support
The perfect real estate brokerage has a team of experienced brokers and managers. Try to find out the level of experience and expertise of your future senior colleagues. Go through their profile on the brokerage’s website or the individual website of each one of them. Check out their social media profiles, particularly LinkedIn.
Experienced managers will be able to support you at each step and teach you how to handle unexpected situations which commonly rear their ugly head in property transactions.
If your supervisors are up-to-date with latest technologies, legislations and other developments in the industry, you will hit the ground running under their supervision.
3. Weekly training
You probably already know that your real estate license has hardly taught you how things work in the real world. You may have gained a basic knowledge of the property transaction process, but handling situations in reality is a totally different ball game.
You should know how to handle negotiations, settle disputes that may pop up during home inspections or appraisals, manage client expectations and complete closing on time by coordinating with different parties.
Your perfect real estate brokerage will provide you with ongoing training on ever changing technology and how to make the best use of it. Good brokerages organize training sessions at least on a weekly basis.
You can even ask the managers to allow you to sit in on a few training sessions before you join the brokerage.
4. Attractive commission splits
When deciding which brokerage to choose, most new agents focus only on the commission split arrangements. A portion of the commission you make from selling a home will go to the brokerage.
While choosing a brokerage only on the basis of how the commission is split can be a big mistake, you can’t ignore this aspect entirely. You might not be able to sell a lot of homes at the beginning of your career. At the same time, you will have to invest a lot of money in building your own brand.
Your perfect real estate brokerage should offer an attractive commission split without compromising on other qualifies outlined in this article.
5. No hidden fees
Since brokerages provide office space and other logistic support, many of them make their agents share some of the overhead costs. They may include office fee, desk fee, training fee, printing fee, error and commission (E&O) insurance premium and even coffee and snacks. These are hidden costs because they may not be explained to you at the time of joining. There won’t be any hidden costs in your perfect real estate brokerage.
6. Collaborative environment
As a real estate salesperson, you will handle complex situations in property transactions and turn to your broker and senior colleagues for advice whenever you are confused or stuck.
The perfect real estate brokerage recognizes each salesperson’s contribution to its bottom line and ensures they work as a team. You will learn a lot and quickly by working at a brokerage that encourages agents to help each-other. Some brokerages focus more on fostering competition among their agents. For a new agent, it may prove to be an unhealthy work environment.
7. Access to pre-construction projects
One of the qualities of a good brokerage is that it gets access to pre-construction homes before others do. It is a win-win situation for the brokerage as well as its clients. The brokerage will introduce its clients to pre-construction projects and give them the opportunity to choose the floor plans and prime lots, besides getting them the first level of pricing.
Working with a brokerage that has access to pre-construction projects can be a great opportunity for newbie agents. You will not only get lots of work, but also be able to network with new clients on a regular basis.
Support from your managers, weekly training, multiple office locations and collaborative environment are some of the most important attributes you should look for in the brokerage you are planning to join.
Register below to learn more: