If I am a real estate agent, does my income depend on brokerage firm I choose?

Question

How do I choose best brokerage firm to work with? What is the criteria?

Answer 1

Yes, you split your commissions with the brokerage firm but the split is negotiable.  In general the better the split the less help you can expect from your broker (though this certainly isn't always the case).  Also with many brokers you can choose either to split the commissions or simply pay a monthly fee, and in return for the fee you keep all your commissions.  You should interview at various places you like and they will explain all their commission layouts, as well as what other support they provide.  Just go with the one you like and that meets your needs best.  Also you may want to interview with a few large firms and a few smaller ones to  (and a few discount ones also) as they do things very differently so make sure you see all your options.

Answer 2

Pick a firm that has a reputation for honesty.   That is true if you are working at any business.   Honesty, contrary to public myth, is important to all types of firms.   Right now, as you may be aware, the residential real estate market is in rough patch.   Especially, in AZ, NV ,CA, an FL the  areas where the speculation was crazy.   Honesty is a personal quallity that you should value above a sale.   Carry that with you into your career. Word gets around: good or bad!  I wish you well in your new project.

Answer 3

Don’t just look at a commission split. Find out what expenses an office will cover for you. In some offices, you’re responsible for paying for everything right down to a per page copying fee. Other offices will cover more costs like marketing, copies, postage, etc. You have to weigh the benefits and costs of each office.

Another factor is training and support. Some offices show you a desk and leave you to your own devices. Others will have a formal training programs where you’ll receive on-going education for free at your office.

On that note, like in any business culture is important. In some offices there’s a lot of competition and no one dares help anyone else because they’re worried about giving away their secrets or helping someone else do better than they are. You should outright ask a broker before you sign on to a company if agents generally help one another.

Personally, I think have a broker who doesn’t actively sell is a huge deal. So often when you deal with a broker who’s still selling, they’re not available to answer your questions when you need them. This might be rare where you live, but do try to find one or two if possible. Also pay attention to whether or not the office employs a fulltime receptionist. If they don’t, you’ll be stuck wasting part of your time answering phones. Your office gets free receptionist and you just lose prospecting time.  Ã¢Â€ÂœFloor time” is of no benefit to you.

A company’s reputation is another thing to keep in mind. You don’t necessarily have to work with a Century 21 or Coldwell Banker, but if Mary Smith Real Estate isn’t well known in your city, you’re probably wasting your time with them.