Choosing a Real Estate Company that Suits You
You’ve finished real estate school and passed your state and national exam, your next step is finding the perfect real estate company to hang your license. Before you begin to interview it’s important to find a place that has a business model, environment, and culture that best suits you. Here are a few suggestions to help you find your perfect fit.
Size
You need to think about what environment you would like to work in when considering the size of the office you choose. Companies range from having 10 agents to hundreds of agents. Larger companies may have several offices with fewer agents in each. You might like all the excitement that comes with a larger office, or you might be more comfortable with the cohesiveness of a smaller office.
Brand Prominence
A company in which you see a lot of signs in yards obviously has a lot of agents and therefore more prominence of its brand. This can do great things for your business, but it can also mean competing with your colleagues more often than if you were in a smaller company. A bigger nationally known real estate company will usually spend more money on advertising that benefits you without having to spend that money on your own.
Facilities and Location
You want to look at the facilities and location of the offices you are considering. Is the office a place you would feel proud to bring a client to. You need to be sure you like the workspace and that you would also have use of computers and a copier. You also want to make sure you have access to the office after hours. Location is important for many of the same reasons. You definitely don’t want to have to drive a long ways to get to the office. Even though much of your real estate business can be conducted from home, you will need easy access to your office for turning paper work in, making copies, trainings etc.
Training
Although you’ve completed several hours of training about real estate, you are going to want to work in an office that provides training for you to grow your business. Real estate isn’t a business where you hit the ground running without someone to guide you through the important processes of a sale. You want to make sure that your office will provide you with the training and a mentor to get you started. You will also need training along the way to keep up to date with new trends. If your office provides it, that prevents you from having to find the training on your own.
Management and Administrative Support
Most larger companies have an office manager where smaller companies the manager may be the broker/owner. Ask about how many agents the manager is responsible for. More than 50 full time agents would be a very challenging work load for one manager and you may not get the assistance you need. You also need to inquire about administrative support. Chores such as uploading to the MLS and transaction paperwork processing can be handled by personnel in the office. It’s also important to know how long after a closing you can expect to see your commission.
Commission Schedule
A company needs to earn a profit in order to stay open. A traditional brokerage model would pay around half of the commission to the agent. As the agent’s sales volume increases throughout the year, the split percentage may increase. This is something you should know up front before signing on with the company.
Recognition for Achievement
Although a personal money goal for yourself is a good indicator at how successful you will be it’s also nice to be recognized for your achievements. Successful real estate companies often have programs that recognize their top producing agents. This can be a big motivator to grow your business.
These are just a few things to consider before choosing where to hang your license to sell and list real estate. The most important factor to consider is you choose a place that supports your goal of having a successful business.
