Are you thinking of making a change and moving your business? Keep these points in mind when assessing the brokerage performance you are currently working with and looking to explore new horizons.
We are almost a few months into a new year, and now if something is wrong with your business, it may be time to think about a change. Sometimes a different broker will help you achieve your goals better than your current firm.
But how do you know if the grass is really greener? As the managing partner of a broker, I interview hundreds of agents every year. Here are the first three questions to ask yourself before moving to another company.
Which is more valuable: infrastructure and brand awareness or more personal attention?
I recommend this is the first thing to consider when evaluating a new business. Large national chains have advantages such as infrastructure and brand awareness. However, you can be one of the thousands of agents in one of the many offices.
If you want more personalized attention, consider exploring a boutique broker in your local market. Smaller companies offer the possibility of personal support and a sense of community. It’s also easier to stand out as a top performer.
One question to ask yourself is: do I want to be a big fish in a small pond or do I like to swim in a sea of many?
Do you understand the total compensation package?
The majority of real estate companies offer a commission-based compensation package. Since your income is likely to be based on commission, you need to understand the breakdowns offered.
The commission rates vary from broker to broker. While it seems obvious to pick the company with the highest commission rates, you should find out what other fees or added value you can expect. Do you have to pay for your software subscriptions? Are there any desk or transaction fees?
Evaluate based on the total package they offer. Brokers with high divisions may receive less attention and support because management may feel they don’t need that much help or they can’t afford to devote resources because the particular agent is not very profitable.
Think of things beyond the commission rate a broker can offer to improve your career, such as: B. internal marketing programs, opportunities for leads, and mentoring and training programs.
Do you want to establish and align yourself with the broker’s brand and reputation?
Each broker has a unique personality and set of values. Since the broker you choose represents you and you represent them, it is important to find a place that reflects your values and how you want to do business.
Also look at the leadership of the company – from the CEO to the manager. Do you have a positive reputation in the industry? Find out what they are known for and decide if the direction is in line with your values and goals.
Keep these points in mind when assessing the brokerage performance you are currently working with and looking to explore new horizons. Wherever you hang your license, make sure that this is where you can grow your real estate career and be proud to be associated with you.
Do you need more help making a decision? Here are some resources to help you make a decision:
Amy Galvin is the managing partner of Luxury Living Chicago Realty in Chicago, Illinois. Connect with her on Instagram and Twitter.