Finding the right broker for your real estate business is perhaps the most important step you will take in establishing your new career in real estate. The time and effort you put into finding the right broker and firm will help you start off on the right track.
What is a real estate broker?
First of all, you need one in order to practice real estate. It’s the law! Real estate brokers have completed 90+ hours of education beyond getting their real estate license and have passed a state broker exam. They have also met sales and length in the business requirements required by the State. In short, they are experienced professionals in the industry! As a newly licensed agent, you will either be employed by or work under an experienced broker.
How do I find a real estate broker?
There are several ways to find the right broker for you. This research is important, so be sure to take as much time as you need to make a decision.
- Word of Mouth
- Ask family, friends, and co-workers.
- Ask peers, other agents, and classmates.
- Local Advertising
- Take a look around.
- Who operates in your area?
- Who seems to have a lot of success?
- Books and the Internet
- Search the Internet on sites like Yelp and Google.
- Read reviews.
- Visit the bookstore or library.
I found a broker I like. Now what?
Once you find a broker..or two…or three you would consider, you will want to interview them.
Along with any other questions you may have, be sure to ask the following:
- What additional training is involved and/or required?
- What will be the commission split? Every Broker sets their own policies on this. Will it be 50/50? 70/30? 60/40? Other?
- What fees are involved? Are they up front, monthly, etc?
- Are educational expenses reimbursed?
- What services do they offer their agents and what costs are associated? In-house stagers? Home inspectors? Photographers? Uniforms? Cards? Signage?
- How large is the office?
- Do they conduct exclusive agency sales?
- Is there expected or required office time?
- Is there required association involvement?
- Do you have to join a local association?
- Are there fees if you do not join a local association?
- What are the contract expectations?
Compile your list of questions before you meet with a broker so you are able to have all of them answered. You don’t want any surprises after you sign a contract.
What if I sign with a broker and change my mind?
Your relationship with your broker is important. If you are unhappy with your broker, it’s time to look for a new one. Most brokers will feel similarly that if a relationship isn’t working, it is best for both parties to move on. Make sure you understand your contract obligations before you sign with any broker. This way, if you decide to continue your search, you will not be in violation.
Now, begin your search!
Through searching for a broker, you will likely gain much insight into the field which you are about to enter. It’s an exciting time. Congratulations on beginning your real estate career! The Battle Creek Area Association of REALTORS® can be a great resource for continuing education training once you are established with your new broker! You broker may off in-house training as well. Take advantage of any educational opportunities you can find!
Congratulations on your choice of a career in real estate! The adventure is just beginning!