If you were to ask who the best real estate brokers to work for are, you would get a different answer from each agent at each brokerage. This is because there are literally hundreds of different brokers and even more reasons each will give you for picking them and why they are the best.
Most brokers are franchises, meaning that each office is independently owned and operated, so their office practices and culture can vary from office to office. If you plan on being a successful real estate agent you need to pick the right broker to help you reach your goals and objectives.
Why is aligning myself with the best real estate broker important?
As a new agent you know just the basics to get started, but there is a lot of on the job training necessary to become a consistently successful agent; choosing the right company/broker that has the right tools, local real estate classes, training and local presence will help set the foundation for your success.
Larger national brokers may be well known in your area but their size may mean they do not have time to devote to new agents, where as smaller independent brokers may be able to provide mentorship, but lack in presence or lead generation. Finding the right fit is extremely important.
Shouldn’t I pick the broker that offers me the highest commission split?
A common misconception among prospective licensees or new real estate agents is that commission is the most important factor when deciding which company to work with. Unfortunately many of these agents fail to consider that without structured training, coaching and support the higher commission split won't matter in 6 months because most will be looking for a new job. If you don’t learn how to build up a pipeline of buyers, hook sellers with a listing presentation, and translate your current strengths to your real estate career then you won’t be making the money you deserve.
A company with a seemingly more attractive commission structure typically translates into informal training, inadequate coaching and no support. The most significant factor that will influence the long term success or failure of a new real estate agent is not commission it’s structured training, one-on-one coaching and support. Here at First Team we’re the #1 real estate broker in Southern California (we sell two and a half times more homes than our nearest competitor) and we’ve been recognized as a local leader by consumers, voted Best Real Estate Company for the past 3 years by the Orange County Register. We also have one of the best new agent training programs in the industry.
What does a broker have to offer me?
The services offered by brokers will vary from office to office. But most brokers offer some type of training whether it’s formal or informal. They also receive leads from prospective buyers and sellers, so it is important to understand how the leads are generated and allocated. Typically brokers offer errors and omissions insurance, so be sure to find out what exactly their policy covers and the cost.
Ask about the following:
1. Company structure
- Is the company part of a franchise or an independent broker?
- Does the company offer formal training and/or mentorship for new agents?
- Describe your training program.
- Does the broker provide marketing materials such as business cards and signs?
- Is there specific advertising programs? Advertise on Zillow/MLS/etc.
- Is it mandatory to opt-in to their marketing programs?
4. Leads Generation
- Do they provide leads?
- How are they distributed amongst agents?
- Do they farm? Are areas already pre determined?
- Do they have a referral or relocation department?
- What type of fees do new agents have to pay? (Desk/phone/transaction/splits)
- What is the commission split schedule?
- Does it “rollback?”
- What makes their brokerage stand out?
- What are the company goals and objectives? (Do they align with yours?)
As important as it is to ask the broker these questions when interviewing, be sure to talk to agents in the office and get their answers to these questions as well. Are they happy working there? Does the brokerage have a high turnover rate or do most agents stick around? If a brokerage has only new agents it could be a sign that not many are staying or planning to build careers there.
At First Team we offer the classes you need to get your license, a free crash course to help you pass the state exam, and one-on-one free mentoring for new agents to help ease the transition into real estate. Our branch office managers are dedicated to the success of their new and seasoned agents so you’re given the support and tools you need to succeed in the industry. At First Team we understand that your success is our success.
If you have questions about how to start a real estate career or if First Team is one of the best brokers to work for in your situation, then call one of our career specialists at (877) 855-1997 to chat. We’re here to help.