Are you a real estate agent looking for a new brokerage?
It can be tough to find the perfect one.
There are so many options out there, and it’s hard to know which one is right for you.
In this article, we will discuss how to find the perfect new brokerage for real estate agents. We’ll cover both new agents who are just starting out and experienced agents who are looking to switch brokerages. So whether you’re just getting started in your career or you’re ready for a change, read on for tips on how to find the best brokerage for you!
Table of Contents
Determine What is Important To You
Whether if you are a new agent looking for your first brokerage to work at or a top producer who’s looking for a change, the first step to finding the perfect real estate brokerage is to determine what the perfect real estate brokerage means to you.
What are the most important factors to you? Is it the company’s size? The type of real estate they focus on? The location? The commission splits? The culture and team environment?
Once you know what is important to you, you can start to narrow down your options. You may find that there are a few brokerages that fit all of your criteria, or you may find that there is no one perfect brokerage out there for you. That’s okay! Just because a brokerage doesn’t meet all of your criteria doesn’t mean it isn’t right for you. It just means that you need to be a little more selective when choosing a new home for your career.
So how do you go about determining what is important to you? One way is to take a current inventory of your business as it is right now. Ask yourself what you like and don’t like about your current business, ask yourself on a scale of 1-10 where your business is right now. If your number isn’t 10 (which it won’t be for most agents) write down some things that you would change to make it a 10.
You should also keep an inventory of all of the aspects of your current business that you like and don’t want to change. Many times, agents will get so caught up in wanting something new that they are willing to give up great things that they already have. Make sure to keep a list of things in your business that you do not want to change, this way you won’t be blinded by the flashy potential of having something new at a new brokerage when in reality you are losing a foundational piece of your current business.
Another thing to keep in mind is your own personality and preferences. Do you prefer a smaller company where you know everyone’s name, or do you want a bigger company with more resources? Are you the type of person who likes structure and rules, or do you prefer flexibility and freedom? Do you want to work independently or as part of a team? These are all things to consider when looking for a new brokerage.
Once you have a good understanding of what is important to you, it will be much easier to start narrowing down your options and finding the perfect brokerage for you!
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Why are You Leaving Your Current Brokerage
After you have determined what is important to you in your current and future real estate business as a real estate agent, you need to be very clear on exactly why you are thinking about leaving your current brokerage. For brand new agents who are just recently licensed, think about the reason why you decided to jump into real estate in the first place.
What made you want to become a real estate agent?
For most agents, the answer is that they wanted more freedom and flexibility in their work life. They wanted to be able to set their own hours, work from home, and have control over their income.
This can be important for experienced agents to think about as well. If you are no longer getting the freedom you wanted when you first became an agent at your current brokerage then it may be time for a change. A lot of experienced agents decide to change brokerages because they realized that the brokerage that they are currently working at can not give them the lifestyle that they wanted when they first became an agent.
Another reason agents leave their brokerages is because of a poor team environment or culture. This can be extremely frustrating for agents who are putting all of their effort into their job only to feel unsupported by their team. If this is the case, it might be worth looking into a new brokerage where the team environment is more supportive.
The last reason agents leave their brokerages is because of a lack of resources. This can be anything from not having access to the latest technology, to not having enough leads or support from the brokerage. If you are an agent who feels like you have outgrown your current brokerage and are in need of more resources, you will want to find a bigger brokerage that has a larger agent count.
Being very clear on why you are leaving your current brokerage to look for a new opportunity is extremely important in finding the perfect new brokerage to work at. Like we mentioned earlier, you will want to be very clear on a list of things that you do not want in your business so that you can avoid making the same mistakes at your new brokerage.
When you are clear on what you do not want at your brokerage, then it is easy to eliminate potential brokerages that might give you the same issues during the research and interview process.
What Gaps in Your Business Should a New Brokerage Fill for Agents
In most cases, agents look for new brokerages because they are finding gaps in their current business that their current brokerage can not fill.
For example, if you are an agent who is struggling to find leads then you might want to look for a new brokerage that has more resources in terms of lead generation. Or, if you are looking for more support with technology then you will want to find a new brokerage that is up-to-date with the latest tools and trends.
If there are specific gaps in your business that you would like filled by a new brokerage, be sure to make a list of these so that you can ask questions about them during the interview process. This will help ensure that the new brokerage understands what it is that you are looking for and so that you can see whether or not their business model fills those gaps in your current business.
This is where taking an inventory of your current business becomes so important. Knowing what you are missing and how to fix them is the key to finding the perfect new real estate brokerage. Many times agents will simply go with a new brokerage because they think that they are making more money there only to realize that they are left completely on an island with zero support.
In this case, agents might have a better commission structure, but they are actually making less profit because they have to invest their time and money into creating all of the marketing, lead generation, investing in CRMs and software, and hiring assistants.
Look for a brokerage that can solve your problems not create more for you.
If this is your first time switching brokerages as an experienced agent remember that the process of finding a new one can be a little bit different than when you were a new agent. You aren’t looking for the same things now as an agent with an established business as when you were a new agent looking to get started in real estate.
Make sure that the brokerage you are looking for has the capabilities to fill the current gaps in your real estate business, not the gaps that you needed to be filled 3 years ago when you were a brand new agent.
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How to Interview With a Potential New Brokerage
Once you have a good idea of what problems your new brokerage will solve for you and have narrowed your searches down to a few potential brokerages, it is time for the interview process.
The best way to approach an interview with a new brokerage is by having a list of questions that you want answered about their business model that you did not know before and how it will fit into your current business.
Some questions you might want to ask are:
– How many agents are currently with the brokerage/team you work with?
– What is the commission split and cap if there is one?
– Do you have any marketing resources that I can use?
– How often do you train your agents on new tools and technology?
– What are some aspects of real estate or business that you specialize in to help your agents?
These are just some examples of questions that you might want to ask, but make sure to tailor them specifically to what gaps in your business you need to be filled.
The most important part of this interview process is making sure that the new brokerage understands what it is that you are looking for so that both you and the brokerage knows how their business model can help you. If they cannot answer any of your questions or do not seem interested in helping you find a solution to your problems then it might be best to move on and keep searching.
Interviewing with brokerages should never feel like a job interview, remember that you are an independent entrepreneur and your brokerage is simply a partner that you will be working with to grow your businesses together. You should have a good understanding of what their company culture is like, how often do they work together with their agents, what kind of support (if any) you will receive, and how you can benefit them.
Remember, finding a new brokerage is not always about making more money or having a better title, it is about finding a business model that can help you grow your existing real estate business. Make sure to ask lots of questions so that both parties can make an informed decision about whether or not this new brokerage is a good fit for you.
Look For Potential Pitfalls
During the interview and due diligence period of your new brokerage search, it is important to also be on the lookout for potential pitfalls. You want to make sure that you know all of the details about your new brokerage before you jump into something that you will regret later.
Some things you might want to watch out for are: hidden fees, a lack of marketing resources, poor training and support systems, and inflexible or unrealistic business models.
If you see any of these red flags it is best to move on and keep looking. Again, a good brokerage should be able to solve your current problems and help you grow your real estate business without creating more for you.
When you are doing your due diligence on potential brokerages, make sure to find an agent or two who have been working at the brokerage for some time and ask them for their opinions on the company. It’s always best to get information about how a brokerage is for agents from the primary source.
Another way to increase your chances of success in choosing a new real estate brokerage is to ask agents who have left the potential brokerages that you are considering joining. Ask them why they left and what issues they were having. Then check to see if the issues still exist or have been fixed by the brokerage.
Keep in mind that an agent’s success is always dependent on their own performance as independent business owners so do not just go off of one agent’s bad experience about a brokerage. The key is to ask lots of questions, do your research, and talk to multiple agents and brokerages before making a decision. This will increase the chances that you find the perfect new brokerage for your real estate business.
Take a Test Run
At the end of your search for a perfect new brokerage as a real estate agent, it will be wise, if possible, to see if you can take a “test run” of your potential new brokerages. This will help you to get a feel for what it would be like to work with them on a day-to-day basis.
Many brokerages offer a trial period or guest passes to their training so that both the agent and the brokerage can make sure that it is a good fit for everyone involved. During this time, you can take the brokerage’s training, attend their meetings and masterminds, speak with your new team of brokers and support staff members to see if they can help you grow your business. If at the end of the trial period you are not happy with how things are going, then you can always move on without any penalties or hassles.
Taking a test run is always a good idea, especially if this is your first time switching brokerages. It will give you an idea of what to expect if you make the switch and can help to avoid any surprises down the road.
Also, it is good for agents to attend any brokerage tours and interactive executive presentations and overviews if your potential new brokerages offer these to any agents who are interested in joining their company. This way you can see a full, detailed breakdown of the brokerage model as well as meet some of the other agents that you will be working with at the company.
During the interview period, ask your potential brokerages if you can attend an overview presentation or experience some of their systems and tools as a guest for a trial period. This will give you the opportunity to work with them closely and see how they can help you grow your business. If things don’t go well after that, then you can always move on or stay at your current company without any penalties.
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Keeping an Open Mind
Now that you have narrowed down your choices, spoken with multiple sources, and seen each brokerage model in live time, it’s time to make your final decision.
When making your decision, always keep an open mind. Just because a certain brokerage has worked well for your friend or colleague doesn’t mean it will be the best choice for you and vice versa.
Remember, each real estate agent is their own independent business owner and what works for one person may not work for another. So take all of the information that you have gathered and make the best decision for yourself and your business.
Keep in mind that like any industry, real estate brokerages are always changing and evolving so it’s important to stay up-to-date on the latest changes in order to make the most informed decision. What may have seemed like a bad brokerage model 5 years ago, might just be the new opportunity that is redefining the way that real estate agents run their business.
When looking for a new brokerage, always keep an open mind and a vision for the future. Instead of only thinking about keeping more money today, also be on the lookout for how you can make more money tomorrow. After all, change in the real estate industry is inevitable, and agents who are looking for a new brokerage should know that better than anyone.
Are You Ready for a Change? What Does the Perfect New Brokerage For Real Estate Agents Look Like For You?
At this point in your career as a real estate agent, you are likely looking for ways to take your business to the next level. You might be feeling stagnant in your current situation or simply ready for something new. Whatever the reason may be, many agents often find themselves wondering how to find the perfect new brokerage.
Looking for a new brokerage can be a daunting task, but if you follow these steps then you are sure to find one that is the perfect fit for you and your business. By finding a company that can help solve your current problems and grow your business, you will be on the path to success. Good luck!
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