What should I look for?

Question

I am completing my Real Estate license in Utah soon, and would like the opinions of those who know better than me. What should I look for in affiliating with a broker? Should I look for a national chain, local, or are there other options? Independent contractor or employee? Thanks in advance.

Bill McKee · Answer

Your question is excellent- and by extension, relates to the reason for my joining a company that is perfect for these times. Personally, I have been a broker for more than 30 years-having started in brokerage while still in College.

Dave P. · Answer

Find an office with a good environment. During the interview, don't spend much time on splits and fees (you will look like a selfish novice). Ask the broker/manager what systems and processes they have in place for you to help reach your goals.
                        
                        And, in turn, ask them what you could do to help them reach their goals (you will demonstrate your professionalism and good nature). You are looking for a win-win relationship, not just a futile arithmetic exercise based on splits of mythical commissions that haven't been earned.

Only in real estate do complete beginners walk into job interviews armed to the teeth with "what's in it for me" questions for their employer.
                        
                        Just my thoughts.

Alex Hanson · Answer

Thank you all for your thoughtful advice.  I definitely plan on implementing all of it. I'll keep you all posted on my progress and what happens.

Robin Rogers · Answer

I would recommend that you commit to interviewing at least three brokerages. Don't be flattered by their interest in you into signing up right away! These days, they all need warm bodies, and the person you interview will probably be a good recruiter. When you finish, you can compare what each has to offer and make a better decision.

The training and mentoring is the most valuable thing a brokerage can offer. If it doesn't work out, at least you will be able to take that knowledge with you.

Michelle Stein · Answer

I would check for everything like the fees you will be responsible and what freebies they give you...also find out how much freedom you have to market yourself - some brokers won't allow you to have a personal site without too many rules to make it useful for example...also check how many agents you will be in direct competition with, what training they provide...all those things  make a big difference!

Alex Hanson · Answer

Thanks you for telling me of your experience. It's the little things that you are talking about that really add up, don't they? I'll check into all those things you were talking about. Thanks again.

Mark Brian · Answer

What are your desk fees VS. commission split. Who pays for signs, cards, advertising, etc?  How much training? Call/Floor time, how much & is it mandatory? What is the split on property you are buying/selling?

I started at national chain, now at small local company because of the broker in charge. You may be an independent contractor but the broker can still make or break the company. I REALLY suggest doing a background check on the BIC by looking at complaints with the state RE commission and also local law enforcement. As you can tell I had a bad experience at my first company, but just checking online about the company & the BIC will help prevent ruining your reputation by associating with the wrong crowd.