How do I pick a firm as a realtor?

Question

I’ve been working as a wholesaler in my market for a while now and am about to have my real estate license.  I know quite a few brokers at different firms. They’ve all offered different splits and perks, but what should I be looking for? Some offer a smaller split but it’s a bigger firm, others offer a larger split for me but it’s a smaller firm. If I accept a smaller split I want to know I’m getting some sort of value out of it. What do you look for? I see a ton of potential in my market as a realtor which is why I’m getting my license. I just don’t want to start out wrong.

Anne T Tanner · Answer

Some of choosing a brokerage depends upon your personality and what you need from a brokerage.

For instance, are you a social creature? Do you want the brokerage to have internal events that builds culture?

Do you need a mentor, training, etc or will you hire your own coach or are you a self learner?

Each broker has different offerings, you need them to fit you.  If you hate meetings and a broker has office meetings every week that may drive you crazy.

Be aware of splits but also be aware of caps (the split either raises or ends once you pay a certain amount)  Beware of brokerages that dont cap how much you pay.  It must be reasonable for both you and the brokerage.  It's not uncommon to pay $20-$25000 a year to a brokerage with splits, desks fees etc based on what you earn but if you make $100,000 in commissions and are on a straight 50/50 split you would give them $50,000!  That's crazy.

Talk with agents that are at a few different brokerages you would consider and see if what they describe fits you.  Almost any broker will take you - so it is up to you to choose wisely.

Anne Tanner, Real Estate Business Coach

Ramon Vazquez · Answer

@Matt Greer every office is different, but join a brokerage that offers what you need. For me it was training but for others, they may value branding more. I highly recommend not going for the brokerage that offers the most favorable splits. Money isn't everything, especially when you are starting out.

Antwuan Jones · Answer

I am in the same situation as yourself in regards to me getting my license. I probably don’t know much more than you but I would believe that we should be focusing on a few things.

First is training. We should be looking for a brokerage that is going to take the time to help us develop systems and strategies that we can mold into our own. This is very important because I would not want a rookie without any training giving me paperwork and contracts to sign.

Next would be experience. I plan on keeping my day job and getting as much hands on experience that I can obtain. That way, I would not have to focus too much on commission splits because my expenses are still getting paid. As long as my broker is giving me experience, I could work for free. (Not for long though)

Another area would be to allow me to transition into independent work comfortably. I am sure a lot of us are coming from w2 jobs and aren’t used to chasing our checks on a daily basis. So a brokerage that allows me to transition at my own pace would be great.

I am interested to see what the other BP members have to suggest and I’ll be taking notes.

How do I pick a firm as a realtor?

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