You can waste a lot of time when you mistakenly choose the wrong real estate brokerage to work for. There are major differences between some brokerages in commercial real estate today. In undertaking a bit of selective questioning and research at the very beginning of your career you can make the best choices when it comes to the top brokerage to work for, the property type, and the location.
There are things to look for when it comes to assessing the capability of the brokerage and how they can assist you to grow market share. It should be said that the brokerage will supply some of the tools and resources to get you started as a professional in the industry; you can ask questions about those things and understand the differences and the benefits each brokerage can provide. From that point onward, all of your actions and systems at a personal level will help you improve professionally and financially. Most of the results achieved in our industry come from deliberate effort on the part of the agent. That is where choices and actions become really important.
Here are some points of focus to help you identify the best brokerage to work for:
- Peers and associates – In any real estate team, the interaction between peers and associates can provide valuable ideas and momentum. Ask questions about how the team will interact and the rules that apply when it comes to commissions, territories, listings, and information sharing.
- Top agents – Some members of the team may be highly regarded and known as ‘top agents’ in their industry and territory. You can learn a lot from these agents. A brokerage with a good selection of top agents will likely have the established resources and systems to support help newer and average agents succeed. You may be able to interview one or more top agents locally to see what they think about the market and the opportunities within particular brokerages.
- Leads and referrals – In most brokerages there should be some referrals and leads being shared across the team or with particular agents based on experience and relevance to the requirement of a prospect or client. Ask about how such opportunities are shared and what commission splits would be the result.
- Territory control – Some brokerages will want to control property type and the location territory of each of their agents. There is merit in the process in that it helps every agent focus into an area and get more out of prospecting and farming for new business. The key question to ask is ‘What is my area or sales territory?’
- Support and administration – There are major differences across the industry when it comes to administrative support. Some agents will do everything themselves without any support; that then slows them down when it comes to growing market share, marketing, creating leads, and negotiating. Administrative support is an advantage for any agent, but is a cost to be covered; the commission sharing between the brokerage and the agent should be adjusted to offset that administrative cost.
- Database ownership – The strength and size of a database will make or break an agent’s career. Every agent should be prospecting for new business every day to grow their database comprehensively and consistently. The question then arises as to who owns the database information; this will be a consideration when an agent leaves the brokerage.
- Market penetration – Just how strong is the brokerage today when it comes to their market share and brand awareness? What benefit will that brand bring you when it comes to winning a client or a listing presentation?
Simple questions and observations like these will help you make the right choice in brokerage. From that point onward, everything is up to you.