By Jackson Cooper – writer & R.E. enthusiast at Jensen & Company. Follow Jensen & Company on Twitter or Facebook.
Deciding which brokerage to hang your license with can profoundly impact your business.
It’s critical to find a company that speaks to your values as a businessperson, meets your needs and goals, and has a culture that fosters a work environment where you’ll flourish.
Time to use this slowdown to dust off your resume, update your CE classes, become your own broker, or build your own team with a hybrid model of a “broker inside of a broker business model.
Are You Ready for Some Disruption?
Changing brokerages means more than just getting new business cards.
Depending on how tied into your current brokerage’s branding you are, switching to a new one can be disruptive to your biz.
On the other hand, new branding may be precisely what you need to elevate your finances.
For example, if your goal is to focus on luxury residential real estate, aligning yourself with a brokerage with a recognizable name in the high-end home sector makes sense.
Do your market research, and consider the companies that speak to the clientele you have or want to have.
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Can a New Brokerage Solve Your Problem?
Sometimes, the brokerage isn’t the issue—it’s the business. Finding it hard to self-motivate or generate leads can be extremely disheartening.
Adding a change of brokerage might only exacerbate the problem and give you even more things to think about.
Before deciding to switch companies, it might be worthwhile to ask your current broker what they can do to help you.
Sometimes, additional training, resources, and support can go a long way. If you have exhausted that avenue, a fresh start could be exactly what you need to jump-start your business again.
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What Does the Market Look Like?
If one broker dominates your local market, they’re probably doing something right.
Often, agents base their decision to join a brokerage on the commission split alone.
However, if you change to a brokerage with little market presence and your business slows down, it probably doesn’t matter that you get to keep 100% of your check.
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Is the Office in Your Preferred Area?
No one likes to spend all day in their car. As agents, we spend much more time on the road than we’d like. Adding an hour office commute to the schedule is probably not the best use of your time.
Similarly, if you farm a particular neighborhood, your office will ideally be close to that area. This makes your car miles easier and more convenient for your clients if they have to come to your office for any reason.
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What Marketing Tools Can They Offer You?
A new brokerage can offer you much more than a better commission split. Some companies offer little marketing for agents, whereas others have full marketing and PR teams at their disposal.
Do your clients love to receive postcards from you? Or does your business rely heavily on digital marketing? It’s important to understand your business needs and find a brokerage that can help you meet them.
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What is Your Preferred Office Environment?
Different agents need different things from their brokerage. For example, if you’re a newer, less experienced agent, you might need more support and guidance during transactions.
On the other hand, some agents like to work alone and rarely step foot in the office. If you seek a collaborative work environment, you must stress this when looking at potential companies to join. Most brokers are upfront about to expect from their office.
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Do You Need Help Generating Leads?
Some real estate companies provide their agents with qualified lead opportunities.
This can be invaluable for agents new to the business or don’t have an extensive network. Like many things, lead generation is often a trade-off with a commission split.
If you’re doing fine finding your own leads, you would probably rather keep more of your check-in in your pocket. Remember to read the fine print of any brokerage deal you are considering. If it seems too good to be true, it probably is.
Like anything, if you want to get the best out of your real estate career, you need a plan. It’s essential that you understand your professional goals and that you choose a brokerage that can help you realize them.
What type of service do you want to provide for your clients? The brokerage that best facilitates this is likely the one for you.
Copywrite © August, 2018 Daniel Dobbs MHM Mortgage /// All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, addressed “Attention: Daniel Dobbs, Author- VP-Broker Mutual Home Mortgage 265 S. Randolph #120 Brea, Ca. 92821 Cell: 949 250-3981 Dandobbs6@gmail.com NMLS #307631 BRE #00986886