By Jackson Cooper – writer & R.E. enthusiast at Jensen & Company. Follow Jensen & Company on Twitter or Facebook.
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Deciding which brokerage to hang your license with can have a profound impact on your business.
It’s critical to find a company that speaks to your values as a businessperson, works with your needs, goals, and has a culture fostering a work environment you’ll flourish in.
Time to use this slow down 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, it makes sense to align yourself with a brokerage that has a recognizable name in the high-end home sector.
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. If you are finding it hard to self-motivate or generate leads, it 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 asking 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 that has 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 already spend much more time on the road than we’d like to.
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 situated close to that area.
This not only makes it easier on your car miles, but it also makes it 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 a lot more than just a better commission split. Some companies offer little in the way of marketing for agents, whereas others have a 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 what your business needs are and find a brokerage that can help cater to 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, it’s crucial that you 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?