How To Choose The Right Real Estate Brokerage

 

(This video lesson is an excerpt from my Flagship Program: World Class Agent Academy)

Finding The Right Brokerage Is Almost Like Marrying The Right Partner. WHAT?? Well, Almost ... Let Me Explain!

While you are fully in control of your business and 100% responsible for your results, I believe that working for and with the right broker - especially in the beginning of your career - has an incredible influence on your career, because everything will flow out of that

People will often associate your perceived value and expertise with the brokerage you represent. In other words, they will make value judgements based on the reputation of your brokerage, its size, its brand as well as its location. While size, location and reputation seem like common sense, we all know that brand can go all the way from painfully cheesy ... complete with your DIY logos and 90ies fonts (remember Papyrus?) ... to consistent, professional, world-class - complete with a clearly distinguished value proposition. 

But most agents don't look for location, reputation, and brand - at least not at first.

Most Agents choose a Broker based on the best commission split and the lowest fees, and then, later complain that most Sellers do the same thing - but I digressed.

In other words, most people shop based on cost and not based on value, and there's a world of a difference, because it has to do with your mindset! What you focus on expands, and it becomes your own personal truth. 

I know people who live their entire lives based on cost, and they will never have abundance, because cheap is their focus, and you will always get what you focus on. 

I believe that when you are trying to find the best suitable brokerage for you, discussing commission splits should be one of the LAST things to do, because you have to understand value before you ask for the price tag.  

So what questions should you be asking your potential new broker in order to understand the real value (or the lack thereof)?

 

Here's a list of the questions I would ask - from basic to strategic:

  • Get a clear picture on what their vision and mission statements are. In other words: Why do they exist? What drives them? What's important to them?
  • If they had to describe their company's culture in just 3 words - what would they be?
  • What's their on-boarding procedure for new REALTORS®?
  • Are there any 'unwritten' territorial boundaries for certain agents that you need to know about?
  • What is their policy for office leads?
  • What type of administrational services are included? I.e. does the office staff just process deals, or do they also create feature sheets and promo flyers, edit photos, upload your listings to various sites, do your mailers, reconcile and file your GST reports, etc.? What else is included?
  • What's expected of you? And this question alone will reveal the real mindset of your potential new boss. In other words: Is it just about tasks, production and money, or is it also about people, growth, service, excellence? You get the point.
  • Then I’d ask: Who is your greatest competitor in the market place, and why?  => Again - this is a major mindset question. Are they looking ahead, or are they looking left and right, because in the long run, this determines the success of the brokerage.
  • Is the broker quantity or quality-minded? In other words: take a good look at their agents and see how many are actually producing, and how many are just barely getting by. You see, eagles don’t hang out with the turkeys. They don't have time for the gossip that's happening on 'that level', and if you wanna be up there with the eagles, you've got to stay away from the barnyards. Interestingly, it also works the other way around. Turkeys usually can’t stand being in the presence of eagles for too long either, because the eagles' drive and determination makes them very uncomfortable. They’ll eventually leave and go work across the road, because there 'they can fit in, and just be themselves'. Know anyone like that?
     

Once you have gotten some answers to these questions, and you feel like there might be some possibilities, I would move on to the next phase. Peak behind the curtain so to speak.

 

Call a few of the broker's agents (the ones who have a lot of listings and also some who currently don't have any) and get some answers to the following questions:

  • Ask how long they have worked at the subject brokerage. Obviously, their opinion matters a whole lot more if they've been there for a while. (If they have a hopper pass, well ... you know)
  • If you could describe the culture at the brokerage in 3 words, what would they be?
  • If they could describe the broker's personality in 3 words, what would they be?
  • On a scale from 1 to 10 what's the quality level of the training and the support at this brokerage?
  • What do you like MOST about working there?
  • What's the one thing you wish you could change?
  • If you had to start all over again - knowing what you know now - would you work at this brokerage again? BOOM!
     

 None of this is rocket science, but I can promise you, the answers to these questions will reveal a lot about the mindset, the culture, and the leadership lid of this brokerage, and give you the insight you need to make the right decision.

If your conversations with your potential new colleagues have proven to be satisfactory and you can totally imagine working together, it's time to book another meeting with the managing broker and pop the $$$ question. You have certainly proven YOUR value, and I am sure they will have noticed that.

 Keep soaring!

Alina

Close

50% Complete

Yes, I want To Subscribe To Alina's Insider Newsletter

Your Information is always 100% safe and never shared with anyone.