(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:
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:
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.
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