Is Your Brokerage Right For You?

 

I believe that choosing the right brokerage for you is crucial for your business success and overall satisfaction!

While you are entirely in control of your business and 100% responsible for your results, the environment and culture that you chose to associate with, has a tremendous influence on your energy and momentum and can either propel you or seriously hinder you.

There are many components that make up a successful brokerage, i.e., their location, the strength and clarity of their brand, the culture, their reputation in the community  ... and probably even more importantly, their purpose and vision.

While most agents choose a brokerage based on convenience, the best commission split, and lowest fees - and then, later complain that most sellers do the same thing - I believe that if your goal is to find the best suitable brokerage for you, your focus should never be on cost but value.

Hence, discussing commission splits should be one of the LAST things to do, because you have to understand the value before you ask for the price tag, right?

So what questions should you be asking your potential new broker 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 of 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 three words - what would they be?
  • What's their on-boarding procedure for new agents?
  • Are there any 'unwritten' territorial boundaries for specific agents that you need to know about?
  • What is their policy for office leads?
  • What type of administration 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 significant 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 make 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. Take a peek 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 three words, what would they be?
  • If they could describe the broker's personality in three 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?

 

And then the most powerful question of them all:

  • If you had to start all over again - knowing what you know now - would you choose to work at this brokerage still? 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 as well and you can 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, too.

Keep soaring!

Alina

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