Is Your Brokerage Right For You?
One of the very first things I do, when I start working with a new coaching client, is to take them through a somewhat soul-searching exercise to get 100% clear on whether or not their current brokerage is indeed a right fit for them.
Well ... before we start working on building a high 6 to 7-figure a-year real estate business, we want to make sure it's built on the right foundation.
Choosing the right brokerage really is crucial.
And even though you are in control of your business and 100% responsible for your results, the environment and culture that you choose to associate with will have a tremendous influence on your energy and momentum and can either propel you ... or seriously hinder you.
There are several components that make up a successful brokerage, i.e. location, reputation, leadership, structure and systems, culture, etc.
And while most agents typically choose a brokerage based on status, convenience and the best commission split with the lowest fees - I believe that if your long-term goal is quality and the right growth, your focus should never be on cost ... but on value.
Hence, discussing commission splits should be one of the last things you do because you have to understand the value before you ask for the price tag.
There are 4 stages to the whole process.
- The soul-searching stage
- Brokerage research and interviews with managing brokers
- Agent interviews
- The final decision process
Here are the 11 questions I pose to my new coaching clients in the soul-searching stage to evaluate their current brokerage. Answering these questions in writing will help you to get the clarity you need to make a good decision. It's a good practice to go through these at the end of each year, as you reflect and plan for the new year.
- What do you like and appreciate most about your brokerage?
- What is your biggest challenge or struggle working there?
- Do you respect your managing broker, and do you trust their leadership and judgement 100%?
- Do you love what the company stands for, and are you proud to represent it?
- Does the culture at the office energize you and reflect your beliefs?
- Do you feel productive when you are at the office, and are you able to get things done?
- On a scale from 1-10, how would you rate the level of gossip and drama at the office?
- What's the ratio between productive and unproductive agents at your office?
- Does the office location make sense based on your target market area?
- If you had a magic wand and you could change just one thing, what would it be?
- Knowing what you know now - would you still have chosen to work at this brokerage if you could go back and start over again?
Here's what usually happens once you go through these questions:
- You're either feeling energized and confident ... and more certain than ever that you are, indeed, in the 'right place.'
- Or you're feeling uncertain. Especially after question #11. But if you were completely honest with yourself, this exercise really just confirmed what you already knew deep inside all along.
There is no in-between.
Now, sometimes it's just a conversation ... a heart-to-heart with your broker/team leader to set a higher standard going forward.
Other times, you're gonna have to make a decision sooner or later, and the longer you wait, to more you're robbing yourself of ... energy, joy, peace and .... opportunities.
I hope you found this helpful.
Cheering you on,