Is Your Brokerage Right For You?

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.

#micdrop

I mean, isn't that true? We look for convenience and we look for the best deal in town ... hopefully as close to where we live as possible.

I believe, working at the right brokerage is crucial for your business success.

While you are fully in control of your business and 100% responsible for your own 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 hinder you.

There are many components to a successful brokerage - no doubt - location, brand, culture, reputation .... not to mention purpose and vision to be some of them.

And I believe that when you are trying to find the best suitable brokerage for you, your focus should never be on cost but on 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.  

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 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 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 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 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 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 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?

 

And then the most powerful one of all:

  • 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

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