Top 5 Things an Agent Needs to Consider Before Joining or Switching to a New Brokerage
Are you an agent who is looking for a change? This article is for you.
There are many reasons why real estate agents may want to join or change to a new broker. Many times, it’s because they want better pay. Other times, it may simply be because they are looking for a new environment – somewhere that they can fit better. Or maybe it’s their first time getting a job at a broker agency after they graduated or changed domains.
No matter their reasons, when an agent is on the move, they need to be thorough. Change is good, and recruitment is always on the move, but you need to be aware of the reasons why you are seeking this change. With that in mind, here are the top things that agents need to consider before making a switch to a new brokerage.
1. Office Environment and Culture
If you are leaving your current company because you are not satisfied with the culture, then you need to think about what type of environment meets your demands the best. It might seem like something you can choose based on your instinct, but truth is, it’s something that you should research thoroughly.
For example, if your purpose is to work in a tight-knit environment where you can form close relationships with your co-workers, try finding a small company with those features. On the other hand, if you are looking for business-like environments, try looking for a well-known established workplace.
2. Leadership Reputation
One more thing that you need to consider is the leadership, going all the way from the CEO to the regional manager. How well-appreciated are they within the company? Do they treat their employers with the correct amount of respect? Many agents decided to bail simply because they felt underappreciated and disrespected by their leaders.
With that in mind, aside from finding out how appreciated they are by their peers, you should also find out their position on the market. What is their current marketplace presence? What is the image they built? Are they quick or slow in reacting to market changes? Gather all the data that you can about said company.
3. Business Support
Like with every company, you need to consider the business support of the broker that you want to switch to. What can they offer to ensure that you will have more success there than you have now?
Sure, higher pay may be a point, but that shouldn’t be all that matters to real estate agents. What is their potential for growth? Do they offer any resources for professional development? What about training programs? Are there any chances for you to be placed under a mentor – and later on, become a mentor yourself? Consider all these for your benefit in the future.
4. Location and Work Flexibility
Before making a decision, inquire about the location of the office. Is it far from you? If you have to commute every day to the office, it might be rather inconvenient if you must go there every day. Even if you only have to show up occasionally for a meeting or to turn in some files, you still want to spend as little time as possible on the way.
With that in mind, go for brokers that provide you with a fair amount of flexibility. You never know when you have to work from home, so working remotely should be an option. More and more companies are making this shift lately, but you may want to be sure their schedule is the right fit for you.
5. Financial Deal
Last but perhaps the most important is the financial deal – particularly if you left your previous place due to unsatisfactory pay. When you are discussing with the recruiter, ask about the commission split fee. Do they make any differences based on the experience? Will you have the same split or 60/40 even after years of experience?
Some brokers might not even offer these splits, but instead, offer a fixed transaction – say, $400 per deal. While this might be a good fit if you are a new broker looking for experience, it might not seem so convenient for you if you have years behind you. Make sure that you research all the compensation models and that they match your skills and financial goals.
The Bottom Line
In the end, research is the main thing that you should do when opting for a new agency. Gathering as much data as possible about different real estate brokerages is vital before your transition. If you are planning to change anyway, make sure they are a good fit.