I had been licensed for just a few months and I began to see a pattern I didn’t like. I’ll admit, when I first became a real estate agent I didn’t “shop around” brokerages. My boyfriend, and best-friend of 8 years (at the time), was the Broker/Owner of Ian Alexander Realty Group in Queens, NY and we both just assumed I would hang my license there. Shortly after passing the exam, I started looking into other brokerages.
Many Real Estate Brokerages Are…
Outdated. Poorly operated. Robbing agents blind – the list goes on. There are some amazing brokerages out there that have so much to offer. Sadly, many new real estate agents do not understand the part that a brokerage should play in their business. That’s right…their business! YOU OWN A BUSINESS.
#1 What Tools Do They Offer?
If all a brokerage is offering you is a desk and a phone in exchange for $1200/m then you’re pretty much being robbed. That would have been valuable back in the 1980’s, but this is 2019…where’s the technology? Are they offering a starter CRM? As a new real estate agent it’s important to consider your options and ask questions. Don’t be afraid to interview the brokerages and ask what tools they offer.
#2 What Support Do They Offer?
Imagine you’re a new real estate agent and you just got your first deal under contract. What happens next? If you don’t know the answer – they really don’t teach it in school – who will you turn to for help? Find out if there are mentorship programs available within the brokerage. Is there an office manager who has transaction know-how that can help? Does the office offer a transaction coordinator? Is there a Knowledge Base with articles and videos to help you when you’re stumped at 1:00am and there’s no one to call?
#3 What Portion of their Agents Are Actually Producing?
Now this might stump some brokers if you ask, but it’s a valid question that you’re entitled to know the answer to. As a new real estate agent, you want to surround yourself with those you want to be like. If you’re surrounded by agents who hang at the water cooler, attend all the networking open bars and have ZERO clients…get out of there. If your plan is to build a rock solid real estate business and be a rock star, well…go find some rock stars!
Why the Commission Split Isn’t On This List…
There are certain brokerages that take 40% of your commission, plus transaction fees, but in return you have access to so many tools and support it would be impossible to fail. Then there are brokerages that offer 100% commission and a small transaction fee, but they only exist online and their is NO support. Most brokerages live in between the spectrum. Your job as a new real estate agent is to identify what level of tools and support you feel you’ll need and what those are worth to you.
Are you a real estate agent in New York? Learn more about Ian Alexander Realty Group