Choosing the Right Real Estate Brokerage: A Guide for New Agents
Choosing the right real estate brokerage is a crucial step for new agents. A brokerage provides you with the tools, resources, and support you need to launch your career in real estate. However, with so many options available, it can be challenging to know where to begin. In this article, we will discuss the factors to consider when choosing a brokerage, and provide tips on how to find the right one for you.
One of the most essential factors to consider is the brokerage's training and support program. Look for a brokerage that offers comprehensive training and ongoing support to help you succeed in your new career. This can include training on real estate laws and regulations, marketing and advertising, and sales techniques.
Another factor to consider is the brokerage's reputation and brand. Choose a brokerage with a strong reputation and a recognizable brand. This can help you build credibility with clients and attract more business.
Next, consider the brokerage's commission structure. Different brokerages offer different commission splits, so it's important to understand how much you will earn for each sale. Look for a brokerage that offers a competitive commission structure that rewards you for your hard work. On the other hand 100% of 0 is still zero, so make sure that whatever you're paying in commission or monthly fees is going to come back to you in training and resources.
Finally, consider the brokerage's culture and values. It's important to find a brokerage that aligns with your own values and goals. For example, if you're looking for a brokerage that focuses on technology and innovation, look for a brokerage that invests in cutting-edge technology and marketing tools. If you're looking for a brokerage that values in-person networking and communication, try to get a feel for the floor.
In addition to these factors, it's also important to look for a brokerage that is transparent about their services and fees. Be sure to ask questions and clarify any doubts you may have during the onboarding process. Some brokerages may try to downplay various onboarding expenses. The one I'm with (KWNYC) actually handed me a sheet with a clear outline of all expenses associated with joining them and it definitely added up. Another one advertised their "no nonsense" onboarding fee which included everything, then failed to mention a slew of fees that more experienced agents would have already known to expect. (Hint: Real Estate Board memberships and the use of certain technologies are often charged separately.)
Ultimately, the key to finding the right brokerage is networking. Talk to other agents and get their honest opinions about different brokerages. If you're unable to do that, you can also read reviews and testimonials of different brokerages online. Unfortunately, people in real estate are tied into the marketing biz, so you often find "unbiased reviews" which are nothing more than click bait.
My Own Decision
I decided to associate with Keller Williams NYC. after mismatching with a previous broker. (The company was great, but I didn't find myself a fit for their culture.) I like Keller Williams NYC because they provide agents with a lot of resources and tools, and they are very strict on regulatory compliance. They also have a great brand reputation and enormous opportunities for marketing. Their founder, Gary Keller, is the author of a very popular book in the field, "The Millionaire Real Estate Agent," which delves into the concept of creating wealth through real estate. In the book, Keller emphasizes the importance of having a business plan, building a team, and becoming a local market expert. As a final point they load you up with some great technology (both in-house and third party) and agent support and training to go with it. In the end, there's no company that will fit the personality of each and every agent; however I would definitely put Keller Williams on the "to be considered" list for any agent looking for a solid start in their career.
In conclusion, when choosing a brokerage, it's important to consider the brokerage's training and support program, reputation and brand, commission structure, culture and values, transparency about services and fees, and networking with other agents. In my experience, Keller Williams NYC offers many resources and a great environment for success, but whether or not KW is for you, please let me know if you find any of the information on this page useful, or have your own input to offer.
One of the most essential factors to consider is the brokerage's training and support program. Look for a brokerage that offers comprehensive training and ongoing support to help you succeed in your new career. This can include training on real estate laws and regulations, marketing and advertising, and sales techniques.
Another factor to consider is the brokerage's reputation and brand. Choose a brokerage with a strong reputation and a recognizable brand. This can help you build credibility with clients and attract more business.
Next, consider the brokerage's commission structure. Different brokerages offer different commission splits, so it's important to understand how much you will earn for each sale. Look for a brokerage that offers a competitive commission structure that rewards you for your hard work. On the other hand 100% of 0 is still zero, so make sure that whatever you're paying in commission or monthly fees is going to come back to you in training and resources.
Finally, consider the brokerage's culture and values. It's important to find a brokerage that aligns with your own values and goals. For example, if you're looking for a brokerage that focuses on technology and innovation, look for a brokerage that invests in cutting-edge technology and marketing tools. If you're looking for a brokerage that values in-person networking and communication, try to get a feel for the floor.
In addition to these factors, it's also important to look for a brokerage that is transparent about their services and fees. Be sure to ask questions and clarify any doubts you may have during the onboarding process. Some brokerages may try to downplay various onboarding expenses. The one I'm with (KWNYC) actually handed me a sheet with a clear outline of all expenses associated with joining them and it definitely added up. Another one advertised their "no nonsense" onboarding fee which included everything, then failed to mention a slew of fees that more experienced agents would have already known to expect. (Hint: Real Estate Board memberships and the use of certain technologies are often charged separately.)
Ultimately, the key to finding the right brokerage is networking. Talk to other agents and get their honest opinions about different brokerages. If you're unable to do that, you can also read reviews and testimonials of different brokerages online. Unfortunately, people in real estate are tied into the marketing biz, so you often find "unbiased reviews" which are nothing more than click bait.
My Own Decision
I decided to associate with Keller Williams NYC. after mismatching with a previous broker. (The company was great, but I didn't find myself a fit for their culture.) I like Keller Williams NYC because they provide agents with a lot of resources and tools, and they are very strict on regulatory compliance. They also have a great brand reputation and enormous opportunities for marketing. Their founder, Gary Keller, is the author of a very popular book in the field, "The Millionaire Real Estate Agent," which delves into the concept of creating wealth through real estate. In the book, Keller emphasizes the importance of having a business plan, building a team, and becoming a local market expert. As a final point they load you up with some great technology (both in-house and third party) and agent support and training to go with it. In the end, there's no company that will fit the personality of each and every agent; however I would definitely put Keller Williams on the "to be considered" list for any agent looking for a solid start in their career.
In conclusion, when choosing a brokerage, it's important to consider the brokerage's training and support program, reputation and brand, commission structure, culture and values, transparency about services and fees, and networking with other agents. In my experience, Keller Williams NYC offers many resources and a great environment for success, but whether or not KW is for you, please let me know if you find any of the information on this page useful, or have your own input to offer.
