Real Estate Happenings

Finding the right place to hang your real estate license is not just for the newbie real estate agents. Many, more experienced agents are on the hunt for the right fit as well. It's a balancing act that any real estate agent desires.

Not a real estate agent yet? Then it's a great time to start doing your homework. Real estate works better if you start off on the right foot. While you are in school you can network with other students either online or in person and get the behind-the-scenes talk about various brokers in your area. This is one of those times where attending real estate classes in person really does help you in starting your real estate career.

Typically, a real estate school will hold discussions or seminars on brokers and what to expect, along with a bulletin board where "New Agents Wanted" ads are posted.

For any agent, new or experienced, one stop you definitely want to make is the broker's website. First and foremost, your broker should have one. No website, or even a single-page site, should make you immediately wary. In this day and age of technology, you want to align yourself with a company that avails itself of the latest and greatest in regards to the Internet.

On the broker's website, you will likely find a page dedicated to recruiting agents. It should explain what benefits are offered to agents and any particular programs they are proud to promote. This could be a 100% commission plan or a program where portions of office fees go to charitable organizations. As you peruse the site, take note of any questions that come to mind. If you decide to interview with that company, you'll want to take those questions with you.

Another thing to look at on the broker's website is their list of agents. Most will have a list and even provide contact information. These agents will be not only your competition but your fellow colleagues. You may gain important knowledge from them and give or get referrals down the road. You may want to contact a couple of these agents to ask them for their honest opinion of the company, either before or after you interview with the company yourself.

When the time comes and you do decide to interview with a broker, keep in mind that you are in the driver's seat just as much as the broker. Obviously, be professional, bring a resume and be ready to ask questions about your employment history. But bring a list of your own questions to the meeting as well.

Ask about the agent support and how much help from the administrative personnel in the office may be expected. Make sure you question them about their expectations of your time. Are there mandatory sales meetings? Is there floor time or phone time that each agent must give each week or month? And definitely ask about the plans for the future of the company. You want to align yourself and set up your real estate business under a broker who you can see yourself with for the long haul.

You don't have to make any decisions right away. In fact, you are better off if you interview a minimum of three brokers. You want to really give yourself the opportunity to find the company that is a good fit for you. And you also want to take the time to calculate the commission programs at each of the companies in order to make an apples-to-apples comparison.

For example, Broker A has a 100% program. Of every transaction, there is a flat fee of $350 plus an errors and omission fee. Broker B has a 70% program but no other fees off your commission check. And if you close two properties in one month, the second property will bring you a 100% commission!

But wait - you will also want to evaluate the desk or office fees each company charges its agents. Again, you need to make a comparison that puts each broker on an even playing field. Perhaps Broker A charges more than Broker B each month for office fees, yet offers much more in terms of office support. If you don't need that office support, then you know the expense of Broker A isn't worth it for you. Or perhaps, that higher office fee negates the desirable-sounding 100% commission plan.

In the end you need to crunch the numbers that make financial sense for your real estate business. But you also want to find a company that provides you the level of support you need and embraces the philosophies and concepts that you hold dear.

About the Author:

Volker Weiss - Maui Realtor(R/S) specialist focusing on Wailea Fairway Villas condos on Maui. Make your vacation last forever, check out Wailea Real Estate. For immediate help call VW directly at 888.572.6888

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