New Agent’s Guide to Choosing a Broker: What You Need to Know

New Agent's Guide to Choosing a Broker: What You Need to Know

New Agent’s Guide to Choosing a Broker: What You Need to Know

Being a real estate agent can be incredibly exciting. You have the opportunity to work with different people every day, learn about new locations and properties, and scope out new homes for yourself! But being a real estate agent can also be nerve-wracking. There are so many details to consider when working as a real estate agent, from picking which broker to work with to handling your first commission check. Working as a real estate agent is not easy. It’s stressful and tiring at times. But if you love meeting new people and browsing cool houses, it’s the perfect job for you! When starting out as a real estate agent, you may feel daunted by all the different aspects of this role. After all, this is something that takes up most of your time and energy. However, choosing the right broker is just one aspect of being a real estate agent that requires careful consideration before you begin your new career path.

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New Agent’s Guide to Choosing a Broker: What You Need to Know

What is a real estate broker?

A real estate broker is someone who is licensed to represent both buyers and sellers of real estate. To become a real estate broker, you must have at least two years of experience as a licensed real estate agent.

Brokers make a commission on every sale that their agents close, and they also charge a percentage for their services. This commission is typically split between the broker and the agent who closes the sale.

How to find the right real estate broker for you

When you’re starting out as a real estate agent, it’s important to choose the right company and broker to work with. You will be spending a lot of time with this person, and it’s good to feel comfortable and excited about the partnership. Luckily, there are many different things you can consider when choosing the right real estate broker.

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New Agent’s Guide to Choosing a Broker: What You Need to Know

3 Factors to Consider When Choosing a Real Estate Broker

Reputation and Track Record

When you’re choosing a real estate broker, you want to make sure they have a good reputation. You don’t want to work with someone who is unreliable or untrustworthy; instead, you want someone who has a solid track record in their industry.  Determine a broker’s reputation by looking at reviews from past clients, reading online testimonials, and talking to current real estate agents who work with them.

You should also consider how long the company has been in business. A company with a longer track record is more likely to be reliable and trustworthy than a newer company.

Responsiveness and Transparency

When you’re interviewing real estate brokers, you should be sure to ask them questions about their process and how they work. You want to choose a broker who is responsive and transparent in their business practices; this makes it easier to feel comfortable working with them. You should ask things like:

  • How do you decide which properties your agents should show?
  • What is your process for getting a new client and signing them up?
  • How do you plan out your marketing strategy?

Commission Split

Your real estate broker will take a commission from the sale of each property that your team closes. The amount of money that goes towards your broker varies by company, but the standard average is around two percent. You can do the math to see how much you would make on each property by using this commission calculator.

However, you want to make sure you’re comfortable with the commission split before you commit to working with a broker. Some real estate companies offer a 50/50 split with their agents, while others might offer as little as 35/65. You can ask your potential broker about the commission split upfront, so you know exactly what to expect.

Bottom line

Being a real estate agent can be stressful, overwhelming, and tiring. Luckily, choosing the right broker can make all the difference in navigating this career path.

You want to make sure you pick a company and broker that fits with your personality and work style. That way, you’re more likely to enjoy this career path and succeed as a real estate agent.

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