REALTORS Only Please - What Criteria in Deciding to Move Brokerages (RE agent, commission)
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I'd be interested in the opinions of the professionals here - if you were looking at changing to a new brokerage - what specific criteria would you use to evaluate the different franchises (or local offices) to make that decision?
Your insights into any competitive advantages or support provided would also be helpful.
Dave, I changed brokerages almost 2 years ago, and I'm so glad I did. My criteria is perhaps different than many agents, but I'd be happy to share the things that were important to me:
1) I wanted to work for a company that wasn't into the old business model of hiring as many agents as possible, including lots of new agents so that the company's split would be higher.
2) I wanted to work for a company/broker that actually cares about their agents and wants to see them succeed, recognizing that this is the way to build a strong company. (Btw, my broker actually sent out an email a few months ago asking the agents what the company could do for them. I thought that was awesome!)
3) I wanted to work for a company that professionalism was paramount.
4) I wanted to work in an office with an upbeat, positive vibe, where agents support one another and you're always greeted with a smile.
5) Of course, the split had to be decent. However, when a company/broker/office really supports their agents, you close more transactions as a result.
I found such a company, and the business model of hiring experienced professional agents is paying off in this down market. This company is number 1 in my area, mainly because of it's reputation and because of a broker who really helps his agents in numerous ways - whether through marketing ideas and materials, or classes that keep us a step ahead of local real estate trends, or just mentoring us.
The best to you in your search, Dave. I think it's very important for each agent to find a company that's right for them. Cause when you're happy, your clients are happy.
I would be looking for a company that allows and encourages agents to create name recognition for themselves. A broker that is actually available and knows their stuff. Broker and/or manager that do not compete with the agents. A brokerage that is smaller in size. Broker that doesn't 'bend' the rules (laws) in order to close a deal or get business. A brokerage with few 'rules' other than you are honest and follow the law. An appropriate split. A place with very little drama.
I like the above answers... and Don't mess with my money. Splits should only be re-evaluted once a year, not on the brokers whim. If you are going to do something that impacts "my business" negatively, make sure I know about it and discuss it with me and what you are willing to do to mitigate it.
I am a business that works within your business, respect me as a small business person. I am not your employee......
I do like education, marketing ideas and support, and duty should be optional!!!
It seems as though the range of "splits" out there is pretty broad. In just the few people I've talked to recently, there are apparently a lot of ways to "skin this cat."
While I understand that there is an element of risk mitigation in which particular split is right for an individual - what do some of YOU think is the most effective way to set it up?
It seems as though the range of "splits" out there is pretty broad. In just the few people I've talked to recently, there are apparently a lot of ways to "skin this cat."
While I understand that there is an element of risk mitigation in which particular split is right for an individual - what do some of YOU think is the most effective way to set it up?
Totally agree with you. One company may give a higher commission split, but then beat you up with fees, while another may be a little lower on your split but few fees. Be cautions on office/desk/marketing fees . . . or whatever they want to call them. Sometimes those monthly type fees can be the worst. Also beware of a company that wants to charge the agents for promotional/marketing materials that's basically marketing the company. My former company was a big national franchise, and they had lots of ways to bilk money out of their agents.
Because of the above, I think a person really needs to look beyond the commission issue when interviewing and concentrate on the broker/brokerage and how it's run. A well run brokerage with a supportive broker will help their agents make more money. Of course commission is the bottom line, but watch out for hidden fees.
Around here, it's been the "100%" companies (that nickel & dime their agents to death), and the companies that are very loosely run (when it comes to the level of professionalism of their agents). and startup brokerages that have gone bye-bye in this slow market. Because of the current state of the economy, be sure you've got a brokerage that's well-run and is going to be around for a while.
Dave I think you should join the world of independent brokers and start your own. I have a home office and my overhead is insanely low. You have a blog, a radio show, online presence, an MBA...
Otherwise, based on your posts here, I think you would fit in with the northwest company with the big W. In Salem they are great agents, and if I wasn't independent I would work for them. They have great training for agents, totally professional, community oriented...I think you would fit right in with their service philosophy.
I left my first and only company to start my own brokerage, so I didn't do the company hopping thing. I agree with Gretchen that the professionalism of a company is going to determine its survival in the next few years. Pick a company that focuses on SERVICE to clients and not so much who made what quota that day. Buyers and sellers are so much more savvy these days, and know good service when they see it.
Silverfall - thanks for the nice words. Interestingly, I had this conversation earlier today with a friend of mine too. He thinks I should go "independent." Frankly, I've thought about it, but I really think I still have a lot to learn about both business in general AND this business before I'd be willing to fly solo, especially in the current environment.
Dave I think you should join the world of independent brokers and start your own. I have a home office and my overhead is insanely low. You have a blog, a radio show, online presence, an MBA...
Otherwise, based on your posts here, I think you would fit in with the northwest company with the big W. In Salem they are great agents, and if I wasn't independent I would work for them. They have great training for agents, totally professional, community oriented...I think you would fit right in with their service philosophy.
I left my first and only company to start my own brokerage, so I didn't do the company hopping thing. I agree with Gretchen that the professionalism of a company is going to determine its survival in the next few years. Pick a company that focuses on SERVICE to clients and not so much who made what quota that day. Buyers and sellers are so much more savvy these days, and know good service when they see it.
Your comment about the professional company in your area is very interesting. I know I hear alot about the philosophy of professionalism within the company, but I've wondered if it had more to do with my local broker - it's nice to know that really is the reputation in other areas as well.
Gretchen too funny. I just looked up who you work for...I have an agent friend in Seattle and they have a great rep there too.
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