1. Broker Support
As a new real estate agent, you will have a question on every little step of a real estate business. A newly licensed agent has received some theoretical training from the required real estate licensing courses, from initial onboarding courses by the local board. But the practical training may be quite different for some associates. The computer skills may be different for different agents. This may require real estate broker patience when the agent learns to practically use the multiple listing service portal. A skilled broker identifies those skill limits and walk the real estate agent through the system as the agent starts to work with its clients.
Facilitating the training on the property showings and the training on the lockbox systems in the field is how the knowledgeable broker start with the new agent. Doing open houses by taking the new real estate agent with him or her or delegating that duty to some other experienced real estate agents is important as well. This is how the broker start nurturing with experience to the new agent in the field. Guiding through the negotiating process when an agent works on an offer, the documentation process during making of an offer and dealing with other brokerages' agents is where the new real estate agent needs the initial hand-holding. By asking the questions in details to the real estate broker of the real estate agency is important. The agent should compare as much as broker support information of the different agencies as the agent can practically do. The research will help the associates finding the right real estate brokerage hiring new real estate agents.
3. Commissions & Fees
Why the real estate agents are in business is not all about money, but it is a lot about money. What you are taking home from your real estate deals and what are other brokerage fees, training fees, technology fees, transaction fees and marketing fees? These all should all be calculated when comparing real estate brokerages hiring new real estate agents. Some brokerages also offer passive income in real estate agency where a real estate agent can recruit other real estate agents for the real estate brokerage. This builds agent's own team. The brokerage then shares the commission it earns from that real estate agent' team with the agent. This provides the real estate associate an opportunity to earn passive income.
In return the team building real estate associate may have some responsibilities like training his or her real estate team and providing some level of support to its team. This is a great real estate marketing tool for agencies as well. This creates win-win situation for both the real estate agencies as well as the associates if implemented effectively.
The fees and commission splits in these real estate agencies may not seem attractive at the beginning. But when you consider the passive income earning potential from the team, they may well outweigh in the long run.
And finally, if the real estate brokerage's support, coaching and training is strong, then you may take into account these factors. You can evaluate if it is worth giving away a little bit more real estate commission split or a bit higher brokerage fee. But just because you are new and nervous entering into new field, you should not let agencies exploit your fear of lack of experience and charging sky high transaction fees or outrageous commission splits. For most agents it just takes first 2-3 deals to make your confidence shot up. So a thorough research of real estate brokerage hiring new real estate agents should be conducted evaluating costs and commission splits.
5. Opportunities for Growth
The traditional real estate brokerages' business model revolves around the associates bringing their own clients and closing the deals with them. The brokerages either keep an agreed upon commission split or a flat transaction fee on per deal basis. This is like a real estate career model where the associate grows its career as an associate. There are more innovative models evolving where the real estate associate can build its own team within the brokerage. This model goes one step ahead as it gives the associate an opportunity for business development. As the associate gets the part of the revenue generated by the brokerage from its team, it creates a potential for passive income for the associate. The different brokerages may have different opportunities for career growth or business growth and other unique commission structures. The associate must ask the real estate brokerage hiring new real estate agents what the growth opportunities the agency provides.
We hope all these tips help you finding a top real estate brokerage that is rewarding as a New Agents to join and to work and we wish you the best of luck