First, remember that you will be an independent contractor and not an employee of your sponsoring broker. Generally, the commission shared with a broker is in exchange for supervision, resources, and business amenities provided. Second, keep in mind that your needs as a new agent will differ from what you’ll need moving forward throughout your career. Third, as a salesperson, you cannot work without the supervision of a sponsoring broker. It’s a good idea to interview several brokers as soon as possible and is not necessary to wait until after you’ve taken the licensing exam. Last, but not least, the relationship with your real estate broker will be as important as any other professional relationship. In fact, it is best to think of the relationship as a business partnership. There are different types of brokerages for different types of agents. As with any career path being considered, be sure that you are entering for the right reasons. Always do research and speak to many seasoned and new agents within your market who are deemed knowledgeable and trustworthy.
As a new agent, here are 5 potential questions to ask a broker that you are considering for sponsorship.
1. What type of mentoring and/or training program is offered to new agents?
2. What kind of marketing support can be expected?
3. Will office space be provided and /or assistance from office staff? Fees?
4. What is the retention level?
5. Will lead generating opportunities be provided? Phone duty for example.
Ask yourself these questions after each broker interview.
1. Did I feel at ease in the office environment of the prospective broker?
2. What was my general impression of the office morale?
3. Does the company brand fit with the business model that I want to build upon?
4. Will the commission split be robust enough to accommodate me later on?
5. Will I receive the support that is most important to me if I choose this broker?
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Each brokerage has a unique business philosophy and culture that can impact your experience as a new licensee. Take your time. Begin the interview process while you are enrolled in the pre-licensing course.
In closing, when you are a salesperson, you cannot work without the supervision of a broker, but there are many options available to you. With the right amount of investigative groundwork and professional networking, you can find ‘the one’ that feels like home.
Learn more tips and strategies for a promising real estate career with DREI’s Career Builder Essentials.
