Embarking on a real estate career begins with a critical business decision: selecting the right real estate broker to sponsor you. While real estate agents technically work for themselves, they must operate under the umbrella of a licensed real estate broker. This choice significantly impacts the trajectory of your career.
Most real estate companies are constantly seeking new salespeople, but their structures, operations, and philosophies can vary widely. Your objective is to find a real estate office that aligns with your preferences and career aspirations.
If you’re still deciding on your career specialty or a specific brokerage, thorough research, weighing pros and cons, and strategic planning are essential for a fast and productive start. The following advice will help you find the brokerage that’s the best fit, enabling you to prepare a compelling resume.
Scout the Area Where You Want to Work as a Real Estate Salesperson
Approach this research as if you were an out-of-town buyer:
- Visit local real estate brokerages: Observe their presence and review any printed materials they have available.
- Talk to active agents: Engage with agents from various brokerages to gather their opinions and insights on local offices.
- Assess office locations: Drive by the offices to evaluate convenience, availability of ample parking, and the overall attractiveness of the exterior.
Narrow Down the Search for Real Estate Brokerages
Once you have a general sense of the local landscape, delve deeper into specific companies:
- Reputation: Investigate the company’s local and/or national reputation within the real estate industry.
- Establishment: Determine if the company is well-established in the local area, indicating stability and market presence.
- Specialization: Does the brokerage focus on a particular area of real estate (e.g., residential, commercial, luxury)?
- Marketing Quality: Evaluate the quality and quantity of their advertisements in local papers and on Internet sites. Do they effectively promote properties, the office, and their agents?
- Agent Count: How many real estate agents operate out of the office? This can give an idea of office size and potential competition or collaboration.
- Market Reach: Do they serve a large market, and specifically, the areas where you would like to work?
(Consider downloading the “Launching Your Real Estate Career eBook” for more insights into starting a real estate career.)
Interview with the Real Estate Broker or Owner
Once you’ve narrowed down your choices, prepare for comprehensive interviews. Ask about:
- Agent Profile and Goals: What type of agent are they looking for, and what are their goals for new recruits?
- Employment Structure: Will you be working as an independent contractor or as an employee? This affects tax obligations and benefits.
- Training Plan: Is a structured training plan in place for new agents to help them get started?
- MLS Membership: Are they members of the Multiple Listing Service (MLS), which is crucial for accessing property listings?
- Support Staff: Is there clerical or administrative support available for agents, or will you need to find your own assistant as you become more successful?
- Compensation and Benefits: What is the commission split structure, and are there any benefit packages offered?
- Agent Obligations: What would your specific obligations be to the brokerage if you were to join?
- Technology and Marketing Resources: What technological support and marketing resources are available to agents?
- Market Share: What is the office’s market share in the areas they serve?
(Toby Schifsky offers additional insights on making this important decision. Also, learn more about your state’s specific Steps to Licensing and/or Real Estate Licensing and Continuing Education Requirements.)