When looking for a broker, remember that YOU are the one interviewing the broker, not the other way around. The key is to find one that is the best aligned with your career goals and offers the best bang for your buck. Some salespersons may find that rigorous training programs were the key to their success, while others found that joining a brokerage with a high sales volume was more benefiical. While being part of a great brokerage helps, you are also directly responsible for your own success!
Here are some things to keep in mind when searching for a sponsoring broker:
- Fee structure: flat fee, commission split, graduated commission with experience?
- Average commission split for experienced salespersons?
- Success: number of successful full-time salespersons, yearly income, gross volume of sales?
- Education: training/mentor programs?
- What does the brokerage offer to salespersons? (advertising options, office space, secretary/receptionist, signage and lockboxes, insurance)
- Extra costs: transaction fees, local/state realtor association dues?
- Working there: partners or alone, work schedule, expectations for salespersons, sales meetings, bonuses or incentives for exceeding goals or recruiting salespersons, profit sharing, voice in brokerage decisions?
- Do you identify with this broker? (personality, values, etc.)