When looking for a managing 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 agents may find that rigorous training programs were the key to their success, while others might say that joining a brokerage with a high sales volume helped them more than training did. 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 finding a managing broker:
- Fee structure: flat fee, commission split, graduated commission with experience?
- Average commission split for experienced agents?
- Success: number of successful full-time agents, yearly income, gross volume of sales?
- Education: training/mentor programs?
- What does the brokerage offer to agents? (advertising options, office space, secretary/receptionist, signage and lock boxes, insurance)
- Extra costs: transaction fees, local/state realtor association dues?
- Working there: partners or alone, work schedule, expectations for agents, sales meetings, bonuses or incentives for exceeding goals or recruiting agents, profit sharing, voice in brokerage decisions?
- Do you identify with this broker? (personality, values, etc.)