Realtors, What to Look for in a Brokerage
Realtors today have a multitude of choices when it comes to brokerages. Where should I hang my license? What is the difference between companies? What does the company provide? And the biggie: What is the commission split? These are all great questions and considerations when choosing a brokerage. Here are some tips on what to look for in a brokerage.
- How long have you been an ACTIVE Realtor?
If you have been actively selling real estate for more than 3 years, chances are you don’t need a Broker to hold your hand through each transaction. You may consider a Broker based on their presence in the community or commission split. If you are a brand new Realtor or don’t have much experience with complex real estate transactions, you will want to find a Broker that is more hands on or a company that has extensive, ongoing training and/or mentor program.
- Do you sell luxury homes exclusively?
If you sell mostly high end, luxury homes, you may want to consider a brokerage that has the reputation for catering to the luxury clientele. A name can often times be perceived with high end and if that is the market you are going for, that may be a good fit for you. I will caution you that if you sell or want to sell other types of property as well, the burden is on you to make sure your sphere of influence and referral sources know that you aren’t ONLY looking for luxury clients. If you do not educate people on what you are looking for, that luxury name brand may come back to bite you if/when that market slows down.
- Do you want/need an individual office?
A lot of newer brokerages are going to an open concept/café style environment. So many Realtors work from home or meet clients at coffee shops these days. Most do not need or want the extra expense of renting an office in the brokerage. However, there are others who have a team of people they would like to work all in one location or those that prefer to work out of an office. This should be a consideration when choosing a brokerage. You will also want to find out if they charge extra for those private offices. If they don’t, you may be paying for space even if you don’t use them.
- Do you need Marketing or Administrative help?
A lot of Realtors do it all on their own. Some outsource what they don’t want or can’t do on their own. Still others prefer to have an individual onsite that they can get help from on a regular basis. There are a lot of solutions but some brokerages have an administrative team on staff that will help with marketing, entering listings, advertising, etc. Most of these brokerages will have a bigger commission split to the company or a larger monthly fee but some may let you pay as needed so be sure to inquire about this if it is provided or is a need for you.
- How accessible is the Broker?
If you are experienced, chances are, you aren’t going to need the Broker on a daily basis, but when you need them, most of the time, you need a timely response. Obviously, Realtors need to be respectful of their Broker’s time as well. If the question/issue can wait until business hours, I’m sure they would prefer it. However, if you are in the middle of a time sensitive transaction or dilemma, you need to know that your Broker is going to be available within a reasonable amount of time and will not make you feel like you are intruding for asking an important question. The best way to know how accessible the Broker is, is to ask Realtors in the company. They will be honest.
Bottom line is, there is a match for every Realtor. No brokerage is a “one size fits all”. Everyone has their individual needs and you need to find the right fit for you. It is your business and your money so choose wisely!
Michelle Froedge is a residential Realtor and Principal Broker in the Greater Nashville and Williamson County areas of Tennessee. “Mom” to four-legged fur baby, Tyler, Auntie to Zelamie, she is a vegetarian and sings in her spare time. Michelle has lived in Nashville and Franklin since 1997 and has been selling homes since 2004.