(Jeff Sorg, OnlineEd) – As a new licensee, it isn’t going to be as hard as you might think to find a real estate company that is willing to take you under their wing. While many will tell you all the things you want to hear and offer you minor perks, you owe it to yourself to take the time to find just the right office, in the right location that is able to help you launch your new career. Your real estate pre-license course taught you how to pass your licensing exam, not how to sell real estate. Finding a company or office that is willing to offer you post-license training or a mentor will be key to your success. Below are our top 7 tips for finding the right office:
- Research offices in your area. Go online and search for offices in your immediate area. Print the list and then do a web search for each office. You’ll want to gather as much information as you can about each office, including number of agents, number of managers, availability of in-house training, and market share. Especially be on the lookout for those that have an education section or specifically say they are looking for new agents.
- Talk to real estate agents. Make it a point to talk to real estate agents you know or come in contact with to find out their recommendations. You may even want to ask them how they got started. If you know other industry professionals like appraisers, escrow agents or real estate attorneys, make a point to ask for their recommendations.
- Location. Now that you have your list, break it down by location. Start with offices in the neighborhoods you’d like to work and branch out from there.
- Brokerage size. Brokerage size may or may not matter to you. Further divide your list by size. Offices will range from dozens of agents to just a few. Typically, the larger the office, the larger its market share. You’ll need to decide which you are most comfortable with, the large or small office.
- Compensation. How the brokerage will split up the commission you’ll earn will certainly be of importance. As a new licensee, you likely will not have the clientele to support a monthly rental or desk fee shop to allow you to keep 100% of your commissions. Most likely you’ll want to focus on compensation that is based on a commission split. Commission splits are somewhat regional, but typically start at 50% to you and 50% to the house and go up for you based on the total commissions you are able to produce annually. Many offices will offer you a sliding scale of up to 80%-20% or 90%-10%. Remember, the brokerage is offering you services, so the split should be commensurate with services offered. The more services the company pays for and the more you require, the less you should expect to receive.
- Training. You’ll need someone to train you. Find a company that offers mentoring, post-license courses, or both.
- Company services. Find out what the company offers you in the way of technology, web page, advertising, stationery, signs, errors and omissions insurance, business cards, support personnel, phone and answering systems, personal working area and file security, who will help you when you have a problem, what will it cost you in fees, etc.
Because you are starting a new career and will need a lot of support. Selecting the correct office to work with from the onset is extremely important. Following these tips will point you in the right direction for finding the office best suited for your individual needs.
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OnlineEd is a provider of pre-licensing, post-licensing, and continuing education for real estate licensees. For more information about OnlineEd, please visit www.OnlineEd.com.