How Good Is a Real Estate Broker at Supporting New Agents?
Becoming a real estate agent is one of the most lucrative occupations that you can pursue. After all, owning real estate is one of the fastest ways to skyrocket your net worth. In order to find success as an agent, though, you'll need to work with a broker that prioritizes supporting new agents.
Not everyone understands the signs of good broker support, though. Let's explore some of the most useful questions you can ask a potential real estate broker.
1. Do You Have a Mentor Program?
As a new agent, it's in your best interest to get as much support as you can. Working with a qualified mentor is one of the most efficient ways that you can improve your skillset. In fact, it's not uncommon for real estate brokers to establish mentor programs to help cultivate the talents of their newer agents.
While this isn't to say that you should not work with a broker that doesn't offer a mentorship program, you could end up foregoing a notable opportunity. So, ensure that you keep this in mind when moving forward — mentorship is one of the best ways to go about supporting agents and helping them become well-rounded professionals.
2. What Lead Generation Tools Do You Provide?
For those who are unaware, one of the most difficult tasks that a new agent has is lead generation.
After a certain point in your career, you will likely find that acquiring clients becomes fairly easy. In this context, it would be due to the presence of your professional brand. In the beginning, though, it is exponentially more difficult.
It's not uncommon for agents to allocate multiple hours each week solely toward lead generation. As you might guess, working with a broker that offers lead generation tools can drastically improve this process. The broker you work with may also provide a consistent flow of new leads for you.
3. How Do You Handle Commission?
It shouldn't come as a surprise that this is one of the most important questions to ask a real estate broker before you join.
In general, commission splits between an agent and a broker will be anywhere from 50/50 to 70/30. The first number in this sequence refers to the percentage that the broker keeps. So, a broker that integrates a 70/30 split would keep 70% of the commission.
In some cases, some brokers offer agents to keep 100% of their commission instead. This is typically offered in exchange for a small fee per transaction. However, the money that you retain will quickly outweigh the money that you pay in fees.
For example, let's assume that your broker charges $450 per transaction. This amount will pale in comparison to the thousands of extra dollars you will generate by working with a 100% commission broker.
Under the right circumstances, you could make exponentially more through working for this type of broker as long as you are diligent in acquiring your leads and satisfying your clients.
4. Are There Fees Associated With Working Here?
Fees are simply part of the game when you get involved in real estate under most circumstances. The good news is that these are often negligible. These often come in the form of monthly payments that help cover the broker's ongoing expenses.
It's not uncommon for brokers to charge higher monthly fees if they offer agents access to a large number of tools. In order to have a better idea of how much you will need to pay, don't be afraid to ask a potential broker.
A reputable broker who focuses on helping real estate agents will be more than happy to break down these expenses. This is a notable way to help you separate good firms from bad ones.
5. What Makes This Brokerage Unique From Others?
This is a difficult question for many firms that don't offer substantial broker support for new agents.
Signs of good broker support, though, are firms that can easily provide a comprehensive response. In order to ensure that you will have an enjoyable time working for them, be sure to look out for answers related to the quality of life that their agents experience. The broker you work with should prioritize keeping their agents comfortable and providing them with the tools that they need.
This will allow them to be as productive as possible, establishing a mutually beneficial relationship. This is also an ideal time for them to tell you about any unique opportunities that they offer. For instance, some brokers provide substantial benefits to those who meet certain sales milestones.
6. How Do I Access Administrative Support?
This term refers to services like legal advice, tech support, and human resources access. Although not all of these are not directly related to your real estate transactions, it's essential that you understand how to access them.
Otherwise, you may find yourself struggling to overcome an obstacle that could have easily been avoided. A high-quality broker will provide straightforward access to these types of services and ensure that your needs are met.
Vetting Your Real Estate Broker Is Essential
Otherwise, you may end up in a situation that is not conducive to your growth as a professional. So, ensure that you keep the above questions in mind when looking for a real estate broker. It can determine the trajectory of the rest of your career.
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