Choosing the Perfect Real Estate Broker
The start of your real estate career is a exciting time – not only are you taking your first steps into a profession with literally no income limit, but you’re starting your own business. Did you know that your real estate broker can be one of the key components to your success?
One of the first and most important decisions you’ll make from the start is where to hang your real estate license. Your real estate broker can be one of the most influential figures in your business; many times being your mentor and therapist when times get tough. Taking the time to choose the right broker is time well invested and should not be taken lightly.
You have plenty to choose from, so here are some ways to find one that’s perfect for you.
A Great Training Curriculum
Regardless of your experience in the industry, you’re going to need an excellent training program to spearhead the launch of your lucrative new business or keep your existing business as sharp as a tack.
Training should cover a large variety of topics, and not just the ones that will keep your broker out of trouble. A great real estate broker will teach you how to generate new business, and keep the business you have now coming back for years to come.
Some topics you’ll want to look for in a broker’s training program include:
- How to generate new and repeat business
- How to negotiate the best deal for your clients
- Becoming a true fiduciary and not just a sales associate
- How to choose and maintain a database for your real estate business
- How to create attractive marketing for your sellers
- How to plan a property tour for your buyers
- How to stage a home and hold an open house
- How to draw up a real estate contract and addenda
- Legal updates
Much of this training may also be available from your local association and online, but nothing beats hearing it in house where you can ask questions, ensure understanding of all topics, and come back for more when your skills get rusty. Best of all, this training is usually part of the incentive of working for a particular real estate broker, so it shouldn’t cost you a dime!
Accountability and Mentoring Programs
You’ll soon discover that the freedom of owning your own business comes with a huge responsibility. Without a boss looming behind you recording your hours, results, and work ethic, the idea of slacking off sometimes becomes an undeniable urge that ruins many in the industry.
Accountability programs are designed to help you meet the expectations you set for yourself. The best types of accountability are the ones that have you reporting in once or more a week and allow you to submit your statistics with dollar productive activities for review. Ideally, you’ll want to meet face-to-face with your coach but phone accountability works just as well as long as you and your real estate broker remain committed and consistent with your accountability meetings.
When setting your goals for your business, a great real estate broker will guide you on setting achievable milestones that have you winning small and frequently. He’ll offer up ideas on how to improve your business through lead generation activities, and provide supplemental material from his training program to help you improve in various skills that you may be lacking.
While not essential, office space can make a big difference to your real estate business. Many real estate agents will fall prey to the freedom their business allows, and never make the mental adjustments required to succeed. To be successful in a selling real estate, a mindset change has to occur the moment your foot steps into the office.
The mindset you’ll need is that this is your business you should treat it like one. Office space helps solidify this ideal by offering up a place of business for you; not just every agent in the office. It’s your private war room; complete with battle plans and battlefield layouts of the territories you’re looking to conquer.
If you never have a place of business to come to every day, why should you ever expect to take your business seriously? Commit to your business by looking for a real estate broker with office space you can aspire to take over one day when you business gets off the ground.
A Sociable and Inviting Environment
A room with fours walls will do, but the right environment can be a catalyst for success to your real estate career. While touring prospective brokers, look for ones with environments that seem to encourage socialization among agents in the office and create an inviting atmosphere for your clients. Chances are that many of your meetings will happen there, so it’s a wise decision to include what your clients will think in your decision making process.
Socializing with other real estate agents is also a great way to help open your mind to new ideas that you might not have implemented in your business. Many times you’ll just need to take a break after a long conference call filled with heated negotiations.
This new office is going to be your new home for years to come so take the time to consider the long term effects of finding that perfect environment for your new real estate business.
Begin your Real Estate Broker Search Today
Finding a new real estate broker isn’t easy, but the right broker can be a key component to your success. Be patient and take the time to carefully review each broker’s offer, training, accountability, environment, and office space; not just their commission splits.
I wish you much success in your future real estate business!