One of the biggest and most important decisions a real estate agent can make for their business is which brokerage to hang their license with, and there's no one size fits all company for everyone. Priorities for new agents will be different than those of agents with some experience but it's always good to reevaluate every few years to make sure that the brokerage is the right one.
Some of the most important questions to consider are:
Do you prefer a large, structured organization with ongoing classes or one-on-one training and mentorship?
Some of the larger franchises offer classroom courses, sales training, and coaching (often for an additional fee). Many independent firms focus more on one-on-one training and mentorship. An agent’s level of experience, confidence and learning style will all determine which approach is the right one for them.
Would you rather have the flexibility to run your business in a way that works for you or more direction in how things will get done?
Each office has its own regulations and procedures for how things need to get done. They all will (or should!) follow the same rules as far as state regulations and any association policies but some will dictate aspects of an agents’ business, such as marketing, requirements to be in the office taking calls, and more. It’s important to be very clear on how much control you’ll have over your business as an agent.
Do you feel you need a well-known brand to operate under or do you prefer a local company or setting where you can establish your own brand?
Some agents feel more comfortable marketing themselves under a larger, well-known brand and feel that this is something potential clients are looking for. Others are confident marketing themselves or have a network that prioritizes the flexibility an independent company can offer.
How well do you feel you mesh with the broker, manager or others in the office who you'll be interacting with regularly?
This will vary between every office and even between different franchises of the same company. Talking with the broker and anyone who will be a main point of contact and resource for you to make sure there’s a good personality fit is key.
Do you want or need a physical office location or is it more convenient for you to work remotely?
Some agents work almost exclusively from home, in coffee shops, and at clients’ properties. Others want traditional hours and the accountability and comradery that being in a physical office space can provide. Usually there is a cost to having physical space, whether in the form of a lower commission split or fee for a private office so that should be taken into consideration as well.
Are you comfortable paying a larger split or fee to your brokerage in return for certain resources or is keeping more of what you earn a bigger priority? Most brokerages charge fees plus a commission split ranging from 50/50 to 100%. Some will have higher splits and lower fees and vice versa and others will add expenses to each sale like a franchise fee, E&O insurance contribution or marketing fee so it’s important to consider the all-in cost of working somewhere. If costs to the brokerage are less (some firms give 100% commission to their agents and have low monthly fees) it’s a good idea to factor in the business expenses that you’ll cover yourself. In those cases, agents can shop around for and customize services like CRMs or materials like signs and postcards. When paying a higher split or fee to the brokerage, find out exactly what’s included and just as importantly, how much control you’ll have over these tools.
Options are nearly unlimited, with everything from national franchises to cloud-based companies to independent boutique firms. Each will have pros and cons but by exploring possibilities and considering your goals in the industry, finding and sticking with the right office will make a huge difference to any agent's career.
I have lived and worked in the Metrowest area my whole life, and love it here. I grew up in Newton, and over the years spent time in several other local towns before settling down in Natick, Finding a career in real estate and design was natural; growing up with a father who owned a successful architectural firm, I always appreciated beautiful living and working spaces and looked forward to building a business.
After receiving a degree from Simmons College in Boston, I worked as an interior designer for my father's firm in Wellesley, selecting finishes, fixtures and furnishings for residences, offices and medical facilities. During the foreclosure crisis, I began buying and selling investment property in Framingham, Natick, Needham, and Holliston. While continuing interiors consulting and working on renovations, it was time to get my real estate sales license.
I spent many years with a boutique firm successfully helping clients in the Metrowest area navigate the purchase and sale processes before I obtained my broker's license. I am thrilled to have founded Board & Park where we offer clients a wide range of personalized services from a team of well qualified professionals. Contact Tory at tory@boardandpark.com
The Landy Insurance Agency is a national leader in providing non-medical, professional liability and cybercrime insurance for accountants, attorneys, and real estate professionals. John can be reached at 781‐292‐5417 or johnt@landy.com. Visit www.landy.com for more information.
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