This article will be the initial installment within a compilation of articles with regard to getting started with a career in real estate. This specific post is focused on deciding on the right brokerage firm to work for. The initial step after you’ve passed the real estate exam will be to select which broker you’ll start working under. This is a crucial first move and one that should be properly made. It can be difficult to change brokers once you begin doing business and have marketing materials & business cards printed, signs made etc. not to mention when you’ve begun working with buyers or sellers and having to explain your purpose in switching companies. Elements that are necessary to consider would be the following:
Commission Percentage – Often referred to as the commission rate split; this is the money you retain compared with what how much the brokerage takes. It may be 50/50 or you might get a somewhat greater share. Clearly more is preferable.
Reputation – You ultimately need to make sure the brokerage firm is popular as well as well respected in the local market as well the community. Working for a big, well known firm almost always is an advantage for any newer agent by simple virtue of the fact people will have heard of the firm which will buy you some instant credibility.
Facility & Resources – This simply refers to the type and quality of office space available to you to use. What’s more are there office administrators accessible to help process sales, issue checks, and pretty much keep the office running. Ask any proven agent exactly how important this last part is and you’ll get explanation of how critical having excellent office staff is.
Training – It is extremely important, in fact it is mandatory, for you to continue to learn about the industry and keep up with laws, regulations, and practices. Agents are required to earn continuing education credits to be able to maintain their licenses. Several larger offices may provide this training at reduced or zero cost to their own agents. Take advantage of this perk if you decide on a bigger brokerage house to work for.
Culture – One of the last aspects to consider regarding choosing a brokerage is how you feel you would fit in there. Even though every one of the agents are technically self-employed, there are various organizations that encourage working together and assisting your fellow agents. Receiving support as a new agent is essential as there’s no real class you can take to learn how to achieve success in real estate. Discovering where to get business, the way to handle certain situations, or the best way to process a transaction from beginning to end is best learned by doing. Getting a mentor to work with you is the best move you can make. See if you can find a brokerage that offers a mentor program. If you can’t find one that does, make sure you pick one that offers a great culture where helping each other is valued.
The subsequent article in this series will talk about getting organized and how to start getting business once you’ve chosen a broker to work for.
To get more information about obtaining a real estate license in your state visit our site and get Kentucky real estate license requirements.