REAL ESTATE TIPS
Every agent dreams of greener pastures: another brokerage that won’t charge high marketing fees, one offering free online leads or a brokerage that provides back office support with friendly assistants eager to input your new listing.
Dreams are useful but not practical. Every brokerage struggles with profitability. Your job as an agent is to find a brokerage that offers you the right amount of support—be that marketing, coaching, or office space—while also giving you a commission split that speaks to your years of experience and track record.
Affiliating with the right brokerage is important, so before you have your managing broker sign your license and send you on your way, consider these five questions:
1. Will your listings be syndicated?
Syndicating listings should be considered a basic level of service. However, there are many brokerages that do not provide this simple service to their agents.
What is syndication? It’s uploading or sharing your listings with as many web sites, portals and online search engines as possible. It’s the broadest, easiest way to extend the reach of your listing without you having to do any extra work. It is broadcasting your listing, providing your sellers with the greatest exposure and giving you a web arsenal to attract online leads.
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Syndication is the method by which listings reach search engines and real estate marketing sites like realtor.com®.
2. Will the brokerage provide email leads? If so, how much will it cost you?
Surprisingly, there are still brokerages that do not buy or distribute inbound email leads. This is probably not a good place to hang your license if you need help generating new business.
Online leads are an integral part of real estate marketing. Every listing generates buyer leads, and someone is getting that business: why not you?
Some brokerages subscribe to email lead providers like Connection For Co-Brokerage, a service that routes qualified leads to subscribers for a monthly charge. Brokerages that leverage their size can purchase leads and use them as a recruiting tool to attract high-performing agents or to help new agents start their business.
Brokerages that offer leads tend to attract agents. However, don’t be surprised if these leads come with a referral fee of 20% to 35%.
3. Will the brokerage provide a CRM?
In the quest for a value-added brokerage, it’s important to know what tools are offered to help you succeed. Providing a Customer Relationship Management (CRM) system is helpful—but not widespread.
One of the issues with real estate is the redundancy of effort. There are so many agents in the same office subscribing to the same systems—an expensive and inefficient way to do business. If brokerages instead helped agents by securing a central CRM and training associated agents on that system, many economies of scale would be realized. Brokers would have the ability to track agent performance—offer a valuable recruiting tool—and provide agents with an effective way to be successful.
Top Producer is a CRM known throughout the industry as the gold standard for staying in contact with past and current clients. It is a system designed with for the real estate business. Brokerages can acquire a corporate account and share it with agents as a value-add. It is a differentiator.
4. How will the brokerage track your performance and thus increase your splits?
It is up to you as an independent contractor to keep track of your business and make your broker aware of your successes. Every broker tracks performance. They know who their top producers are and who is taking up desk space.
Yet, when it comes to increasing your split, you still have to ask.
Be sure to know what the benchmarks are at each split level. Once you have those benchmarks in writing, you can present your case for a “raise” with a simple printout from your MLS verifying closed sales volume.
The money you make in real estate is all under your control. There are a number of brokerages popping up across the country that promise no commission split: rather, they charge a monthly fee, but know what you’re getting—or not getting—before being enticed by the lure of 100% commissions.
Nothing is free.
5. What additional training will the broker provide to increase your success?
Some brokerages offer in-house training, continuing education courses, and coaching as part of being affiliated with the office. It is a perk that makes agents feel valued—and brokerages feel irreplaceable. Be sure to ask whether or not your broker will host free on-site courses.
Convenience is the key: a brokerage should offer you multiple ways to make your life as a real estate agent easier. The reason you are an agent—and not a broker—is to hand off some of the responsibility to someone else. Agents must always be aware of compliance with Fair Housing, continuing education requirements and license renewal changes.
Such housekeeping items should be taken off your plate by your brokerage. Be sure to ask just how your brokerage will help you stay on top of license renewals, best practices and designations without tapping you for funds.
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