Choosing a Real Estate Company
Please accept our heartiest Congratulations on conquering the state real estate license exam and attaining your real estate license. Here comes the next step – NOW WHAT?
Finding a job with a company that will help you succeed.
With so many companies in the market, and everyone telling you to join the company that they like, it may be difficult to figure out which company to work for although not impossible.
If you are still reading this, most likely you have not made up your mind yet, even if you have a particular company in mind OR like any savvy person, you are looking to do better.
First and foremost, decide on the geographical area that you will work in and the type of services you would love to specialize in.
At Compass Brokers we agree with this 100% and strongly recommend that you do the same to effectively use your resources. After a while you will get a chance to expand your trade area.
Then drive around and look for the ‘For Sale’ signs in the neighborhood and nearby community to see which companies are popular to learn the company’s influence on that market. That company may be your one of the best options to join.
At Compass Brokers we disagree with this for the following reasons: That company might be in the neighborhood for a while and doing a good job too. However, you could be doing a better job. With this kind of attitude one would never see new companies formed and prosper. e.g. Google should never have been started in the first place as Yahoo was already there.
Visit the supermarket, pick up copies of free real estate magazines and look at the advertisements for different companies. Which advertisers appeal to you? This is one more point where we are in disagreement. The advertisements are for potential buyers and NOT for you. Most importantly, we are sure that after all the education you just received in real estate school; you will not consider buying a property simply because the ad was appealing to you. As a Realtor you now know that there is more to a real estate transaction than just an ad.
Ask the advice of local agents. Getting recommendations from those who already work in the field could be extremely beneficial. Learn which companies have a good reputation and similar work ethics as your own.
While this may be considered to be a good way to judge the Brokerage companies around town, the following points must be taken into consideration:
Each agent’s opinion is their individual opinion and tends not to be impartial. Others may have totally different opinions about the same Brokerage Company. Additionally, what works for one person may not necessarily be a perfect match for another.
If all else falls short and you can not make up your mind, make a list of all the companies you would like to work for and visit them. Talking to the companies personally will not only give you an opportunity to feel out the company, but it will allow them to learn more about you as well.
At Compass Brokers we agree with this 100% and strongly recommend that you do this even if you already have a particular company in mind. Please feel free to use a sample questionnaire we have prepared.
Here are some more tips that we think will benefit you.
When interviewing with companies, do not forget to find out the benefits offered (including expenses covered by the Broker) at the company. This also includes training. Joining a company that offers specific training for beginners is more likely to help you succeed. If the company does not offer any training, find another company that does. Just because a company does not offer training for beginners, does not make it a bad company, simply said, it is not a fit for you at this time in your real estate career. If the company does offer training programs, find out more about the program. Will it be a mentorship?
During your interview, feel free to check out the company atmosphere. Are people in the office friendly and portray a professional attitude. Are they successful in life? Make sure that they have resources that will suit your needs. Find out whether or not the staff and resources are accessible to anyone in the company.
As an agent (aka ASSOCIATES at Compass Brokers, Realtors), you will be working on commission. Find out what the rate is and whether or not it will be paid immediately after closing. Pay close attention to hidden fees and unreasonable charges to arrive at total costs to you. If unclear, ask for a sample commission settlement statement to learn how commission is recorded and paid at the company.
Before you head off to your interview, always try to write out a list of questions you have for the companies. After the first interview or two, you should be able to figure out which questions are most important to help you choose the right company for you.
Please feel free to use a sample questionnaire we have prepared and add your own question if necessary.
Once again, Congratulations and Best of Luck.