Finding the right brokerage to associate yourself with is the next. The joke is that if you have "a pulse and a license" many agencies will hire you, the caveat of course being that they don't think you'll get them into any kind of legal trouble. The reason is that in the traditional real estate brokerage you earn your own paycheck. It's not as though the agency is spending money on your hourly wages only later to find out that you're not being productive. If you're not being productive, you simply don't get paid.
That said, getting hired on at any brokerage is sort of flipping the job interview process on its head. It's as much (if not more) you interviewing the brokerage as it is them interviewing you.
Questions you should ask any broker before they hire your should be:
What sort of fees are there that accompany working with this brokerage? It's likely a given that you will have a fee for using MLS, you'll want Errors & Omissions insurance, and then there's your local, state, and national RealtorÂ® dues, but if a brokerage charges you a "desk fee" or a "phone fee" or asks for money for office supplies and printer paper, that's something you should know up front.
What are the commission splits, and when do they adjust? It's not uncommon for new agents to have a low commission split, but you should expect that you see value in what the company provides for taking part of your check. Maybe in the form of advertising, professional printing services, or that they provide things like signs in front of your listings
Is the office manager a competing RealtorÂ®? This is important because understanding the team dynamic within that office may shape your decision on which brokerage to work for. If your mentor or manager is frequently focused on things other than ensuring the office is successful, then who's steering the ship while they're away?
Are you expected to be in the office at certain dates and times? Being a real estate agent is a very mobile job, and you should understand the expectations your brokerage has on you with respect to when you'll be in the office. Many agencies have "floor time" requirements because they get walk-in clients and/or calls in response to advertising. This can be both a boon when you need more clients, and a curse when you're extremely busy.
James Festini hosts a podcast called "Your First Day in Real Estate" and he had an entire episode devoted to choosing the right brokerage when you start out. Worth a listen if you've got additional questions.
Best of luck!
I agree with Ryan and Chris! The more time you spend up front interviewing and asking questions is always best. I work through Keller Williams. KW is known for their ongoing education and training of all of their agents. Office culture is that we all better when we work together. There are intentional times throughout the week for in depth training and focus groups where seasoned agents share their experiences from which new agents can glean.
I too would love to tell you more about my personal experience! Feel free to contact me at 405.623.7920.
Wishing you great success!
Interview with all of the offices and best the best fit for your business style. Millie Eubanks is the Broker at our Norman CENTURY 21 office. She can be contacted at 405.476.3466. Dillard Group, KW, Coldwell Banker, Don Cies and several other offices to talk to in Norman. You can contact me (Chris), through our profile link to discuss some of the monetary options, smoke screens and/or potential mistakes.
Essentially, it is all about what you put into it. Work hard and work smart, and you should be successful. I entered the business on a shoe string budget, with no knowledge, and a smaller sphere of influence. If I can do it, anyone can!
Blessings and wisdom in your career considerations!