Independently Thinking About Brokerages
The average REALTOR® is involved in 10 sides per year, according to the 2007 National Association of REALTORS® Profile. And for “young” agents it would be expected that the numbers would be well below that.
It is easy to see why the “big lights” of the national brokerages would draw many young agents into their mix. But for many, those bright lights don’t equal happiness and success. Therefore, an independent brokerage may be the answer.
However, not all brokerages are created equal, so when you consider an independent brokerage do some research.
- Experience doesn’t equal knowledge. Lots of brokerages will claim we have “x” years of experience average per agent. In an industry where 70 percent don’t last three years, it is impressive. But make sure that the brokerage’s agents are willing and able to share information — and that this brokerage is not a “retirement brokerage.”
- Marketing your market. As a new agent, you are coming into this industry from a broad-background of experiences. Make sure that your brokerage has the same ideas
about things important to you. But don’t take a lack of knowledge as always a negative. Entering into an “older” brokerage without agents that are Web savvy can lead to more opportunities for you to market and work with them.
- Call to action. What does the brokerage expect of you? “Quota” is a bad word in the real estate industry, but get to know if and when you are expected to become a money maker for the company. Independent brokerages can provide a more nurturing environment or they can be a living nightmare if you don’t get this information down at the beginning.
- Get it in writing. Using the old-fashioned CYA principle, make sure that everything is in writing. Small independent brokerages typically hire fewer agents and don’t have the practices in place. It comes down to you to protect yourself.
So, don’t jump right on the bandwagon of the national chains, but you might consider giving a local independent brokerage a chance — it could open a very unique opportunity to you.
Toby Boyce, MBA, is a real estate practitioner with Disbennett Real Estate Co. in Delaware, Ohio, and was the 2007 Delaware Board of REALTORS® Rookie of the Year.
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