Thinking of joining a 100% commission brokerage? Why choosing the right 100% commission brokerage is important for Realtors.
KEY TAKEAWAYS
- View your selection of a new brokerage to associate in the same way buyers and sellers size up agents.
- If you are not a Realtor, consider the benefits becoming a Realtor gives you, especially with leads and prospects.
- Choose the right brokerage based on experience, marketing plans & tools, and 100% commission plans.
- Well-connected brokers offer more opportunities for you to succeed.
- Good communications and support from your broker will help you triumph.
- Check out all references you get from potential brokers.
- Find a broker you like to work with.
Why Choosing the Right 100% Commission Brokerage is Important for Realtors
Look at it as your buyers and sellers do.
Finding the right brokerage to associate with is similar to buyers and sellers seeking the right agent. They ask comparable questions.
Investopedia recently published a good article about what questions buyers and sellers should ask prospective real estate agents. We’ll apply the same questions towards seeking a new brokerage.
What’s the Difference between a Real Estate Agent and a Realtor?
The first question is what’s the difference between a real estate agent and a Realtor? While you probably know the answer, look at how it affects buyers and sellers asking the same question.
Imagine competing for a listing. A real estate agent can point out what steps he or she took to get licensed such as:
- At least 18 years old;
- A legal resident in the U.S.;
- Completing state-required pre-licensing classes;
- Passing the real estate license exam;
- Completing a background check;
- Getting sponsored by a licensed real estate broker; and
- Completing continuing education classes to maintain the license.
A Realtor can make the same claims. Yet, possesses an Ace by pointing out that a Realtor is a member of the National Association of Realtors (NAR). This includes advantages over a real estate agent like:
- Never filed for any pending or recent bankruptcy;
- Not having any record of official sanctions for unprofessional conduct; and
- Bound by the NAR’s Code of Ethics requires honesty, transparency, and upholding clients’ interests in every transaction.
The appearance of honesty, transparency, and upholding the buyers’ and sellers’ best interests makes a lasting impression.
Violations of the NARs Code of Ethics are taken seriously and violators are severely punished. Read our blog post explaining the NAR Code of Ethics at: “Prevent Lawsuits: Follow Realtor Ethics Codes”.
Is it Better to Use a Real Estate Agent or a Realtor?
Read our blog post about the differences at: “Is a “Realtor®” Better Than a “Real Estate Agent”?”
How to Choose the Right Real Estate Broker?
Again, real estate agents seeking to associate with a broker asks similar questions that buyers and sellers do. Here are typical important questions.
1. What’s Your Experience?
Buyers and sellers look for experienced brokerages that know the local neighborhoods and real estate market.
How many sales transactions did a certain agent or brokerage complete in the last year? You want to know the answer to the same question.
Too many brokerage startups began after the pandemic calmed down across the country. Do you want to associate with a startup or an experienced brokerage in business for many years?
A track record means everything in real estate. An agent can claim to take many listings, but If listings don’t sell it reflects poorly on the agent. The same applies to brokerages.
2. What Are Your Marketing Plans & Tools?
Know that digital marketing is more crucial than ever with over 90% of buyers searching online.
Every brokerage needs to have a marketing plan for its agents. At the least, providing marketing tools to make their agents better equipped.
3. How Will You Keep Me Informed?
Buyers and sellers need updates and status reports to know where they stand. Realtors need to be kept abreast of new laws and trends affecting them.
Brokers must set up a system to keep their agents informed. Emails, text messaging, newsletters, and social media channels (like Facebook, Twitter, and Instagram).
Note: Texting is not appropriate to keep agents updated about legal-related issues.
4. What Is Your 100% Commission Plan?
Sadly, not every 100% commission brokerage offers the same commission plan. Some brokerages charge little hidden fees that add up quickly such as:
Desk fees and association fees differ. Associating with a 100% commission broker may mean 100% work from home by simply paying a monthly association fee or annually discounted.
Shared offices or luxury private suites are offered by different brokerages.
Administration fees may include coffee and tea, parking, and office equipment. Other brokerages may charge for everything. Vending machine coffee at one brokerage is “level upped” by freshly brewed gourmet coffee at another one.
Transaction coordination fees vary. So does the quality of transaction services.
In the end, the commission plan requires 100% transparency and reasonable fees.
5. How Well Are You Connected?
The real estate industry is socially motivated with connections running within brokerages, companies, and other real estate-related professionals. These include:
- Attorneys;
- Real estate appraisers;
- Contractors;
- Home inspectors;
- Loan officers and mortgage brokers;
- Title companies; and
- Escrow officers.
Forming a network of real estate-related professionals is essential for a brokerage to succeed. Their agents benefit from associating with a brokerage that can refer them to experienced and reliable industry professionals.
Also, ask about how many awards and local recognition the brokerage received? A brokerage winning many awards and recognition as the best in the area deserves your attention.
6. Can You Give Me Some References?
Yes, it’s OK to ask a potential broker for references, You want to contact current and past agents associated with the broker. Similar to a landlord asking a tenant for past landlord references. You will gain valuable knowledge based on what references tell you.
7. If I Encounter a Problem Are You Readily Available?
The real estate sales profession offers challenges that are beyond the education and training of most agents and Realtors.
For instance, fake sellers dragging you into some Scam jeopardize your career and financial security, if not criminal liability too. Or, inadvertently inferring a prohibited discrimination gesture.
In an emergency, how readily available is your broker?
8. What Kind of Support Will You Give Me?
Passive brokers leave you alone, which might be nice. Yet, it’s better to have a broker willing to help you to advance your career. A broker willing to offer you suggestions based on his or her experience and knowledge can help you to succeed.
The best brokers provide support to make their Realtors better. They provide free educational courses, a readily available broker to answer questions and solve problems, along with a real estate attorney to consult with.
9. What Areas of Expertise Do You Offer?
Brokerages are free to allow agents to sell every type of real property. These can include:
- Homes and condos;
- Businesses;
- Raw land;
- Commercial properties;
- Industrial properties;
- Mobile homes; and
- Others.
Yet, most brokers choose to focus individually or two specialties (like homes and condos).
What areas of real estate sales do you want to specialize in?
If you want to focus on selling condos and homes you need to associate with a brokerage specializing in those.
Or, if you want to focus on raw land for agriculture or investments this presents different opportunities and specialized brokerages.
We published 6 blog posts about several niches that agents could specialize in like:
- “How Real Estate Agents Help Investors”;
- “How to Become a House Flipping Agent”;
- “Double Your Commissions with 1031 Exchanges”;
- “How To Become a Probate Real Estate Agent”;
- “Earn Big Commissions Selling Franchises”; and
- “How Real Estate Agents Get Paid from Foreclosures”.
10. Find Someone You Like
Buyers and sellers often choose their agent based on personality, charm, and easiness of communication. It’s only natural for humans to become attracted to certain personalities. The same goes for choosing a brokerage.
Personalities that mesh with yours make it easier to work with.
Sellers want to work with agents on the same page with the marketing plan for the property. The same logic goes for your broker.
Why Choosing The Right 100% Commission Brokerage Is Important For Realtors – Conclusion
We covered a lot when explaining why choosing the right 100% Commission Brokerage is important for Realtors. Use our suggested questions to gain valuable information about brokers you want to work with.
Want To Join the 49th Best Independent Brokerage in the U.S. and Best in San Diego?
If you are looking to relocate to the greater San Diego area or want to switch from a traditional commission brokerage to a 100% Commission broker, Check Us Out.
Big Block Realty keeps earning new awards and national recognition every year since 2016. We collected so many of them we published two blog posts highlighting Screenshots of our awards with source links. View two of them at:
- “Big Block Realty Named in Top 100 RE Brokers in The United States”; and
- “Best 100% Commission Real Estate Broker San Diego 2022”
Big Block Realty Offers Our 100% Commission Realtors Support For Success
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Steven Rich, MBA – Guest Blogger
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