SELECTING A REAL ESTATE BROKERAGE
You studied hard and passed your real estate examination. Hoorah! Now it’s time to pick a brokerage to work for. If you’re like me, I didn’t know where to start. Should I go for the big name? Should I find an office close to home? What are typical commissions? Do all brokerages give you training? If I make a mistake, is it easy to switch to a different brokerage?
Is a big named-brokerage the best? In my first year, I tried a brokerage with a big name and then switched to Exit Realty XL, a brokerage that is growing, but is not corporate. What does that mean? A corporate brokerage (with a big name) has all decisions made at “”headquarters.” You feel as though you’re working at a job and you do not have a voice. The structure is immense and the large wheels move slowly. There are quite a few layers of people telling you how to run your business, and many fees that are added to the money you pay from your commission. You are also required to sit at a desk for a certain amount of time with no pay. Most of the time you simply answer the phone and transfer calls to other agents. It saves the brokerage money by not having to staff a clerk for hours in the morning, at night and on weekends. You are “required” to staff for free.
Lets start with the most important part of your job - commissions. Commission splits at a big-named brokerage are very low. To start with, you get 50/50 comission split. On top of that terrible split, you are asked to pay a transaction charge for each closing, plus other fees along the way. I was pleasantly surprised to find the split at Exit Realty XL to be 70/30 (you get 70%!) You do the work, you get the money - how simple is that. The split ever gets better the more properties you sell.
Right after getting your license you realize how much you don’t know. You don’t even know where to start. At the big-named agency, you are offered training on certain days at certain times. I tried to attend all the training I could, but I really didnt get much out of it. When I switched to Exit Realty XL, I found there was training all the time. Weekly meetings with guest speakers, impromptu pizza parties with everyone brain-storming, interactive training almost every day where you get hands on experience. The brokerage pays for all of it.
Then there’s the actual working atmosphere. I found the big-named brokerage to have the elite, snobby (too good to say hello) realtors. No one helps the new kid on the block. No one even talks to the new kid. They are rude to their customers and rude to other realtors. After working there for a few months, I realized I did not want to be around people like that. It was not an environment where I felt at ease. By the way, when I talked about mandatory desk time, the elite realtors are not reqjuired to answer the phones EVER. AT Exit Realty XL, everything is there to help you. The other realtors, no matter how long they have been in the business, make you feel comfortable. They offer to help. They suggest you call them if you have questions. Everyone smiles and gets along. What a different!
PROXIMITY TO HOME
Initially I thought that I’d better live close to the brokerage office. Wrong again. You normally do not have to spend much time at the office unless you work for the big-named company and they force you to sit at a desk. Since at Exit Realty XL you are in charge of your own decisions, you can work at home, unless you enjoy getting out of the house, at which time there is plenty of desk space to use. I normally go to the office to finish documents or for training. Its such a friendly place, I enjoy coming in and chatting with other realtors.
IF YOU REALIZE YOU MADE THE WRONG DECISION, CAN YOU SWITCH?
The short answer is YES. Do not spend too much time at a brokerage where you don’t make any money, you aren’t being trained, and people snub you every day. I went to Exit Realty XL and talked with Jerry (the broker) and found there was another way to do things. I switched the same day.
AM I HAPPY I MOVED TO EXIT REALTY XL?
Absolutely. I could write an entire blog about this. But to get to the point, at Exit you are your own boss. You have many people helping you succeed if you work hard. The broker gives you all the tools, all the help, and a great commission split. And if that isn’t enough, if you sponsor someone who wants to become a realtor, you will be paid even more. It’’s a no brainer as far as I’m concerned.
If you have any questions about succeeding as a REALTOR,
please contact me immediately!
JoAnn Otto – REALTOR
Your local Real Estate Broker in Gafton, Cedarburg, Port Washington, Mequon and all of the surrounding areas. Exit Realty XL offers $0 desk fees, FREE access to 32 hours of World Class Training every month and a Piece of the Action. Call or Text me Today and let’s discuss how I can help YOU! JoAnn Otto – 262-649-6727