What should new real estate agents look for in hiring brokerages?

Question

Calling all current and former Real Estate Agents / Brokers!

I recently passed my Illinois Real Estate Broker’s test (in Illinois, Real Estate Agents are called "brokers"). Now it’s time for the fun part - I’m ready to start interviewing with Chicago area real estate brokerages. As I interview with different brokerages as a potential new Broker / Real Estate Agent, are there any specifics I should keep an eye out for, or demand from, my future brokerage? What should new real estate agents look for in hiring brokerages?

At this point (the starting point) in my career, learning the ropes through experience and quality mentorship is more important than anything else - even money. I would also like to work for a brokerage that could help me generate leads (feel free to call me out if this is a naive expectation).

What I can’t offer in experience to my future brokerage, I will make up for with drive and a willingness to learn. I don’t mind doing a little bit of everything, as long as I’m learning. I’m leaving my 9 - 5 to pursue this full time, and am ready to work a second job to support the transition (in addition to tapping the savings I have set aside for the career change). I would like to specialize in multifamily 2 flats - 4 flats, as that’s what I’d like to eventually invest in myself.

I'm not opposed to working on a team as long as I get to actively learn.

Looking at my goals and what I can bring to the table, is there anything else I’m missing? Any specific things I should ask about during the interview process besides the usual gamut of interview questions? All the BP wisdom is appreciated. Thanks so much!

P.S. Once the local forum is working again, I might double post this in the Chicago forum.

Tags: Chicago; real estate agent; broker; realtor; Illinois

Russell Brazil · Answer

You might consider joining a team to start. They will get you making money quicker. Take a glance at the real trends list of top teams, and consider talking to the ones that are low on that list. The teams near the top of the list are more likely to only hire experienced agents.

Marcin Talaga · Answer

When I first got started, I went driving through the neighborhoods I wanted to sell in and figured out what brokerages were most dominant in those areas. I decided to walk into the 3 brokerages which seemed to be selling the most properties in my targeted areas and set up interviews with the managing brokers. The most important question for me that I would ask at the end of each of the interviews was "is this a family style brokerage, where everyone helps each other out and wants everyone to succeed, or is it more cut throat, in which it's every agent for themselves?" Only 1 emphatically said that they were like family that took care of each other and that's the one I went with. Write down a list of the most important things you want out of your real estate career, bring them up at the interviews, and from what they say and how they say it you'll get a sense of whether you'll want to hang your license with them.Out of curiosity, what areas are you interested in? I may be looking for a partner.

Lumi Ispas · Answer

@Luke Shaw , Congratulations on passing the broker exam! I believe you are on the right track looking for a brokerage with an awesome training program. As you are getting in full time, you want to work for a company that is centrally located, in a market with a lot of transactions and leads in addition to the training program! Are you looking in the city or the suburbs?

Justin Sumulong · Answer

Hi Luke! Congrats! It's an exciting time! I actually also just joined a brokerage as a new/first time agent. A lot of factors to consider but for me, the most important was the managing broker. Make sure you join a brokerage where he/she will be willing to help mentor you and do whatever it takes to make you successful. Message me and I can give you more details on the brokerage I chose and also two other people/brokerages you could talk to.

Lumi Ispas · Answer

@Luke Shaw , in time you will be able to cover more than one neighborhood. In the beginning, you start with one, learn it well and keep moving as your client base grows. I started in those neighborhoods and after 6 years I moved to West Loop and start selling Downtown! What I learned is that the buyers looked for different products, and I had to learn a lot of new things, which is what we do in Real Estate at all times anyway! Good luck to you!

Luke Shaw · Answer

Thank you for all the helpful insight and congratulations!@Lumi Ispas, I’d like to start off in the city. I’m specifically interested in Lakeview, Lincoln Park, the Lincoln Square area, the Near West Side, and West Town, in that order. I’m also intrigued by Edgewater and Rodgers Park, but I don’t know as much about those areas. In your experience, do successful brokers cover more than one neighborhood?@Marcin Talaga, that’s an excellent point about company culture! I’m definitely adding that to my list of interview questions. After I passed my exam, I created a list of what I want from my future brokerage, and what I will bring to the table as a broker; the list is similar to a boiled down cover letter. It’s really helped me organize my thoughts and next steps as I transition. What kind of partner are you looking for? @Justin Sumulong, congrats on joining your first brokerage! I’ve heard managing brokers are very important. My CRES instructor was adamant that he’d never work for a managing broker who was also closing deals on the side. Was that important to you? I’ve sent you a DM.