New sales agent seeking advice on picking a brokerage

[Shaye Steele]

Hello, I’m in the Tampa Bay Florida area, just passed the Florida real estate exam & wanted to know if anyone would share their experiences with picking a brokerage, things you wish you knew, things to look for etc and things to avoid? Brokerage recommendations? Would appreciate your knowledge and perspective.

[Russell Holmes]

@Shaye Steele I'd recommend checking out several brokerages both national names and small local companies.  Interview and ask questions.  I chose EXP due to the cloud based training and support as well as local mentorship I received through my first few deals.  When I started I was still running a service business that took up a lot of my daytime hours and I needed to utilize nights, weekends, and other off times to learn.  I interviewed with a KW brokerage near me and felt that they offered a great training program but it simply wouldn't work with my schedule.  I interviewed with some smaller brokerages and they seemed better suited to those with experience. Some brokerages charge for training and others include it in monthly fees and commission splits.  Make sure you're clear on how the fees work, but it's not the only detail that is important. Ultimately I made the right choice and I'm happy with where I ended up. It really depends on your personality, schedule, and what you feel is right for you.

One thing I would recommend is not to put a whole lot of weight on the commission split up front. It's important, but not nearly the most important factor to your success.  EXP has a better split and lower cap than many and that was a factor in my decision but not the ultimate deciding factor.  As I got into the career, I realized that I had a lot to learn and it didn't matter what split there was if I didn't sell anything. I got A LOT of training before I paid in my first 'company dollar' from commission split on my first closed transaction.  By the time I did, I looked back at all the training I received and realized it was a heck of a deal.

  In other words, if you find a brokerage that you feel is a better fit for environment, training, schedule, etc, don't let a 10% higher split make you write them off before considering the bigger picture.  By the same respect, it would likely be a good idea to seek out some successful teams in your area with various brokerages.  Team splits can often be 50/50 which would have turned me off from the start, but with a team you jump right into an active career with that team. Also, teams can often offer perks compared to being independent with the same brokerage such as lower caps, free leads, etc.  The team leader knows what they are doing and you'll have the ability to work open houses, help out on active transactions, be present at inspections etc.  Down the road you could leave the team to be an independent agent with the brokerage, but many successful agents started their careers in entry level team positions.

I'm very happy with the brokerage I'm with, many love KW, Remax, or their small local independent office. There's no one size fits all, but it's best to consider several options!