Deciding on a real estate brokerage affiliation is no easy task. Whether you’re new to the field or you’ve decided to make a change to further your career or move in a new direction, many factors will play into the process, based on your current situation and your hopes for the future.
While some of your concerns may be strictly financial, such as commission splits, fees, and potential expenses, other considerations are less tangible. Solid information on which to base a decision can be elusive, and sometimes the choice you make is simply based on a “gut feeling.”
Whether you have received one or more offers from a competing broker or you embark on a search for a new real estate brokerage for another reason, it’s important to prepare a list of wants and needs to guide you in your decision-making process. Take the time to discuss the potential move with family or with a trusted adviser, and be certain that any move you consider will potentially advance your career in a beneficial way.
Seriously weigh the pros and cons of a potential move, and take both short and long-term goals into consideration. Look at all your options before making a final decision.
Real Estate Brokerage Questions to Ask Yourself
Before you take a leap of faith into a new situation, try to complete a self-assessment regarding your purpose, your goals, your core values and your future.
If you have a choice to make between a national or multinational franchise and a local boutique real estate brokerage, what is it about each that you find attractive or problematic? Do you want to eventually play a leadership role, or would you rather remain an autonomous player in a large pool. Do you want to work as part of a team or as a one-person show?
Will you fit into the culture of the real estate brokerage? Is it low-key and comfortable, or high-energy and dynamic? What are the expectations for floor time and phone duty, or will your schedule be totally independent?
Does the potential real estate brokerage align with your vision for your future, and will your values and your brand be supported by other real estate professionals and brokers?
Interview Potential Teammates at Your New Real Estate Brokerage
When you affiliate with a new real estate brokerage, you will want to be certain that you’ll be part of a professional and congenial group that shares your enthusiasm and commitment. Does the brokerage foster a feeling of competition or cooperation?
Are there written policies in place? Is there any emphasis on professional development, ongoing education, advanced training and personal achievement?
Have others in the brokerage earned specialty real estate designations? Is there an emphasis on networking opportunities in other locales?
Look Beyond the Real Estate Brokerage
Be aware that your brokerage affiliation is only one facet of your professional persona and your personal brand. Earning specialty designations, networking with professionals in other markets, taking part in seminars and keeping abreast of real estate development in your region and beyond are all important. They will serve to improve your standing with your associates and broaden the scope of your influence with the public.
In addition, you should focus on your efforts as a luxury real estate professional to deliver bespoke experiences that truly embody the idea of what luxury real estate is all about, according to Coldwell Banker’s Ricardo Rodriguez. He insists that luxury is not only about the price of the property, but also about the high-quality service that a real estate professional delivers to each and every client. That, he says, is what truly embodies the idea of luxury real estate. Creating as unique an experience as possible will help to define your personal brand.
It’s your individual reputation that ultimately contributes to your success, not your affiliation with a specific real estate brokerage.
One of the best things you can do to advance your career, then, is to become a Member of the Institute for Luxury Home Marketing. Not only can you earn the coveted Certified Luxury Home Marketing Specialist™ designation when you complete the prescribed training and sales criteria, but you will gain access to a broad array of tools and insights that lead immediately to career advancement.
Do you recognize the advantages of employing the latest marketing strategies to grow your business? Do you want to learn how to deal with the special needs of an elite clientele and exceptional properties? Are you interested in learning more about the advantages of membership? Would you like to know how to brand yourself more effectively? Subscribe to our Luxury Insights Articles and get in touch for additional information about becoming a Member of The Institute.