Looking for a new commercial real estate firm can seem like a daunting task, particularly if you’ve just received your license and haven’t established yourself yet in your service area.
Working for a reputable brokerage firm can help you find success and stability in your career – but how do you know which one is the right one?
7 Things to Look for in a New Commercial Real Estate Brokerage Firm
Here are a few things to look for when working for a new brokerage firm:
1. What is Their Reputation?
Speak with other agents in the area who may know about the firm. Ask other professionals who have worked with a specific firm before.
If their reputation is good, then generally this means they treat their agents well.
2. How Do They Promote Themselves?
What does their internet presence look like? Is their website well-designed with a lot of thought put into it?
How do they interact with consumers and other agents on social media? Are they engaged in a positive way?
You can learn a lot about how a brokerage runs by examining how they interact with the community online.
3. What Will Your Employment Status Be?
Will you be an employee or an independent contractor? Most brokerage firms will hire agents who are independent contractors. As an independent contractor you are essentially your own boss and can set your own hours – working when and where you want to. This flexibly allows you to enjoy more wiggle room in your schedule than other professionals.
Be sure to clarify what employment status you’re being offered before you take the job.
4. How do They Split Commissions?
Choosing to work with a new brokerage firm includes a fair bit of negotiation and you should be unafraid to ask questions about how the commission will be split before you sign any paperwork.
Get all the details about how the commission breaks down and don’t be afraid to push for a better split if the one offered doesn’t seem favorable.
5. What is Their Training Program Like?
New commercial real estate agents are often thrown into the mix without enough support to help them be successful in a new firm. Ask questions about potential training and mentorship from more established agents in the office or other ways the firm may offer to support incoming agents.
Do they have education, technology tools, or other training materials which will help drive success?
6. What is the Office Like?
What does the office look like when you first walk through the door? If you can honestly say to yourself, “I would not be proud to bring my clients here,” then that might not be the right sort of place to work.
It may seem simple, but the location and feel of the office go a long way toward gaining the trust of potential clients. If it doesn’t feel like a welcoming place to you, then it likely won’t feel welcoming to the client.
7. What is the Culture Like?
What sort of company culture do they promote among their agents? While this may seem like a trivial question, it’s important to get a feel for how it will be working for them.
A Good Commercial Real Estate Firm Can Make or Break a Career
Making sure you find a good brokerage firm is an important part of establishing a successful career as an agent. Make sure to do your research before signing any paperwork, and don’t be afraid to ask the questions which weigh heavily on your mind.
Most importantly, go with your gut. A good commercial brokerage firm will help you find the success you’re looking for.