Many real estate agents thinks that the selection for a real estate broker is based on the splits of commissions. However, this is not all on the split because the final income actually have so much to do on the various variable services that were being provided by brokers.
An essential thing that you have to bear in mind is that you are an independent contractor and you likewise own your business. This actually is your business and the success is all entirely up to you. The brokerage that you are going to choose will actually help greatly and will also give a big difference to your lifestyle.
Not Entirely on the Split
New agents should never just focus on the commission split in choosing a real estate broker. There actually are many services that are now available starting from brokers and it could be things that you will need for you to be able to start on the business. The end income result could in fact be more with lower splits that will in fact depend on the leads which are provided and on the service fees.
In today’s internet dominated world, you are surely in a dilemma. There is in fact something that could in fact be said in selecting a broker who will be able to give you good exposures or segments on the website of the brokerage. The longer you will be staying and if ever it will work for you, the more dependent you will become with it. Even if you are ever offered with a site, you have to build your own which you could take with you.
Find out your Expenses
Before you will compare the service offerings and commission splits from two real estate brokerages, the first thing to do is to know what your income needs are, which will be based on your personal expenses and projected new real estate agent business expense.
Compare Broker Lead Referrals to Income Funnel Approach
By using an income funnel approach, you could then ask real estate brokers with how long you could receive leads and prospects. Other forms of estimates that you could use would be floor time leads, phone leads as well as the website leads. You will be able to use such estimates on filling the funnel sheet and to likewise see what income will come out.
Training and Mentoring
Most of these new agents will need training on contracts, negotiating and procedures which are common in the market area. Mentoring on the other hand comes with a cost on a lower split or perhaps a pre-transaction charge or in a percentage. This is why it’s very important that you know what are your needs in the area and to make proper decisions.