Finding the right broker for your real estate business is serious business. The time and effort you put into finding the right broker and firm will help you start off on the right foot.
What is a real estate broker?
First of all, you need one in order to practice real estate. It's the law! Real estate brokers have completed 90+ hours of education beyond getting their real estate license and have passed a state broker exam. As a newly licensed agent, you will either be employed by or work under an experienced broker.
Does the Michigan Real Estate Academy offer job placement?
As it is operated by the Greater Kalamazoo Association of REALTORS®, a membership association, the MREA is not able to offer job placement to its students.
How do I find a real estate broker?
There are several ways to find the right broker for you. This research is important, so be sure to take as much time as you need to make a decision.
- Word of Mouth
- Ask family, friends, and co-workers.
- Ask peers, other agents, and classmates.
- Local Advertising
- Take a look around.
- Who operates in your area?
- Who seems to have a lot of success?
- Books and the Internet
- Search the Internet on sites like Yelp and Google.
- Read reviews.
- Visit the bookstore or library.
I found a broker I like. Now what?
Once you find a broker..or two...or three you would consider, you will want to interview them.
Along with any other questions you may have, be sure to ask the following:
- What training is involved and/or required?
- What is the commission split? 50/50? 70/30? 60/40? Other?
- What fees are involved? Are they up front, monthly, etc?
- Are educational expenses reimbursed?
- What services do they offer their agents and what costs are associated? In-house stagers? Home inspectors? Photographers? Uniforms? Cards? Signage?
- How large is the office?
- Do they conduct exclusive agency sales?
- Is there expected or required office time?
- Is there required association involvement?
- Do you have to join a local association?
- Are there fees if you do not join a local association?
- What are the contract expectations?
Compile your list of questions before you meet with a broker so you are able to have all of them answered. You don't want any surprises after you sign a contract.