There are a lot of real estate agents who thinks that choosing a real estate broker is based mainly on the splits of the 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.
The first thing to take note that you are an independent contractor and that you also own your business. It’s your business and the success will be all to you. But, the brokerage that you will choose will greatly help in making a big difference in your lifestyle.
Not Entirely on the Split
Any new agent must not only focus a lot on the commission split when selecting a real estate broker. There are a lot of services which are in fact available from brokers and this could be things which you need to get for you 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 when you are being offered a site, you must consider building your own which you could take with you.
Know your Expenses
Prior to comparing the service offering and also commission splits from two real estate brokerages, the first thing is that you have to know what are your income needs that are based on personal expenses and also projected new real estate agent business expense.
Compare Broker Lead Referrals to Income Funnel Approach
Through the use of an income funnel approach, you will be able to ask real estate brokers on how long you will be able to receive leads and prospects. Some of the other estimates that you can actually use are phone leads, floor time leads and the website leads. You can in fact utilize such estimate to fill a funnel sheet and in seeing what income is going to come out.
Training and Mentoring
Most of the new agents requires training on negotiating, contracts and procedures to which are predominant on the market area. Mentoring however comes on a certain cost that is either on a lower split or perhaps a pre-transaction charge or on a percentage. This in fact is why you should consider knowing what your needs truly are and to make proper decisions.