It’s that time of year when Chicago real estate agents are thinking about their growth plans for the coming year. This may include leaving your current brokerage and hanging your license at a new firm.
Whether you’re an industry veteran with twenty years of Chicago real estate experience or relatively new to the profession, there are some things to keep in mind when determining which brokerage to join next.
National or Independent Brokerage – What’s the Right Fit?
The first thing to consider is what size brokerage do you want to join.
Large national chains have benefits such as infrastructure and brand recognition. However, you may be one of the thousands of agents at one of many offices.
If you’re looking for more personal attention, you may want to explore a boutique brokerage in your local market. Smaller firms provide the opportunity for personalized mentorship and a sense of community. It’s also easier to stand out as a top performer.
Things to Consider: Do I want to be a big fish in a small pond, or do I like to swim in a sea of many?
Think Beyond Commission
Since being a real estate professional means you’ll be relying on commission, you’ll need to make sure the commission rate offered will help you achieve the financial goals you have for yourself. Commission rates vary from brokerage to brokerage.
You may be inclined to choose a company that will give you the highest split possible so you can keep most of your sales. While this can seem lucrative, it may not set you up for career success in the long run. Brokers with high splits may receive less attention and support because management may perceive they don’t need as much help, or can’t afford to dedicate resources as there isn’t much profitability on the particular agent.
Think about things beyond the commission rate a brokerage can offer to enhance your career such as value-add marketing programs, opportunity for house leads and mentoring and training programs.
Things to Consider: What more can I get from this brokerage beyond commission?
Find A Brokerage That Matches Your Values
In addition to how large of a brokerage you’d like to work at and how much commission you are hoping to earn, you want to be sure you are working for a company that stands for values you hold important. Each brokerage has it’s own personality and set of values. Since the brokerage you choose will represent you and you’ll represent them, it’s important to find a place that reflects your values and how you want to conduct business.
Things to Consider: Does the brokerage have established core values and do they align with my own?
To conclude, to make the right move to a new brokerage, it’s important to:
- Determine the size of the brokerage
- Assess the commission rate combined with other added resources
- Align with the core values of the company
Keeping the above in mind you should find a new brokerage that will be a balance of what you need to continue to grow your real estate career.
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