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Joining a real estate brokerage is an important decision that new agents need to take seriously. The right brokerage can provide you with the necessary training, resources, and support to succeed in the industry. However, the wrong brokerage can leave you feeling lost and unsupported. If you’re considering joining a brokerage in Ottawa, here are 10 questions to ask before signing on the dotted line.
1. Team Structure and Company Culture:
What does the team structure and company culture look like?
Understanding the company culture and team structure is important because it can give you an idea of the brokerage’s values and how it operates. Do they have a collaborative team structure, or is it a “sink or swim” environment? You want to find a brokerage that aligns with your values and supports you in achieving your goals.
2. Onboarding Process:
What does the onboarding process look like?
The first few weeks at a new brokerage can be overwhelming, so it’s important to understand the onboarding process. Will you have a dedicated mentor to help guide you through the process? Will you receive training on the brokerage’s technology and tools? You want to make sure you have the necessary support to succeed from day one.
3. Fees and Services:
What are the fees and what do they cover?
Every brokerage has its own fee structure, and you want to understand what you’re paying for. Are there desk fees, transaction fees, or marketing fees? Understanding the fees and services will help you make an informed decision about whether the brokerage is the right fit for you.
4. Commission Splits:
What are the commission splits and any associated caps?
Commission splits are a crucial part of any real estate brokerage, and you want to understand how they work. What percentage of the commission will you receive, and what percentage will the brokerage keep? Are there any caps on the commission split? Understanding the commission structure can help you plan your finances and set realistic goals.
5. Training and Support:
What kind of training is provided, and is there a mentorship program for new agents?
Training and support are crucial to your success in the real estate industry. Does the brokerage provide ongoing training and support? Is there a mentorship program to help guide you through your first year? You want to find a brokerage that invests in its agents and provides the necessary tools and resources for success.
6. Office Facilities and Resources:
Do you have an office, and what resources are available for agents?
Having access to office space and resources can be a game-changer for new agents. Does the brokerage have a physical office, or is it entirely virtual? What resources are available to agents, such as a CRM system, marketing materials, and technology tools? Understanding the resources available can help you make an informed decision about joining the brokerage.
7. Marketing and Promotion:
How does the brokerage promote its listings and agents?
Marketing and promotion are crucial to the success of your business as a real estate agent. Does the brokerage have a marketing plan in place for its listings and agents? Will they cover the cost of your advertising and promotional materials? Understanding the marketing and promotion strategy can help you determine if the brokerage will help you grow your business.
8. Expectations and Requirements:
What are the expectations for me as an agent, and are there any production requirements to stay active within the company?
Every brokerage has its own set of expectations and requirements for its agents. Understanding the expectations and requirements can help you set realistic goals and plan your business. Are there any production requirements to stay active within the company? Will you be required to attend regular meetings or training sessions?
9. Local Community Involvement:
How involved is the brokerage with the local Ottawa community?
Being involved in the local community can help you grow your business and establish yourself as a community leader. Does the brokerage have a presence in the local community? Do they sponsor local events or charities? Understanding the brokerage’s involvement in the community can help you determine if it’s a good fit for you.
10. Broker Availability:
Who can I contact if I have questions about a contract, and are they available after hours if I have an urgent issue?
Having access to your broker when you need them is important, especially if you have urgent issues. Who can you contact if you have questions about a contract? Is your broker available after hours or on weekends? Understanding the availability of your broker can give you peace of mind and help you feel supported.
Joining a real estate brokerage such as Century 21 Action Power Team Ltd, is an exciting opportunity, but it’s important to do your due diligence before signing on the dotted line. By asking these 10 questions, you can ensure that the brokerage aligns with your values, provides the necessary support and resources for success, and helps you achieve your professional goals. Good luck on your search!
