What To Look For In a Brokerage
Published by Urban Real Estate Services Ltd.
Congrats! You’re ready to the make the move. You are an eager newcomer to the real estate world or a seasoned expert up for a change of pace. But you have to ask yourself – what should I look for when selecting a brokerage? The answer is simple: Transparency, support, and community.
You should be free of contract restrictions and regulations that limit you from your potential. If there is a cultural missing or you are not feeling a fit with your brokerage, the choice should be yours alone to be able to move to a team that provides you with the value you’re looking for. For instance, at Urban Realty, we provide our REALTORS® with the opportunity to switch brokerages at any time, without any penalty or fee. Why do we do this? Because we believe that our REALTORS® are what drives our team to success and that the value we offer to our agents is unique and accommodating to their needs.
The scope of support is quite broad, but when it comes to selecting a brokerage, the deliverables are clear. You want to have access to training and education when it’s needed. You want the opportunity to reinvest into your business to help nurture your growth. You want financial support to have access to your commissions sooner than later. And you want a broker that cares.
Most REALTORS® contribute 20% of their commissions to their brokerage
(Field Guide to Compensation Plans for REALTORS, March 16, 2016, National Association of REALTORS®)
Consider the opportunity to be part of a brokerage that has no commission splits like Urban Realty, where you can pay out a flat rate fee rather than a percentage that could be worth potential thousands of dollars freed to be re-invested to increase your business. If your brokerage isn’t offering at least one or all of these things, it may be time to look elsewhere for that support.
In the real estate industry, culture and community typically show up last for most REALTORS® seeking a switch. However, brand culture and community building have shown a significant return on productivity and sales. Looking at the global commercial real estate firm CBRE’s new office in Los Angeles, they have achieved great work-life balance in this way:
The firm literally and figuratively brought the walls down to encourage collaboration across divisions, increase productivity, and enable their employees to work in a whole new way.
(Employees Perform Better When They Can Control Their Space, January 16, 2014, Diane Hoskins)
For example, Urban Realty recognizes the efforts of our REALTORS® and celebrates our successes as a community through events like our yearly Gala or our Stampede Breakfast. We celebrate the diverse and unique culture we have developed within our brokerage that makes our REALTORS® stand out and work together through collaboration and team-building. The likelihood of a big brand name brokerage nurturing the existing relationships with their team members is barred none.
Take it from a seasoned REALTOR® and broker himself – our broker Sunny Parmar had tried and tested multiple brokerages when he was in practice. He found the misalignment amongst the three areas to be consistent across the board, so he cultivated his brokerage to represent what he was looking for in a brokerage as a REALTOR® himself. All we ask is you consider these three crucial components when selecting your brokerage. Consider your options and make it work for YOU, not the other way around. Curious to learn more about our unique benefits? You can visit our Benefits Page for more details: https://urban-realty.ca/realtors/
- Hoskins D. (January 16, 2014) Employees perform better when they can control their space. Published by Harvard Business Review. Retrieved from https://hbr.org/2014/01/employees-perform-better-when-they-can-control-their-space
- King R. (July 17, 2015) Why REALTOR commissions donâ€™t need to change. Published by Money Sense. Retrieved from http://www.moneysense.ca/spend/real-estate/realtor-commissions-dont-need-to-change/
- National Association of REALTORS. (March 2016) Field Guide to Compensation Plans for Real Estate Agents. Retrieved from https://www.nar.realtor/field-guides/field-guide-to-compensation-plans-for-real-estate-agents
- National Association of REALTORS. (December 2016) Field Guide to Quick Real Estate Statistics. Retrieved from https://www.nar.realtor/field-guides/field-guide-to-quick-real-estate-statistics