Many real estate agents thinks that the selection for a real estate broker is based on the splits of 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 is that you should remember that you are an independent contractor and you also own your business. It is your business and the success is in fact all up to you. However, the brokerage which you choose can help a lot and delivers a big difference on 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 in fact many services that are made available from brokers and it could actually be things that you will need so you are able to get a start with 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.
With our world today being dominated by the internet, you will surely be 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 offered on a site, it is best to consider building your own that you can take with you.
Determine What are your Expenses
Before you compare on the service offerings and commission splits from two real estate brokerages where the first thing is to know what your income needs are, which will be based on personal expenses and the projected new real estate agent business expense.
Comparing the Broker Lead Referrals to the Prospect Income Funnel Approach
By using an income funnel approach, you could then ask real estate brokers with how long you could 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 use such estimates in filling the funnel sheet and in seeing what income is going to come out.
Mentoring Process and Training
Most new agents will need training on contracts, negotiating and procedures that are considered predominant in the market. Mentoring on the other hand comes with a cost on a lower split or perhaps a pre-transaction charge or in a percentage. Because of this, it is essential that you know what your needs truly are on the area and to make proper decisions.