I recently had to switch brokers, because the broker I was under was taken over by new management. The new manager implemented changes that did not align with my goals and strategy. So I had to go on a search to find a new brokerage to join. If you are in the market for a new brokerage to join then this article might help you with things for you to consider when making your decision. If you need information on how to get your real estate license click here.
I took the approach of finding a new broker a little different this time around. I pulled a report from the Mid-Florida Regional MLS for the top 25 brokerages as far as market share and sales for Orange County, Florida. I figure if the brokerage is doing a lot of sales then they are doing something right. It would be difficult for a real estate broker to bring in millions of dollars if they weren't training and developing agents, providing support and had streamlined processes. At the time that I pulled the MLS report these were the top real estate companies in Central Florida (year-to-date December 2020).
Sales Side Transactions CY2020
1. Keller Williams at the Parks
2. Charles Rutenberg Realty
3. Coldwell Banker Realty
4. Florida Realty Investments
5. eXp Realty
6. Homevest Realty
7. Keller Williams Advantage III
8. Sotera Living
9. Keller Willams Classic
10. Keller Williams Advantage II
11. Empire Network Realty
12. Coldwell Banker Realty
13. La Rosa Realty Lake Nona
14. Urbanista Brokers
15. Remax 200 Realty
16. Keller Williams Winter Park
17. La Rosa Realty Kissimmee
18. Wemert Group Realty
19. La Rosa Realty
20. Agent Trust Realty Corporation
21. Ameriteam Realty Inc.
22. Preferred Real Estate Brokers
23. eXp Realty
24. Progress Residential Properties
25. Fannie Hillman & Associates
There are 1,000s of other companies to choose from that are not on the list above that are very reputable, have a strong brand and produce a high volume of sales. I just wanted to try a different approach when deciding on which broker I wanted to join this time.
I did as much research as I could find on each website of the companies that were of interest to me. I was able to narrow it down to my top 3 brokers to interview. Here is a list of questions to ask when interviewing real estate brokers. Remember it is important for you to make sure that the brokerage will be a right fit for you. Take your time and talk to at least 3 brokers before making your decision.
This post may contain affiliate links, which means I may receive a commission, at no cost to you, if you make a purchase through a link. Please see my full disclosure for further information.
List of Questions to Ask Real Estate Broker
How many agents are in this office?
What does the agent mix look like (top producers, full-time, part-time, years of experience)?
Do you offer a mentorship program and what are the terms?
Do you offer leads?
How are most agents in the company generating their leads?
Describe the office culture. What do you do to build camaraderie?
What strategy do you have in place to retain your agents? Put another way, what is your attrition rate?
What happens to my clients/leads when I leave the brokerage?
What is the support structure? Who do I speak to directly when I have questions?
What technology do you provide?
What are the restrictions regarding branding/self-promotion? For example, can I have my own website and Facebook business pages?
Describe the training and development that you offer?
Are you a competing broker? Meaning both of you and your broker could be competing for the same clients.
What expenses do you cover (business cards, signs, nametags, lockboxes, marketing, fliers, etc)
Are there any requirements such as desk time or minimum sales quotas?
Will I be paid at closing?
What are the commission splits and caps?
What are the true fees (including transaction fees, coaching fees, franchise fees and royalty fees)?
What are the Broker's Commission Splits, Caps and Fees?
I listed the question about commission splits last for a reason. The splits and fees are important. You work hard for your money and you deserve to keep every penny. However, it's not the most important factor when determining what brokerage to join. You have to look at all of the benefits as a whole. What good is a low commission split if you can't get a hold of the broker to ask questions or if there isn't any training and development? If the broker provides you with leads then a higher split is warranted if that means you will have consistent income. Don't immediately be turned off by a high split. You really need to ask questions to find out what value you gain from the high split.
What Broker Did I Choose?
I ended up going with Florida Realty Investments. Here are some of the benefits:
- 100% commission. You only pay $350 per sales transaction. That's it! There aren't any hidden fees.
- $0 monthly fees or franchise fees
- Mentoring program available
- No desk fees
- No minimum quotas
- No required meetings or desk time
- E&O insurance is included
- Access to office space with 10 convenient locations
- Weekly training and Q&A forum
What impressed me the most was the responsiveness and their efficiency. I called to get information about joining the brokerage on Christmas Eve. Florida Realty Investments called me right back and got me signed up and the DBPR status switched over immediately. Think about it, if I am at the closing table and need help I want a broker that is quick and responsive.
Also, there is a Facebook Group for the Florida Realty Investments agents. I was able to post a coming soon message that same day to start getting the word out to hundreds of agents in the Central Florida area about my new listing. If you are in Central Florida and interested in joining Florida Realty Investments please send me a text message to find out more information.
Post in the comments below if there are additional questions that an agent should ask the broker when deciding on which company to join. What do you think is the most important question to ask a broker and why?