Before you can start practicing real estate as a licensed real estate agent, you need to choose a broker to supervise your work. This step is critical to your new career. Every state in the country requires licensed real estate agents to work under a licensed broker, and your broker can be a great source of information as you learn the ropes of the real estate industry.
Unfortunately, choosing a broker to supervise your work as a new real estate agent can be overwhelming. With over 100,000 brokerages operating in the United States where do you even start?
AceableAgent understands that choosing a broker is a big decision. And we’re here to help.
The AceableAgent Broker Agent Matching Program in Texas helps AceableAgent students find a local broker. But we don’t want to match you with just any old broker. We want to find you a broker who will be a good fit for you. We want to find someone who can give you the level of training and support that you need (whether that’s a lot or a little).
Let’s take a closer look at the broker-agent relationship and explain how AceableAgent can help you find a solid broker match.
What Does a Broker Do for an Agent?
In the legal sense, the broker is responsible for overseeing the agent’s work. Your broker will sign off on your listings and any buyer agreements. Your broker will watch to make sure you’re working within your local rules, regulations, and laws.
And if you’re an experienced agent who has just moved to a new state, this supervision might be all you need. Your brokerage could simply be somewhere to “hang your license.”
But new agents often need more from a broker. They might need basic sales training or one-on-one coaching. Brokers can offer these benefits to their agents. In fact, many new agents are looking for a mentor, and a small boutique brokerage may be able to offer more mentorship than a large chain brokerage.
Brokers can also handle some marketing and logistics. Large brokerages often pay for national advertising, and new agents can lean on this name recognition as they build their own reputation in the business. Some brokerages provide office space and/or administrative support.
How the Commission is Split Between Broker and Agent
In exchange for the services your broker offers, they get a share of your commission, called a commission split. The old standard for new agents was 50/50. But there are many different commission structures available today. Generally speaking, the more services the broker provides, the higher their commission split.
You may see advertisements for 100% commission (meaning that you, as the agent, keep 100%). Beware! These arrangements require you to pay fees out of pocket. There are typically fees per month plus fees per transaction. And 100% commission brokerages don’t offer a wide range of services because they can’t afford to. So a 100% commission brokerage might work for an experienced agent with an established client base. But it probably won’t work for a new agent.
5 Things to Look for in a Broker Match
There are lots of great brokers out there. But if a broker doesn’t meet your unique needs, they’re not the right broker for you.
Here are five things you should look for in a broker.
A compatible work style. Do you want some hand-holding for your first few transactions? Or would you prefer to be left alone to work independently?
A fair commission split. How much of the commission will your broker get? Are the services they provide worth the split to you?
Training. Does the broker offer training? Is it required? Does it work for you?
Advertising. Does the brokerage advertise and who pays for it?
Administrative support. Will your broker have admins available to handle some of your paperwork or data entry? Would you prefer to do these tasks yourself or have your own admin handle them?
How the Aceable Broker Agent Matching Program Works
The Aceable Broker Agent Matching Program is simple. You tell us what you need in a broker, and we do our best to find you a good match.
But for a little more detail, here’s how the Broker Agent Matching Program works in five easy steps.
Step 1: You Apply for the Program Through a Quick Questionnaire.
To apply for the program, AceableAgent students just need to complete a simple five-minute questionnaire. This questionnaire will help us understand your needs and preferences so we can find a good broker for you.
Step 2: An AceableAgent Partnership Specialist Personally Reviews Your Questionnaire.
AceableAgent adds the human touch to the matching program by having a specialist personally review the answers on your questionnaire. Our specialists have relationships with brokers in Texas and can use your information to find brokers that will be a good fit for your needs and preferences.
Step 3: The Partnership Specialist Provides Your Information to Well-Suited Brokers.
Our Partnership Specialist will reach out to the brokers that meet your criteria on your behalf. We will provide your contact information to the brokers.
Step 4: The Brokers Contact You.
The brokers who are interested in meeting with you will contact you. Some may contact you right away, while others prefer to wait until closer to your estimated course completion date.
While AceableAgent can’t guarantee that the brokers will contact you, they are highly likely to reach out. Brokers want to attract new agents to their firms so they can have more people generating revenue for the brokerage.
Step 5: You Interview the Broker(s).
Remember, you’re not interviewing for a job when you meet with brokers. Instead, the brokers are interviewing for the opportunity to be your brokerage.
While our Partnership Specialists will do their best to find you the best possible broker match, it’s worth your time to interview the broker(s). You need to be comfortable working closely with your new broker, so invest a little time getting to know them.
And when you’re ready, you get to sign an agreement with your chosen broker. He or she will then prepare whatever paperwork your state requires to confirm that they are your broker. And once all your licensure paperwork is finalized, you’ll be ready to start practicing real estate!
Aceable Broker Agent Matching Program FAQs
How do I apply to the Broker Agent Matching Program?
Simply complete a quick questionnaire. It will only take around five minutes!
What Information Will AceableAgent Need from Me on the Questionnaire?
You’ll just need to enter some basic information about yourself and your preferences for your ideal broker. This information includes:
Your contact info
Your desired work location
Whether you prefer full-time or part-time
What is most important to you in a broker
Your estimated course completion date
When should I apply to the Broker Agent Matching Program?
You can apply at any time after you’ve enrolled in your AceableAgent course. Since each questionnaire is personally reviewed by one of Aceable’s Partnership Specialists, it can take up to a month for our Specialist to find brokerage options for you. So you might want to apply early. We can tell brokers when you expect to complete your course and get your license so they can be ready and waiting for you.
Get Started Today!
If you’ve already enrolled in your AceableAgent pre-license course, you can go directly to the questionnaire to enroll in the Aceable Broker Agent Matching Program.
If you haven’t enrolled in your course yet, enroll today! AceableAgent offers some of the most innovative course curriculum in the industry. With our mobile-first design, you can study just as easily from your phone or tablet as from your computer. And test-prep is included in each of our affordable courses, so you’ll be on your way to passing your real estate test and getting your real estate license in no time!