Choosing your first real estate brokerage in Colorado is a big decision! Your brokerage sets the tone for the beginning of your real estate career. With the right brokerage, you get off to a strong start and can quickly build your real estate business. But the wrong brokerage can cause frustration and even discourage you from continuing your real estate career.
So how can you make sure you’re choosing a Colorado brokerage that will help you start strong and elevate your career as you gain experience in the real estate industry?
Here are five key factors to consider when choosing your first real estate brokerage in Colorado.
1. How Much Training Do You Want?
As a new Colorado broker, you’ll have a lot to learn about the real estate industry. While your pre-license real estate courses do a great job of teaching you the principles and practices of real estate transactions, they don’t go into much detail on actually running your new real estate business.
You’ll need to learn:
- How to generate buyer and seller leads
- What to say on a prospecting call
- How to book appointments
- What to say to overwhelmed buyers
- How to do a listing presentation
- The process of getting your new listing onto the Multiple Listing Service (MLS)
- How to market your listings
Some brokerages are set up to provide this type of training. Other brokerages will expect you to get this information on your own from books, workshops, seminars, and additional courses. Choose a brokerage that offers a level of training you’re comfortable with.
2. Can You Capitalize on the Brokerage’s Reputation?
When you haven’t yet established your own professional reputation, you’ll need to lean heavily on your brokerage’s reputation in the community. Choosing a well-respected brokerage is critical in establishing your credibility as a new agent.
In considering your brokerage’s reputation, pay attention to whether the brokerage is a franchise or a boutique firm. Franchises often offer nationwide advertising campaigns and come with large-scale name recognition.
But boutique firms have the advantage of specializing in a specific niche (perhaps a location, price point, or demographic). Boutique firms often earn a reputation as being the go-to brokerage for their niche. Take the luxury market as an example. Sellers of luxury properties are more likely to list with a boutique firm than a franchise.
3. What Ongoing Support Will You Need?
Many Colorado brokerages offer ongoing support in the form of:
- Reception services
- Meeting room space
- Administrative support
- Local advertising
- Social media marketing
One day, you might be completing so many deals and making so much money that it makes more sense to hire your own assistant to handle these tasks for you, personally. But as a new agent, having access to this additional support is helpful.
4. What Commission and Fee Structure Are You Looking For?
Colorado brokers are nearly always paid on a commission basis, getting paid a percentage of the sale price of each home sold. You’ll share a percentage of the commission with your brokerage in exchange for all the training, support, and advertising your brokerage provides. Generally, the higher the brokerage’s share, the more services they can provide.
Some brokerages offer 100% commission splits, meaning that you keep the full commission. To make money, these brokerages typically charge brokers recurring monthly fees plus flat fees for each transaction. As a general rule, 100% commission brokerages work better for established brokers with large client bases. New agents don’t usually want to commit to monthly fees while they’re building their client base and making their first few sales.
5. What Is Your Work Style and Is It Compatible with the Brokerage?
Some brokerages run a tight ship, expecting everyone to attend early morning meetings and stick to a strict prospecting plan. Other brokerages allow brokers free reign to create their own schedules and work their own systems.
Do you work better in a structured environment, or do you prefer complete anonymity? Choosing a brokerage that matches your work style will help you be the most productive version of yourself. And you’ll be a lot more satisfied with the day-to-day operations of your career.
Do You Need Help Choosing Your First Real Estate Brokerage in Colorado?
AceableAgent’s Broker Agent Matching Program is now available to help AceableAgent students find their ideal brokerages. Once you enroll in your Colorado pre-license real estate courses, you’ll be able to complete a quick matching survey. We’ll use your preferences to match you with brokerages that would be a good fit for you. It’s just one more way AceableAgent serves our students!