How to Find the Right Real Estate Broker Sponsorship
Looking for the right real estate broker sponsorship is kind of like looking for the right home. There are pros and cons to each one you encounter. It’s not always easy to find the right broker, but the time and effort you put into finding the right one pays off.
So if you’re looking for a broker sponsorship, it’s important to weigh all your options while keeping your priorities in mind. Keep reading for our best tips on finding a sponsoring broker who’s a good fit for you.
Do you need a sponsoring broker?
Starting out in the real estate business can feel like an uphill climb … carrying a 50-pound weight … while being chased by a really mean dog. You get the idea. You’re full of questions, you probably don’t have a lot of money for marketing and lead gen, and you’re starting out at the bottom of the ladder where it feels like getting your name out there is an impossible task.
Finding a real estate broker sponsorship is a great way to learn the ropes, ease through the challenges, and offset the marketing and lead generation costs that come with being a new agent.
A sponsoring broker will be there to answer your questions, point you in the right direction, and provide you with marketing opportunities. They also often provide systems and tools that can help you launch your real estate career.
Choosing a sponsoring broker should not be a rushed decision. It’s better to take your time and end up with the right broker than to rush the decision and end up with regrets. The bottom line is, you want to find someone who will help you grow as an agent.
So how do you tell if a broker is a good fit for you? Here are the best questions to ask when you’re trying to decide on a sponsoring broker.
Questions to ask when looking for a sponsoring broker
How good is the broker’s reputation?
A broker’s reputation is everything. If they sponsor you, their reputation bleeds over to you. Make sure you seek out a broker with an excellent reputation.
Are their values and core beliefs aligned with yours?
Look for a broker with the same core values and beliefs as you. You won’t end up feeling pressured to stray from your moral compass when you’re both on the same page.
Is the broker selling the type of real estate you’re interested in selling?
This is important. Don’t settle for someone not selling the same type of property you want to sell. Find someone who is in the same line of sales as you so you can learn the tricks of the trade from someone who is living it daily.
How successful is their brand?
Look for a broker who has created a successful personal brand. Connecting with someone well-known will make it easier for you to get your name out there.
Have they sponsored other real estate agents before?
Ask around. Talk to other agents who have worked under that particular broker, especially those hired within the last six months to a year. Get their opinions before you make a decision.
How will they support your education and training?
Some brokers are looking for experienced agents and aren’t willing to provide training opportunities for new agents. But many brokers are willing to take new agents under their wing and help them get started by guiding them through real-world experiences in the real estate business.
Plus, there are many great training programs out there that brokers can use to help build your skills as a real estate agent, like our core course, Sell it Like Serhant. This course is used by many brokers to provide supplement training for their agents.
What commission structure and benefits do they offer?
Commission splits can get confusing. You want to look for clear-cut, easy-to-understand commission splits so you know exactly what percentage of commission you will make, regardless of who makes the purchase. Find a brokerage that’s open about how their fees and commission splits are structured. Make sure there are no hidden costs involved so you know what to expect going in.
Does the broker charge any fees to the agent?
There may be additional expenses brokers charge agents for, such as monthly rent, administrative fees, and advertising fees for property listings. If you don’t ask, you could be taken by surprise—and not in a good way.
Will they provide you with leads and marketing material?
And what kind of marketing opportunities will the broker provide you with? Do they include you in the current marketing, or are you responsible for your own? What type of budget are you working with the broker? Get as much information as you can about the marketing process they use and what’s expected from all parties.
More from Sell It Like Serhant
The right sponsoring broker for you is out there, and they’ll be a valuable resource for you as you start your real estate business off on the right foot. A good brokerage’s recognizable brand, reputation, and network help new agents generate leads and obtain legitimate buyers and sellers faster than they could on their own.