Done your courses; Now what?!

 Choosing Your Brokerage

Congratulations, you've passed all of your RECA courses and exams! Your criminal record check has come back and all you're needing now is a place to hold your license! Just within the Edmonton Board's area (RAE - Realtor's Association of Edmonton) there are over 200 Brokerage's to choose from. Ranging from all different arts of business models, franchises to independent/boutique Brokerages, virtual to your traditional bricks and mortar. Though the decision might seem overwhelming and you might be thinking to yourself "How do I ever make the right choice" - don't worry. I'm going to help guide you, so you can make the best choice for you! Over 50% of REALTORS® quit within their 1st year of being licensed. Partially due to unobtainable expectations and partially due to not finding the proper Brokerage to align themselves with at the very beginning of their career. 

Different Brokerage Business Models

Franchise vs. Indépendant/Boutique

You've most likely seen advertisements for Re/Max, Royal LePage, MaxWell and Century 21. Though all of the Brokerage's themselves are independently owned and operated. They would be considered Franchises and should have a basic standard of service they provide all of their associates. The real POWER of being licensed with a Franchise is that it provides you with instant credibility upon becoming licensed. They would have some form of training for their new associates along with a number of support staff to assist you with becoming a successful REALTOR®. They would also have a backend system that would allow you to better market yourself and your properties. Plus because of their ability to do mass purchases; you will typically have a higher level of "preferred partners" to choose from with a higher level of discounts! There's going to be a larger opportunity for mingling and Brokerage wide events. However sometimes you can feel like you're just a number and forgotten about. The majority of Franchises are also American owned, but there are a couple of like Royal LePage and MaxWell that are 100% Canadian owned.

Independent/Boutique Brokerages, are not franchised and potentially could have multiple owners, all of their offices would operate the same way. They are typically smaller in size and don't always have the same resources to put back into their agents.  They may have remade materials available via a Google Doc or some other form of online Document sharing. However they will not be able to invest as much into their backend system as a franchise. Where they typically have a bigger impact is that most focus on a certain segment of the market. Or they were created with a strong vision/purpose statement which could align nicely with your own. Brokerage events are smaller, but typically have more buy-in and the Brokerage can feel more like a family than simply a place to work. All would be 100% Canadian owned. 

Conventional vs. Low Fee/Discount

A conventional Real Estate Brokerage is also known as a "Full Service" Brokerage. Where they help to provide you and your clients with additional benefits than simply allowing you to represent clients. They will have a conveyancing department, order your signs up and down, ensure your transaction/sale is handled properly and everything is sent to the lawyers. Provide training and other supports to help you improve. They'll have systems and technology in place to help you succeed and focus on what you got into the industry for! Help people and make money! Though the fee models in a conventional Brokerage range significantly between offices. Most conventional Brokerage's also have physical locations, where agents can work out of and clients can visit to drop off deposits. Trainings, seminars and presentations can also be held out of these locations. 

Low Fee/Discount Real Estate Brokerages are what the name describes. They provide the basic level of services to their Associates. Some will offer a level conveyancing or deal management. But over all the amount of training and support is lacking. They are often virtual offices with no physical locations for REALTORs® and/or their clients. They also have a range of fee models but they are often "cheaper" in cost than a conventional Brokerage.

Broker Support

Regardless of which type of Brokerage you select. At the end of the day; the most important factor should be who the Broker is and how are they going to supporting your development. Having a knowledgable and involved Broker is critical is the grow and culture of the Brokerage and all of its associates. Do you feel a connection with your Broker? Do you believe your Broker is going to be supportive and hands on with your development and success? Is the Broker full time? Are you able to contact your Broker whenever you have a question? These are all VERY important questions to ask yourself. Ultimately you are going to be responsible for your own success but if you have a Broker that's able to assist you and point you in the right direction and be there to keep you going the right way. That goes a long way for you to become successful and having the career you desire!