How to Choose the Right Real Estate Brokerage: A Step by Step Guide for Agents in Calgary, Alberta

Are you a real estate agent in Calgary, Alberta, looking for the perfect brokerage to join? Choosing the right brokerage is a crucial step in establishing and growing your real estate career. The brokerage you choose will not only affect your commission splits but also impact your access to training, support, technology, and overall success. In this comprehensive guide, we will explore the key factors to consider when selecting a brokerage and provide you with valuable insights to help you make an informed decision.

1. Define Your Goals and Priorities

Before diving into your search for the ideal brokerage, take the time to define your goals and priorities. Reflect on what you aim to achieve as a real estate agent and what type of support and resources you require to succeed. Consider the following questions:

• • What are your long-term career aspirations?
  • Do you prefer working independently or as part of a team?
  • Are you interested in specializing in a specific area of real estate, such as residential, commercial, or property management?
  • What level of training and mentorship do you need as a new agent?
  • Do you prioritize a strong online presence and advanced technology tools?

By clarifying your goals and priorities, you can align them with the brokerage that best suits your needs.

2. Research Commission Splits and Fees

Commission splits and fees are important financial considerations when choosing a brokerage. Different brokerages offer various models, so it's crucial to understand the structure and implications of each.

• • Commission Splits: Commission splits determine how much of your earned commission you will retain. Traditional brokerages typically offer a split favoring the brokerage, such as a 50/50 split. However, newer models, like Real Broker, offer more attractive commission splits, such as an 85/15 split.
  • Caps and Annual Fees: Some brokerages impose caps on commission splits, meaning that once you reach a certain earnings threshold, you keep 100% of your commission. Usually, traditional brokerages offer somewhere around a $15,000 cap. Some of the newer cloud or virtual brokerages, like Real Broker, offer a cap as low as $12,000. Additionally, be aware of any annual fees, sign-up fees, or transaction fees that may apply.

Consider your income goals and evaluate commission splits and fees to ensure they align with your financial objectives.

3. Assess Training and Support Programs

As a new real estate agent, access to comprehensive training and ongoing support is crucial for your professional development. Research the training programs and support offered by each brokerage you are considering. Look for the following:

• • Training Programs: Does the brokerage provide structured training programs for new agents? Are there opportunities for mentorship and coaching?
  • Continuing Education: Does the brokerage offer resources for ongoing learning and professional growth? Are there regular workshops, seminars, or webinars available?
  • Supportive Culture: Consider the brokerage's culture and the level of collaboration among agents. A supportive and collaborative environment can enhance your learning experience and foster a sense of community.

Look for a brokerage that invests in your training and provides the support you need to thrive in your real estate career. 

4. Evaluate Technology Tools and Resources

In today's digital age, technology plays a crucial role in real estate. Evaluate the technology tools and resources provided by each brokerage. Consider the following:

• • Customer Relationship Management (CRM) Software: Does the brokerage offer a CRM system to help you manage and track your leads and client interactions?
  • Online Marketing and Lead Generation Tools: Are there digital marketing tools, websites, and lead generation systems available to you?
  • Transaction Management Systems: Does the brokerage provide efficient systems for handling contracts, paperwork, and transactions?

Choosing a brokerage that embraces technology and provides robust tools can streamline your workflow and enhance your productivity. 

If technology and online presence are an important factor to you and something that will be a cornerstone of your business, consider online brokerages more closely. Online brokerages, or sometimes called virtual or cloud brokerages are brokerages that operate entirely virtually meaning they have no Brick and Mortar locations. 

These brokerages are on the forefront of where real estate is heading, they offer the most advanced online tools and programs, less paperwork hassle, and are growing rapidly in popularity and size. Some examples of cloud brokerages are eXp Realty and, most notably, Real Broker who is paving the way in the virtual space. 

5. Consider Reputation and Market Presence

The reputation and market presence of a brokerage can influence your success as an agent. Research the market reputation of the brokerages you are considering. Consider the following factors:

• • Broker's Reputation: What is the brokerage's reputation in the real estate industry? Do they have a track record of success and a positive reputation among agents and clients?
  • Market Share: Evaluate the brokerage's market share in your target area. A brokerage with a strong market presence may provide greater exposure and lead opportunities.

Choose a brokerage with a solid reputation and a strong market presence to maximize your opportunities for success.

6. Seek Recommendations and Gather Insights

Reach out to other real estate agents in your network and seek their recommendations and insights. Ask about their experiences with different brokerages and gather firsthand information. Consider attending industry events, seminars, or networking sessions to connect with experienced agents who can provide valuable advice.

Additionally, leverage online resources such as real estate forums or social media groups to gather insights from agents in your local area or those who have worked with specific brokerages. Their perspectives can offer valuable insights into the culture, support, and overall experience of working with different brokerages.

7. Schedule Interviews and Ask the Right Questions

Once you have narrowed down your options, schedule interviews with the brokerages you are interested in. Treat these interviews as an opportunity to ask the right questions and gather the information you need to make an informed decision. Consider asking the following questions:

• • What is the commission split structure?
  • Are there any caps or annual fees?
  • What training and mentorship programs are available?
  • What technology tools and resources are provided?
  • How is the brokerage's culture and community?
  • Can you provide references from current agents?

Through these interviews, you can gauge the compatibility between your goals and the brokerage's offerings.

8. Visit the Brokerage's Office and Assess Facilities

If possible, visit the office of the brokerages you are considering. Assess the facilities and evaluate whether they align with your expectations. Consider the following factors:

• • Workspace: Is there adequate workspace for agents? Are there dedicated areas for client meetings and paperwork?
  • Technology Infrastructure: Assess the availability of computers, printers, scanners, and other technology tools you may require.
  • Location and Accessibility: Evaluate the location and accessibility of the office. Consider factors such as parking availability and proximity to your target market areas.

A comfortable and well-equipped office can contribute to a positive working environment.

Alternatively, if going to the office isn’t your thing, the best recommendation is online brokerages. These brokerages offer the most advanced online tools and programs, less paperwork hassle, and more freedom to work from home.

One of the best cloud brokerages out there is Real Broker who offers a state of the art CRM program, extensive training and webinars, and a very competitive commission split. This makes Real Broker definitely worth looking into if you want to be your own boss. 

9. Trust Your Instincts and Consider the Culture Fit

Trust your instincts and consider the culture fit between yourself and the brokerage. While it may be tempting to join a well-known brokerage, it's essential to find a brokerage where you feel comfortable and supported. Consider factors such as:

• • Agent Collaboration: Do the agents at the brokerage foster a collaborative and supportive environment?
  • Company Values: Do the brokerage's values align with your own? Are they committed to ethical practices and professional development?
  • Personal Connection: Do you feel a personal connection with the brokerage's leadership and agents you have interacted with?

Choosing a brokerage where you feel a sense of belonging and alignment can contribute to your overall satisfaction and success.

10. Make an Informed Decision and Take Action

After considering all the factors and gathering information, it's time to make an informed decision. Evaluate all the aspects discussed above, weigh the pros and cons, and choose the brokerage that aligns most closely with your goals, priorities, and values. Once you have made your decision, take action and start the process of joining the brokerage of your choice.

To learn more about our top overall pick for the best brokerage; Real Broker, feel free to check out their website to learn why agents all across North America are switching to Real Broker.

LEARN MORE ABOUT REAL BROKER

In conclusion, choosing the right real estate brokerage is a crucial step in establishing and growing your career as a real estate agent. By defining your goals, researching commission splits and fees, evaluating training and support programs, considering reputation and market presence, seeking recommendations, scheduling interviews, assessing facilities, trusting your instincts, and making an informed decision, you can find the perfect brokerage that will support your success and help you reach your full potential as a real estate agent in Calgary, Alberta.

Remember, each agent's journey is unique, and what works for one may not work for another. Take your time, do your research, and choose the brokerage that aligns best with your goals and aspirations. Good luck on your journey to finding the right real estate brokerage!

Looking for more personalized guidance and advice? Check out our website at AllCalgaryListings. Or reach out to me, Ben Sweet, directly by either filling out the contact form below, visit our Careers page, or give me a call at +1 (403) 774-7447. I hope we can chat about how we can help you in your career!