When I entered the real estate industry, and even during the process of switching firms later on, it’s safe to say that I was rather lost. I wasn’t particularly sure of the qualities I was to be searching for in each firm, nor did I have somebody to guide me through the process. Though each firm had a different pitch centered on the individual positive and unique specializations, I wasn’t able to decipher true quality from self-reported quality. What were the most important things that would dictate whether or not I would succeed in this career? I wasn’t sure. As it turns out, I got very lucky and joined a firm that taught me a great deal about the industry as a whole. Unfortunately, most of my peers were not as fortunate; despite joining other firms and working really hard, success was simply never achieved.
While you are engaged in the long and arduous interviewing process, I want you to keep a few questions in mind when evaluating individual real estate firms. These five questions should be asked directly to the brokerages you are considering working for, as they simultaneously give you a better understanding of the firm and help to poise you as a candidate that takes initiative.
#1 How will the brokerage train you?
#2 How will the brokerage position you to take advantage of your strengths?
#3 What differentiates the brokerage brand from its competitors?
#4 What are the long-term plans and goals for the brokerage?
#5 How will the brokerage invest in you?
Training is critical, because without the combination of knowledge and experience, there is no feasible way that you will be able to properly service your clientele. Being placed in the right situations is just as important, as each one will give you another chance to sharpen your skills and attend to weaknesses. You might find that you are a terrific prospector but lack the finesse needed to close a deal. Or perhaps the art of closing the deal comes naturally to you, but searching for business is not where your interests lie. Discovering what kind of client relationships you prefer is also critical to deciding what kind of transactions you will look for. You may seek clients that require extensive property visits over the course of weeks and months, or lean more towards quick, single-day sales with a greater number of clients. Similarly, you will want to find whether you prefer sales or rentals, as the general cycle of sales for each is vastly different and may require small or large teams.
Since it’s wise to base these decisions off of experience, it’s essential to find a firm that doesn’t corner you in a standard role, requiring you to carry on with their business as usual. A proper firm gives each agent an equal chance for success and will place you in a position where you can spend time on the tasks and activities that you enjoy and excel at. Mandating significant periods of time devoted to tasks that you are not committed to will be disheartening and will dilute your skill and drive.
It’s also important to consider how much “skin in the game” a firm has in you specifically. Some firms hire 100 sales agents knowing that only 5 of them will succeed, leading to an impersonal experience that will make you feel like a mere cog in a wheel. This type of hiring behavior fuels a throwaway culture inside participating firms that will be toxic to your career. Other firms, like Meier Real Estate, hire significantly less people, choosing instead to invest in new hires right away to help them succeed. If these individuals are not successful, the firm sees it as an organizational failure due to how they have committed to helping those 5 agents flourish. Superior firms view the relationship with an agent as a partnership, in that the firm will travel to the ends of the earth to guarantee that all dedicated agents are given the opportunities to succeed. A firm like Meier Real Estate invests significant amounts of time, money, and resources into each employee, allowing each one to feel rightfully important to the company’s goal.
When interviewing with firms, know that there are many great firms out there who do things differently. At Meierh Real Estate, we are dedicated to acquiring capable agents and placing them in the appropriate roles. By doing this, we put them in positions to give our customers and clients the confidence required to buy, sell, and rent real estate. We believe in helping people find their dream properties and giving them good advice every step along the way. This can only be achieved by training our agents to deliver great service and key insight to our clientele.
I encourage you to visit our Real Advice to gain some critical information regarding a variety of topics that should be of primary concern to you as you begin your career. From formulating a first-year business plan and the essentials of specializing in real estate, to the importance of hiring a real estate coach, the articles will provide you with advice cultured from years of experience in the field.
I wish you the best of luck in your real estate career and future endeavors.
Real Estate broker, Founder
Meier Real Estate