Posted by: realestatewebtrainer | January 8, 2011

Look beyond the Split – Forge a Career

The idea that a Real Estate Agent will make more money with one Franchise versus another is at best misguided… In fact any agent who is seduced by it is looking at the beauty of the brand Skin Deep… You must go to the core of the Brand or Real Estate Agency and conjure its values and Business Processes.

This blog is not about whether a particular brand is better than any other; the nature of the competitive landscape of Real Estate gets them closer to one another when it comes to compensation or so-called Split; the question I ask: “Is the bottom line for the Full Time Professional Compensation?” – I argue Not.

New Agents make the mistake of chasing the highest split and forget the potential for access to Transactions; Expertise, and Market Presence…

So how does an established REALTOR chase the best deal for her career? (I offer a few thoughts…)

[If you are new agent find an established shop in your town and soak up the experience – once a real estate professional closes 40 to 50 transactions they truly start seeing the Business with new set of eyes… ]

1. The most important investigation a Real Estate Agent must make before moving from a brand to another is to know themselves. Know your Strengths and know your Weaknesses. You want the prospective brand to enhance your Strengths through Market Visibility, Proven Tools and Training, and added Transactions.

2. No brand can make your weaknesses disappear – if you have bad habits you will have them wherever you go; don’t be seduced by those who promise to make them go away. In fact don’t even worry about them; these chronic bad habits or weaknesses are there because you tolerate them; so in a sense you want them to stick around. Only you can make a difference in that realm…

in Other Words: The Brand you wish to work for must enhance your Strengths NOT eliminate your Weaknesses.

3. Look for Environment more than Split. Success is driven by those we associate with and from an inner drive that transcends all challenges. Getting a high compensation is a logical step for you – but those who focus on it exclusively miss the forest for the trees.

4. Look for Vision and Commitment. These are in fact very easy concept to conjure – talk to other agents within the prospective company and listen to them; its not the testimonials they share that matter; it is the intangibles of day to day inner working that illuminate.

5. This last one is controversial for most agents – instead of looking for what is best for you; look how your addition to a prospective brokerage will be a contribution to them; ask yourself: Can I help this Brokerage be more successful? What can I bring to the team that will enhance the customer experience? what is a fair split to me and to my brokerage? I recognize that many brokers will think that these questions are never asked by agents; they see them as selfish always worried and #1 (Me, Myself, and I.)

I believe that there is a new breed of connected professionals who understand these ideas; they wish to not only make a career of Real Estate but be a contribution to Society. We must build brokerages that invite them into the fold and pay them a fair compensation- one that benefits them, but mostly benefits the communities we live in.

Book Recommendation: “Drive: The Surprising Truth About What Motivates Us” – by Daniel Pink

Happy Blogging 🙂 – Key Yessaad

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