If you are new to the real estate industry, or considering becoming a real estate agent, you have come to the right place. When starting your real estate career, choosing the right real estate company is a critical ingredient to your success. Choosing a brokerage that aligns with your needs, personality, goals, and values is essential. Choose Wisely! On this page you can review information regarding making your first year in real estate a successful one.
How To Choose A Company When Starting A Real Estate Career
Things You Should Ask to See.
- Is there a written onboarding plan? An onboarding plan is essential in getting you started. It insures you are up and running quickly, and provides you with an understanding of how the firm operates, what tool and systems you can employ, and the policies and procedures you will need to understand in order to be the expert in the eyes of those you seek to represent. Having a written onboarding plan also assures you that time sensitive tasks are being accomplished on time.
- Is there a written Training Plan? Ask to see what training you can expect to receive in the first 2-months. Is the training online, live in-person, webinar, personalized. Can I meet the trainer? Is there both fundimental and advanced agent training?
- Are there agent testimonials? How do agents within the company saying about their experience? Ask if you can speak with a few of them.
- Is there a Company Value Proposition? If there is conviction and pride for the proposition, it will be written.
- Is there a Customer Relationship Management System (CRM)? The CRM is essential in helping agents to maage customer and client relationships, capture new business, track leads, record important details and provide for automated communications. You will want to make sure this tool is available to you.
- Is there a Company Agent Portal? While all the real estate nation brands provide portals look for a company where the broker provides a company portal which has useful local information to help you grow and acquire the local information when you need it. Local portals improve communication, organization and efficiency within a brokerage firm, all three of which benefit the real estate agent.
- Is a personal Agent Website provided? Having an agent website can set you apart from other agents, expecially if your are new. Potential clinets will google your name and you need to display that you are talented, knowledgeable, capable, and established online. Ask about ease and support in creating your website - content is everything. Ask to see an example.
- Are there impressive presentation development tools? Most newer agents need to rely on visual presentations, but digital and printed. Does the brokerage provide these, what exactly do they provide, and what is the cost to you.
Factors to Consider in Choosing A Company
- Company and Office Culture: The atmosphere of the office is an important consideration. Will you fit in? WIll you be welcomed by other agents? Is integrity valued?
- Support: Most of the time, A real estate agent works independently, but you need a supportive environment when unforseen issues arise or if you want to develop a business plan to take your business to the a higher level. Is your manager or coach competent & caring? How much time will the office manger devote to you and when will they be available.
- Technology and Tools: Techology tools have become essential for real estate agents who want to build a thriving business. If your goal is to be a top performing agent you will need access to technology tools as well as receive training on how to apply them to your business goals.
- Reputation: Look for agent testimonials and positive feedback for current and past agents as well as non-biased competing agents.
- Industry Involvement: Company leaders who are involved in the real estate industry bring an extra-special value to their agents. They have a pipleline to what is changing and input in making decisions that impact the industry. They are better in-the-know which translates to a real benefit to the agents they work with.
- Agent Compensation Package: Often called the split. You should focus on what your net split is rather than the gross split. Having the highest split has little value if you don't sell much. Balance the split with the training, support and free of cost tools you will receive aligns with your goals.
- Costs and Fees: Are there any fees I have to pay. What is the amount of the monthly or annual fee/fees. What are they for? Is there any fee or cost for training or mentoring?
- Errors & Ommissions Insurance: What is the E&O coverage and what is the cost to me. Some brokers charge an annual fee, which is ofter 100's of dollars, while others may charge a fee on each closed transaction.
- Lockboxes: Are lockboxes provided free of charge and are they electronic?
- Startup Costs: What is the complete cost to get started? This should include REALTOR® Associations and MLS fees.
- Signs: Both For Sale yard sigs and Open House signs. Are they provided by the company or agent?
- Ask about agent turn over. How many agents have left the office after 18 months. This will help you evaluate the effectiveness of the agent development program they offer.
How To Become A Real Estate Agent
To become a licensed real estate agent in New Jersey you will need to complete an approved 75-hour pre-licensing course, pass the New Jersey Real Estate Commission real estate salesperson license examination, undergo a criminal history check be sponsored for licensing by entering into an Independent Contractor Agreement with a NJ Licensed Real Estate Broker. Depending on the Broker you select, you may have to join the National Association of REALTORS®.
- Employment Status. Most real estate agents are not employees, they are independent contractors and entrepreneurs. As a business person you will have to maintain business financial records and plan for payment of taxes. Brokers do engage in income tax withholding for agents.
- License Eligability Requirements. In New Jersey you must be at least 18 years old and have a high school diploma or equivalent. You must also have legal U.S. residency.
- Complete A Pre-Licensing Course. There are both in-person and online providers. Here is a list of the real estate licensing schools in New Jersey.
- Pass the State Exam. After finishing the pre-licensing course you will have one year to pass the State examination. Exams are administered by PSI Services, LLC. Here is a link to the PSI site to register to take the exam.
- Criminal History Check and Fingerprinting. According to the New Jersey Real Estate Commission, all applicants for licensure as a Real Estate Salesperson must meet the standards of good character. You will be required to complete an electronic fingerprint scan and pay a processing fee. Take a look at the Real Estate License Candidate Fingerprinting information site.
- License Application. After sucessfully pass the exam, you will have to submit your license application along with the current license fee. Your Broker will transmit this on your behalf.
Joining the REALTOR® Trade Organizations
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