How to Determine if a Virtual Brokerage Model is Right for You
There really is no right or wrong, better or worse, brokerage model. Each model serves different purposes and different people. We all have different goals, experiences, and are in different places in our career. You have to choose a brokerage that best fits your needs.
If you don’t need any support and you want to steer your own ship, you may not need a traditional, brick and mortar, brokerage. Traditional brokerages provide training opportunities, marketing, and support. But they also often have higher splits because they are providing valuable services to their agents.
However, you’ll be lost as a new agent if you sign on with a brokerage that doesn’t offer a lot of mentoring or training. It won’t matter that you have a great commission split because you won’t have any support. In the beginning, it’s nice to have someone to provide that support (and it’s worth it)!
Is There a “Best?”
So don’t look at what model is “best” because there’s no such thing. No model is superior to another. Look at yourself and what you need. The “best” model will be the one that allows you to succeed. Each model fits and suits a different type of person.
My Personal Experience
When I started, I gave my brokerage $90k a year. I could have gone with a different brokerage and given myself a huge raise. But I saw the value and I believed in the brand. I loved my broker and I got the support I needed. And while I was giving up a lot of commission, I was also getting a ton of fantastic support.
As I grew, it became very apparent that I needed to make a change. I wanted to lead a team and I became very self-sufficient. I hated leaving my broker but if I wanted to grow, it was necessary for me to find a different model that gave me more freedom (and coincidentally, a larger split).
Make an Educated Decision
If you are exploring different models, make a list of pros and cons for each brokerage you are considering. Make sure those benefits and drawbacks apply to where you are at, currently, in your career.
Just because a brokerage seems shiny and hip (and remote, virtual, or modern), doesn’t necessarily mean it’s the best option for you.
MORE POSTS ABOUT BROKERAGES
An Insider Look at Virtual Brokerages
The Rookie Guide to Finding the Right Brokerage