Real Estate Agent : 10 Criteria to choose your ideal network
The success of the real estate agent profession may be attributed to a number of factors, including the need for independence, the desire to work according to one’s own code of ethics, and the chance provided by real estate to assist others. by working for a living However, in order for this reconversion or empowerment to be long-term effective, attention must be made to the virtues – and flaws – of the network that will be joined. Let’s comb through 10 selection criteria, or areas of interest, to see how well a network fits the market’s expectations, as well as your personality.
#1 Compatibility with your person
To begin, let’s clear that the evaluation will not, in most cases, establish an ideal network for all real estate agents. Each of them, with their own distinct personalities, will be able to appreciate a different approach and be content with more or less constant assistance and a variety of instruments to help them achieve. As a result, an advantage for one might become a burden for the other.
As a result, network selection is subjective and may be justified in a variety of ways, including adherence to a philosophy, the availability of precise tools, a desire for style, the presence of well-known individuals inside the network, and so on.
From the outset, you’ll need to ask yourself a series of questions, taking a step back to consider your aspirations and, if appropriate, your current behaviors. Do you favor a small-scale network or, on the other hand, does a huge group appeal to you? Would you want to be guided step by step or, on the other hand, operate on your own the majority of the time? Do you like to train yourself in legal growth or would you want to have frequent access to it?
Even though your agent position allows you to run your own firm, the truth is that joining a network entails finding colleagues, methods, and a philosophy of action that, quite simply, must agree with you.
# 2 The % of commission
Let us now turn our attention to more tangible issues, namely the genuine financial advantage of a real estate agent who is backed by a network. During your prospecting, you will come across many networks that will show you different percentages of commission that will be paid to you when you complete deals. Take an interest in networks, whose percentage falls with your seniority and success: you will thus make a better and better living after securing the start of your activity due to the network. For example, a network may promise to pay you 60% of the commission collected on your first transactions, then boost this amount to – perhaps – 100%! The cost of network services will thus be minimal.
But be cautious not to take the percentage for what it is: the network gain must be accompanied by a set of tangible services that are beneficial to your development. A network that pays 58 percent of your commissions rather than 62 percent may provide more relevant management tools, such as a lead system and legal aid, than its competition.
Appreciate the whole product and then apply it to your finances to discover the right balance – and network – for you.
#3 The relevance of the tools offered
Among the most important requirements, the instruments’ quality and modernity must command your whole attention. Selling real estate often entails understanding how to market a property so as not to lose out on a buyer who would pass it up based on an ad, having a proactive CRM capable of speeding up contacts, and saving time due to administration made easier by an IT platform developed for this purpose.
In terms of presenting items for which you will have a sales mandate, the network must be able to give the means for doing picture reports and/or virtual visits, the latter being especially important in a health scenario that advocates minimizing permanent contact with strangers. Convincing a buyer may also include assisting him in projecting himself, such as via the use of a 3D design tool that shows him the property’s potential once it has been rebuilt. It might be difficult for an isolated agent to get the finest tools due to considerable expenditures, and it is the strength of a network to be able to pool resources to maximize everyone’s efficiency.
#4 The digitalization of the network
As a proxy agent, you will be working independently and away from your desk for the most of the time. To concentrate on the human components of a real estate agent’s business, the network must enable you to complete the majority of chores remotely: commercial management tools and assistance must be digitized and available to everyone, a basic telephone.
The development of apps in this direction is an indisputable positive that will undoubtedly factor into your decision. This will enable you to spend more time on client meetings and negotiations, as well as individual follow-up.
#5 The visibility of past ads
Pooling is even more important for placement announcements, which is still the most effective technique to broaden the pool of prospects who are likely to be interested in the properties in your portfolio. Because of the network’s enhanced resources, it is now possible to bear the expense of putting several adverts for each good’s marketing, as well as – and most importantly – to publish massively in a short amount of time, owing to automation. A network will not be able to function properly without this foundation.
Furthermore, many French houses are increasingly attracting overseas buyers, particularly English speakers. An international network, which is already well-known in nearby countries and is likely to run your adverts there, may help you contact this difficult-to-reach customer.
#6 Prospects for development
Then you may think about where you could fit into the network in a few years. You may feel compelled to go farther after your firm is up and operating and generating a respectable revenue, motivated by the enthusiasm that drove you to become a business owner!
Check to see whether the network has an intriguing sponsorship program that will pay you if you recruit for the network. Ideally, the structure would encourage you to recruit and grow a team that will profit from your expertise in the long run while also enhancing your revenue via a commission portion. Of course, the network must not only enable you to act, but also deliver genuine resources to management in this respect.
#7 The number of agents in your area
Market research is usually required when starting a firm. You may also see the power of various networks on the industry you’re targeting in your unique scenario. A dominating network that does not fit you may tempt you to shift your geographic location strategy or concentrate in a market niche where it is underrepresented (such as luxury, for example). If, on the other hand, you discover that your location is underserved, your growth may be accelerated.
The presence of a big number of agents from the network you pick should not deter you: a shared understanding will inspire you to collaborate for the better welfare of everyone. The sector may then be shared with you by district, kind of property, or type of project, so that each agent’s activity is tailored to their abilities. After that, the lead transfer will be in everyone’s best interests.
#8 Continuing education
All of the networks will provide you with basic training in their techniques and procedures, as well as, if required, an introduction to the current real estate regulations. This is often inadequate to assure the success of an agent who want to focus his business on a single area for the long term. Instead, choose a network that provides long-term assistance, coaching, and the availability of connections who can give information, guidance, and support at any time.
Training should be accessible throughout the year, allowing employees to take ownership of new technologies, assess best practices, and incorporate new legal requirements as they emerge. Please note that they must be included in the package and must not be an additional expense to you!
Training may be delivered face-to-face, remotely, or through webinars for increased convenience and versatility. While you may need full training at times, you may just require further instruction that can be obtained via a short video that you can view in your spare time.
#9 Legal aid
This is critical: a central legal department must be able to respond to any of your queries and double-check any sensitive documents on your behalf. Real estate transactions are heavily regulated, and even the smallest mistake may have major consequences since it jeopardizes the client’s interests. Protect your back thanks to a network that provides serious legal aid. As the person in charge of your firm, you take on a genuine duty via your activity that cannot be left to chance: protect your back due to a network that provides serious legal support.
#10 Network stability
Finally, the stability of a network throughout time may be a good indicator of its value: has the network been there for a long time? Is there a steady presence of authorized agents in each area, or does there seem to be a lot of turnover? You may get an idea by looking at the thoughts posted on the network’s website, as well as the agents’ websites. Favorable signals will include positive remarks and a history dating back many years.
Furthermore, do you think the personnel at the network’s headquarters are lively and motivated? Are they receptive to your information requests? Is it true that commissions are paid on time? While it is difficult to educate yourself on all of these issues before joining the network, your local and online reputation may assist you in making an informed decision.
Choosing a network is eventually as tough as choosing a home: there are several factors to consider in order for the organization to be comfortable, sustainable, and joyful. Try to learn about the lives of other professionals inside the finalist networks after an initial selection of the objective criteria that we have specified. If required, contact a number of authorized agents for feedback. Finally, don’t forget to trust your intuition, which may be a huge assistance when making decisions. Become an independent yet well-supported young entrepreneur!