Every ambitious entrepreneur wants to grow their business, get to the next level, and make more money.
What’s your next level?
In the past few years, I saw many successful teams and even groups of solo agents leave their mega office and open their own independent brokerage.
Are You Dreaming of Owning a Brokerage?
It’s really not difficult to get a broker’s license. You register for a few months of classes at Hondros (which you can do online) and take the license test with the Division of Real Estate.
Voila, you’ve earned the exclusive title of BROKER.
I assume you are looking for more than just a title. You want agents to work for you and get a share of their commissions.
There are certainly many benefits of being a broker, but you should also be aware of the challenges.
Here are 3 pros and 3 cons of owning a brokerage. They are based on our own experience of operating RE/MAX 24/7 for the past 8 years.
3 Reasons Why You Should be a Broker
1. Leverage As a broker you have agents work for you. Some will join your brokerage as teams, others as solo agents. They work as independent business owners who pay you a split of their commissions and a monthly fee.
2. Savings Many top producers pay more than $25,000 a year to their broker. Team leaders often pay double that amount for their whole team. You will save these expenses if YOU are the boss.
3. Freedom As the broker you have the freedom to run your business as you see fit. You can set your own rules, fees, and splits.
Why You May NOT Want to Become a Broker
1. Responsibility You are responsible for the agents working for you. By law you must supervise them and all their activities. Mistakes they make will fall back on you and your brokerage.
2. Training & Services Your agents will expect support, training, and hand holding. As the broker you have to provide technology, offer coaching, and the systems that help your agents operate efficiently.
3. Recruiting If you want to grow your brokerage you have to recruit more agents. And, you don’t want just any agent. You are looking for producers that know how to generate leads and close transactions, so they earn commissions they can split with you.
Still aspire to be a broker?
We may have an opportunity for you! Call/text me at 614-395-7375!