So you just graduated from OREA College and are eager to start your real estate career, where do you start? That’s a great question. Pick your brokerage wisely as it could be the difference between success and failure, and unfortunately the failure rate in the Toronto real estate sales industry is high. I thought it would be great idea to write this article so that new Realtors could have a platform to work with when searching for the right brokerage to hang their hat to. Over the years of training younger agents, the one thing that always puzzled me was how so many couldn't recognize that most Toronto real estate brokerages are independently owned and operated, which equals an old saying- "not all brokerages are created equal" the brand may be what it is and the criteria to own and operate a franchise like a Re/Max or a Royal Lepage office is very demanding from the franchisor. Having said that, it is up to the broker of record to run his or her company as they see fit. As long as they meet certain standards set out from the franchisor. Some brokerages meet the minimum requirements and others exceed by setting the bar higher, even though they all work under the same brand.
It would be a shame for younger agents to go through the meat grinder before they realize that they need to work at a superior company, it's an exercise that most Realtors undertake. The average Realtor switches brokerages on average of four times before they call it quits. I started my career many years ago working for a commercial only brokerage and that experience had a great impact on my business, today I am able to transact in multiple types of properties and I am not limited to transactions like the sale of businesses, franchise agreements and land development, this is due to the unprecedented training I received when I was an understudy. The mentoring and coaching that I was able to take advantage of when working at CB was well worth the 50% commission split. Most young Realtors don't have the luxury of this type of training; commercial brokerages understand the value of mentorship more so than most residential type brokerages. An above average graduate will seek out a company that offers the best possible coaching program. This is why most Re/Max Toronto agents don't switch to a different brand throughout there career.
In today's global economic down turn it is not just about the training and having a high level of support at your beck and call, other variables are just as important when deciding which brokerage you want to be a part of. Hanging your hat with a brokerage that owns the real estate in which you will be working with is essential, why is this important? Here is why;
You work hard to brand yourself as a Realtor working with X brokerage and one day all the agents receive a memo stating that the company could not come to terms with the landlord on a lease agreement! Oh wow, I guess your office will be moving or worse still just close down.
Other factors should be thought of as well, such as; does the broker of record sell? This could be an issue! In my opinion, it is a huge conflict of interest. Remember that the brokerage has full access to your data base and if the broker of record is selling, he or she will be your greatest competitor.
Here at Re/Max West we do not have any of these issues, in fact we have the best training with the best support staff that is superior to what commercial only brokerages offer, with 6 offices spread across the GTA and close to 500 sales/reps this company is here to stay and so am I.
Come down to the High Park office and meet Jason our broker of record, no matter if you’re a newbie or a veteran, we take pride in providing a higher standard in education, goal setting, outstanding support and provide a great atmosphere to name a few.
I decided it would be a great idea to interview Jason on camera so that he could introduce himself and promote Re/Max West's message himself “that if you want to excel then you need to surround yourself with a cast of people that will help you in achieving your goals!”