If you’ve worked at more than one real estate brokerage in your career, you’ve probably come to quickly learn that not all Brokers are the same. Some comments I’ve heard from some of my agents about their previous Brokers:
“I found out afterwards that he gave me the wrong advice and now I have to apologize to my clients, it’s so embarrassing”
“She never picks up my phone calls, and I only call her once a year when it’s an emergency”
“He had no clue how to handle my arbitration case, and I ended up losing all of my commission”
In Ontario, Canada, the person in charge of the real estate brokerage is known as the Broker Of Record. In other jurisdictions in Canada and the US, this position could be called Principal Broker, Responsible Broker, or Managing Broker.
Regardless of the title, the role of this individual is essentially the same: overseeing the brokerage operations, ensuring compliance with laws and regulations, and supervising agents and associate brokers.
In this article, I’ll simply refer to this person as the Broker.
The requirements to become a Broker in charge of a real estate company is surprisingly easy. Typically it’s around 2 years of real estate experience and the completion of a broker course.
And really, that’s it folks.
With such minimal requirements, how do you know if you’re working for the right Broker?
Red Flags
The first thing that we should address is that you don’t actually work for the Broker – the Broker works for you.
You pay the brokerage fees for services and facilities they provide for your use. The front desk staff book your appointments, the accounting department processes your deals, and the Broker ensures you can build a successful business and stay compliant.
If your Broker is acting like a toxic boss, you may be working at the wrong brokerage.
What about support?
We all know that real estate deals adhere to pretty strict deadlines. Often, we are negotiating offers under a clock, or we’re attempting to save a deal from going south and every second counts.
This is why your Broker (or whoever your Broker designates as the go-to person to contact) should ALWAYS be picking up your phone calls, or returning your phone calls right away. It is unacceptable for people in leadership in your company to be replying to you the next day when you have a live deal in front of you with potentially thousands of dollars on the line.
Brokers assume the responsibility of everyone’s success at the brokerage, so they should be available for support any time real estate activities could be taking place.
If your Broker has traditional office hours for personal communication, you may be working at the wrong brokerage.
Another red flag is a Broker that spends all of their time recruiting new agents to the company, and no time fostering and cultivating the existing agents.
Real estate companies make more profit based on headcount. This is why all brokerages spend considerable time and expense constantly recruiting new agents to the office. But Brokers who are focused solely on the numbers game will make you lots of promises when you interview with them, and then have little time for you once you’ve joined.
If you feel like you’re just another number at your company, you may be at the wrong brokerage.
Signs Of A Great Broker
A good Broker is someone who is experienced, caring, resourceful, willing to help, understands their responsibilities, and also accepts their limitations.
Good leaders understand that they can’t possibly know everything, and have a brain trust of experts to consult and provide to you when it’s appropriate.
This means that when it comes to specific matters that have to do with lending practices, municipal by-laws, home construction, legal matters and litigation, landlord and tenant issues, and anything else that is beyond the scope of a Broker’s knowledge, they should be referring you to the people who are qualified to give you the correct answer.
They should NOT be trying to guess anything that they don’t know, or give definitive answers on topics they aren’t insured for.
A Broker’s area of expertise should include licensing and regulatory frameworks, board and association rules and regulations, anti-spam and do-not-call list regulations, anti-money laundering laws, documentation and transaction processes, sales and marketing, and anything else that is related to your daily activities as a real estate agent. However, good Brokers will always access resources available to them to ensure their information is accurate and up-to-date.
They will also stay involved in industry and board communications to understand changes in policies, standard forms, legislation, and market trends. Subsequently, Brokers should be frequently updating the company on anything new that could affect your business or your clients. You should always feel well-informed and prepared when it comes understanding the real estate industry and all it’s moving parts.
Good leaders will take time to meet and mentor you on your individual journey to success, regardless of the number of agents in the brokerage. They will ask lots of questions and help you determine what prospecting, marketing, and business practices best suit you. They will not not force you to do it their way simply because it worked for someone else.
Exceptional Brokers have high EQ, exhibit no ego or narcissistic tendencies, have incredible patience, and are always a source of motivation and energy. They will always make it about your success, and every meeting you have with them will leave you feeling positive and inspired.
If this is the way you feel about your Broker, congratulations, you may be at a great brokerage!
Your Broker plays a CRUCIAL part of your success, regardless of how many years you’ve been in business. If you’re not getting the support and guidance you deserve, it might be worth interviewing other brokerages to see what’s out there.