For Better or Worse, for Richer or Poorer...
Deciding where you are going to "hang your license" may not be as important as selecting a mate, but it ranks right up there. If you work in an environment in which you are comfortable and for a broker with whom you are compatible, you are likely to have a long, happy, and prosperous career there. If you make a hasty emotional choice, it could mean an early split because of irreconcilable differences. The key is to research carefully and decide ahead of time what it is you are looking for.
First, don't worry about getting a job in real estate once you get your license. The personnel situation is volatile, so most companies are constantly recruiting. However, there are wide differences among offices in structure, operation, and philosophy, and the most successful are, of course, the most sought after. Your goal is basic-to find the company and broker with whom you would like to affiliate and who in turn wants you. How do you begin? Whom do you see? What questions do you ask?
JUDGE AND BE JUDGED
Your first step is to package your most important product-the one and only you-in the best possible way. The outcome you want to achieve is to have every broker in town anxious to have you join the team. Don't be surprised if that happens. If you come across as someone who is going to succeed in real estate, brokers will be looking at you, but they'll be seeing dollar signs, because if you make money they make money.
I had a boss in the Air Force once whose advice to junior officers who wanted to become senior officers was, "Keep your mouth shut and your shoes shined." He was half right. Appearances do count, and you need to put your best foot forward (with a shined shoe on it). You will also want to be dressed in neat, conservative business clothes and drive up in a freshly washed car. If it has been some time since you've interviewed for a job (or if you never have), do a little research on how to prepare a resume and how to handle interviews.
And here's a quick personal note. Grooming standards among the different generations clearly vary. For example, in wandering around the campus of a nearby major university, I have observed that it is not unusual for young men to let their hair grow long, sport a scruffy beard, and wear clothing that has apparently not been pressed or cleaned for a very long time. While that may be accepted practice in peer circles, be advised that many people, fair or not, will be turned off and simply not do business with people whose personal appearance bothers them. I must admit that I've had students in my real estate classes to whom I would have loved to give this guidance, but simply couldn't work up the courage. Hope they're reading this.
When interviewing, put yourself in the position of the person on the other side of the desk and try to see yourself as others see you. Real estate brokers are looking for results-oriented individualists who can also function effectively as team players. Yes, it would be appropriate to prepare a resume. It need not be elaborate, but it should be typed and free of errors. One page is long enough. There's plenty of literature on how to prepare resumes, and several easily followed computer software programs are available.
When you are ready to be judged, you can start doing some judging of your own. As you read what follows, I think it only fair to point out that if you follow my advice, you will be in a distinct minority. Few other fledgling real estate agents who are looking for that first broker with whom to affiliate will conduct their search as seriously and conscientiously as you conduct yours. From your standpoint, I would think that would be a very encouraging sign.
STARTING YOUR SEARCH
You can learn a lot about a company on the basis of some simple observations. Assume you are a buyer from out of town. Drive around the community and inspect the real estate offices from the outside. Ask these questions about each: Does it present the type of appearance that would motivate you to stop and do business? Is it conveniently located and is there ample room to park? On the inside, does the office present an orderly, pleasing appearance, and does it have the look of a successful business operation? That is the way potential clients and customers will evaluate the firm, so it is critical that you develop that perspective. Second, review the company's print advertis- shoes shined." He was half right. Appearances do count, and you need to put your best foot forward (with a shined shoe on it). You will also want to be dressed in neat, conservative business clothes and drive up in a freshly washed car. If it has been some time since you've interviewed for a job (or if you never have), do a little research on how to prepare a resume and how to handle interviews.
And here's a quick personal note. Grooming standards among the different generations clearly vary. For example, in wandering around the campus of a nearby major university, I have observed that it is not unusual for young men to let their hair grow long, sport a scruffy beard, and wear clothing that has apparently not been pressed or cleaned for a very long time. While that may be accepted practice in peer circles, be advised that many people, fair or not, will be turned off and simply not do business with people whose personal appearance bothers them. I must admit that I've had students in my real estate classes to whom I would have loved to give this guidance, but simply couldn't work up the courage. Hope they're reading this.
When interviewing, put yourself in the position of the person on the other side of the desk and try to see yourself as others see you. Real estate brokers are looking for results-oriented individualists who can also function effectively as team players. Yes, it would be appropriate to prepare a resume. It need not be elaborate, but it should be typed and free of errors. One page is long enough. There's plenty of literature on how to prepare resumes, and several easily followed computer software programs are available.
When you are ready to be judged, you can start doing some judging of your own. As you read what follows, I think it only fair to point out that if you follow my advice, you will be in a distinct minority. Few other fledgling real estate agents who are looking for that first broker with whom to affiliate will conduct their search as seriously and conscientiously as you conduct yours. From your standpoint, I would think that would be a very encouraging sign.
STARTING YOUR SEARCH
You can learn a lot about a company on the basis of some simple observations. Assume you are a buyer from out of town. Drive around the community and inspect the real estate offices from the outside. Ask these questions about each: Does it present the type of appearance that would motivate you to stop and do business? Is it conveniently located and is there ample room to park? On the inside, does the office present an orderly, pleasing appearance, and does it have the look of a successful business operation? That is the way potential clients and customers will evaluate the firm, so it is critical that you develop that perspective. Second, review the company's print advertis- ing. You can get a good feel for the broker's business philosophy by the tone. Would you feel comfortable having your name listed in the advertisements as an agent? Many brokerages prominently feature the sales staff in their advertisements, including pictures and features such as "Our agent of the week." Others rarely mention the names of the agents.
Next, visit the web sites of various brokerages. Are they easy to navigate? Do they have up-to-date information about various properties, including those of other brokerages? Local rules differ on this, but the trend is clearly to give consumers the information they want, as opposed to giving them just enough to motivate them to call the office. Is their community information current? School information is particularly critical to many buyers. Almost all company web sites will have an "Our Agents" link. How are these presented? Are there individual pictures with well written bios? Incidentally, when you have your picture taken for promotional purposes, have it done by a professional. People will be forming first impressions based on it. With each passing year, the Internet will become more important in the marketing of real estate, so you will want to affiliate with a broker who is on the cutting edge, rather than one who is merely going through the motions.
TALK IS CHEAP-AND HELPFUL
The next step is to talk to people, the more the better. Start by talking to active agents in different companies-not the supervising broker at this point, but someone who is "in the trenches" doing the same basic things you will be doing. It helps if you already have some contacts, but that isn't really necessary. On several occasions, people called our office and asked if it would be possible to meet with an agent to discuss a possible career in real estate. You will likely meet with an agent who is successful, enthusiastic, and articulate. These informal, open exchanges with a working professional will be invaluable to you. The direct, honest approach is best. Tell her you have passed your real estate exam and that you are looking for a broker with whom to affiliate. Plan to spend only about twenty to thirty minutes in this meeting, for a good agent's time is valuable. Find out which companies, other than hers, she considers the best in town. If you hear the same two or three mentioned in several interviews, you will know that they enjoy a favorable reputation among those who know them best-their competitors.
At some point in your investigative process, you will also want to talk to people outside of real estate who can give you an idea of the reputation of the various companies within the community. This can be a little awkward because they might be reluctant to express an adverse opinion, but you will be able to learn as much by what they don't say as what they do. If possible, talk to local attorneys who specialize in real estate, real estate loan officers at banks and savings and loans, officers at local escrow and title companies, and insurance agents. They know which of the local agencies are the most respected. Ask them whom they would go to work for if they were getting into real estate sales.
Finally, you will need to talk with the principal broker, for that is the person under whose supervision you will actually work, and who decides how the company will operate. In some instances, the broker has an ownership interest. Among NAR brokers, for example, almost half have some type of ownership interest in the company with which they are affiliated, with over a quarter of them as sole owners. Brokers vary in managerial style just as salespeople vary in selling style. Some are detail-oriented people who also sell, while others are strictly "big picture" managers. Some have characters that are, as they say, above reproach. Others have characters that are very definitely reproachable. It would be hard to overstate the importance of working with a broker with whom you can develop personal and professional compatibility. On occasion former students of mine, whom I thought would unquestionably succeed big time in real estate, get off to a fast start but then after about a year become disillusioned and drop out of the profession altogether or change offices. When possible, I follow up to see whether I can determine the reason. A recurrent theme is, "I just couldn't work for that broker-his business philosophy and mine were just not compatible."
How many companies should you contact? Talk to as many as is practical, but try for a minimum of three or four. It will be tempting to stop your search if you encounter a company with which you think you would like to affiliate and who is definitely interested in you. That could be a serious mistake. The next one on your list might be an even better choice.
As you interview have specific questions in mind and be prepared to take notes, for after several meetings things will begin to blur. Figure 3-1 is a sample checklist that you can adapt to your own situation. If you talk to a sales agent in the company, do not assume that the answers you get commit the company. That's not likely to be a problem if you are dealing with an agency with a good internal system of communication, but remember that the broker is the boss and sets policy.
There's another outcome you want to achieve as a result of your interviews. You can obviously go to work for only one broker, but you will be working on cooperative transactions with all of them at some time in the future. In real estate, unlike most other professions, you have to be able to work in harmony with your fiercest competitors. You therefore certainly don't wish to cause any hard feelings when you go through your interview process. A friendly note to the brokers you did not select thanking them for their time and indicating you look forward to working with them in the future would be appropriate.
Don't be surprised, and don't take it personally, if you occasionally en- counter brokers who treat you rather brusquely when you make your initial contact. For example, there are occasions in which I will contact several local brokers on behalf of students of mine who might have either very special talents or a unique set of circumstances to inquire as to the possibility of a job interview. "No, we simply don't have any empty desks so I really don't even want to talk to any prospective agents" is the response I once got when engaged in such a mission. Oh, right. It's as if you were the coach of a basketball team and Kobe Bryant called asking for a job interview, but you said, "Sorry, Kobe, I'd love to chat, but we don't have an empty locker right now."
On the other hand, when you get an interview, and when you come across as a desirable possible addition to the team, here's a final word of friendly caution about talking to successful real estate salespeople and brokers. They are incurable optimists and are simply not wired to say anything negative about the profession. Most are masters at the art of putting the best face on things. Be an attentive and discriminating listener.