Wednesday, February 9, 2011

Not for Profit?

Is your current real estate license hung at a not for profit brokerage? Chances are the answer to this question is a resounding NO. It probably seems like a silly question to even ask, but I think it is one to ponder a bit, as it absolutely can impact your career.

Remember, whether you pay a fixed fee for the year or give up a "split" on each transaction, you are in some way paying the company back for the level of service they provide you. Also remember that if you are on a split, the more your business grows, the more your costs will go up.

What I have found is too often we get busy working in our business. Living our life on whatever the net commission number is we get on each check. Never pausing to analyze the situation and understand exactly what money is going where.

It is true, the vast majority of agents (over 80% of us) pull our strengths from the emotional side of our brain. Frankly, it is the backbone of our success. It provides us the ability to connect with our clients on an emotional level so that trust is established. What this means though, is many of us might lack the strength in crushing numbers and understanding our real estate model as a whole.

Take the time to understand what fees are being paid and how are they paid. Knowing these costs and how they impact your bottom line will enable you to make better decisions for your business. It will also give you more conviction and confidence to continue working with your current brokerage or exploring other firms.

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