Choosing a brokerage out of which to run your practice is about so much more than money and split. In fact, money and split are the last things you should consider. As they say, 100% of nothing is nothing, and in our industry, 70% washes out in the first two years and 80% within the first five. Choosing the right environment and managing broker who embodies the crucial traits below could make the difference between you building a successful career or wasting your time, energy and money.

New to the industry? Your early decisions will shape your career, including choosing a brokerage, creating a business plan, learning your craft, learning your markets, creating an online presence, budgeting, obtaining leads, marketing you and your listings and so much more. There is a lot to navigate as a new broker, and who you are surrounded by can either help or hinder your development.

Consumers tend to think that all managing brokers are equal since we have the same license. We know that is not at all the case. There are some truly great brokers who do a lot of business and some who do little business but are still amazingly skilled and knowledgeable. There are also some not-so-great brokers who put dollars ahead of clients and give us all a bad name, though they are very productive. Managing brokers are much the same and perhaps more so. Even within the same franchise or brand, the quality of managers can vary widely. If you’re looking to join a company because you heard that another agent in a different city loves their brand, know that the managing broker who controls the office you work for is more important than the brand itself. Don't choose by brand alone.

So how do you spot a great managing broker? Some things to look for include the following:

What professional designations do they hold?

CRB is an important one and the only designation specifically for managing brokers/owners. Ask for their resume and think to yourself, “If I owned the company and was hiring a manager, is this whom I would choose?”

Are they concerned about you or just signing you up?

The best brokers ask you about you and your big “why?” What is your motivation for selling real estate? Why do you get up every day and work the business? If they don’t seem to actually care about you and are in selling mode from the start, you may want to walk away.

How will they help you be accountable?

What is their business planning, coaching and accountability plan for you?

Transparency

Great managing brokers aren’t afraid to answer your questions about the company. They view questions as a sign that you are serious about your career and are happy to answer. So many times, I hear of brokers who found out what they would get but not what the costs associated with that package are, and they are often disappointed in how reality meets the promises they have received.

They will not only have your back but are competent to have it

This business can get crazy at times, and when that happens, a managing broker who is available, responsive, dedicated and highly knowledgeable is a must. The managing broker should be competent in license law, code of ethics, fair housing, best business practices and knowing what to say in any circumstance. They can save you a huge amount of time, spare you from potential fines and help deals get to the closing table that would otherwise not happen. Most often when issues arise, minimizing the negative consequences to you and your clients becomes the goal. If you are wrong, a great managing broker won’t be afraid to tell you where you messed up or could have done better. They support you and help you fix or at least move past the issue as painlessly as possible.

Choose not just your company or office—choose your managing broker. You need someone who exhibits strong traits that will support you as an individual rather than someone who is just looking for numbers on a recruiting report. In this business, choosing the right managing broker makes the difference between failure and success, as well as determines what level of that success you will achieve.