Working solo or under the guidance of a Broker of a top real estate brokerage in Mississauga? This is a question that haunts many real estate agents as they kick-start their careers in the industry.
Often, it is the allure of working independently that captivates most newbie Realtors. By working solo, Realtors think they won’t have to worry about splitting their hard-earned income with a brokerage. They also feel that they can set their own working hours, choose their workload, and tailor their services as per their niche.
However, this is not entirely true. By working independently, you will have to shoulder the burden of finding leads, marketing your business, interacting with clients, and closing deals without any guidance and support. Building brand awareness and establishing trust also becomes 10 times more difficult by working solo.
In this blog, we will dive into the perks of working with a Broker from a well-known real estate brokerage. This will provide you with the necessary information needed to make an informed decision and help you solve the head-scratching question (first line).
Perks of Teaming Up with a Real Estate Broker
1. Keeps You Accountable and Focused on Your Business
By working solo, you will always have to rely on your own motivation to get things going in your business. However, by working under a real estate brokerage in Mississauga, you can rest assured that the Broker will provide you with accountability. They will motivate and push you to maintain your consistency and production when it comes to your work.
Brokers often require the agents under them to work as per schedule, follow up with clients, and complete paperwork. They also provide real estate agents with a timeline to complete all things and tasks. This way, it becomes easier for you to get things done for closing such as home inspections and title transfers on time.
Working under a Broker also helps you with your financial accountability. You will have a responsibility to contribute to the brokerage financially as the commissions you bring will have an impact on the firm. Knowing this will motivate you to keep working to your best and grow your portfolio even when you are going through a rough phase.
2. Promotes Their Brand with Marketing Alongside Yours
If you are a newbie Realtor just entering the Ontario real estate market, marketing yourself can be a tad bit hard. You will have to heavily depend on networking and referrals so that your audience can know about your business.
But when you are part of a real estate brokerage, you won’t have to lose sleep over marketing. Every time your firm puts a post on Instagram or a sign in the yard, your brand will receive recognition and you will also get exposure. Potential homebuyers and sellers state that it is much easier to remember a team’s brand name rather than remember an individual Realtor.
The Broker will help you not only with marketing but also with leads. Brokerage firms usually have access to a far bigger database of leads than an individual Realtor. You will get an opportunity to access those quality leads and close more deals.
3. Hones and Polishes Your Realtor Skills Through Ongoing Training
The real estate market is influenced by a range of factors such as interest rates, GDP growth, supply and demand dynamics, zoning regulations, housing decor trends, and many others. If the real estate market is a buyer’s market today, it can become a seller’s market in just a month. Or if the top preference of homebuyers is a large outdoor space with tons of trees this year, it can be low-maintenance properties in the next year.
This is why the phrase “learning should never stop” applies firmly to a real estate agent. Real estate agents need to stay in the loop with the latest trends and updates in the market at all times.
But when you are running your real estate business solo, it can be difficult to make training a priority. However, when you are part of a real estate brokerage in Mississauga, you don’t have to worry about that.
A brokerage firm has a team of expert Brokers and seasoned real estate veterans who provide continuous training and support to its team of real estate agents. Through these mentorship programs, the Brokers will help you polish your skills and stay a step ahead of your competitors.
4. Provides the Backing You Need to Achieve Success
There are times when you or your family member may get sick or have some other personal crisis. If you are working solo, you will have no option in such a scenario but to ignore a client or to ignore the personal life crisis.
However, with a real estate brokerage, you will have a team who always have your back. So, when such a personal crisis happens, anyone from the team can pick up your showing or meeting and provide you with the support you need.
Your real estate team will also always be there when you have doubts or queries related to your work. Even the most experienced Realtors or Brokers run into confusion while they are on the job. Rather than having to figure out the query on your own, you can get help from someone in your real estate brokerage in Mississauga team who knows the answer.
5. Having to Split Commissions Is Not as Bad as It Sounds
Commission splitting seems like the worst part of working under a Broker or a brokerage firm. But this is not often so. Here is why working with a real estate brokerage is better than working independently even if there is the split commission criteria –
- The first reason why we made this statement is because of the quality lead access perk that Realtors receive by working with a brokerage. By working under a Broker, you will have a much larger network of leads than you could potentially get on your own. These leads turn into potential homebuyers, homebuyers turn into deals, and deals turn into profit for you and your brokerage firm.
- While working solo, it can be difficult to afford and hire administrative help. But when you are part of a real estate brokerage in Mississauga, you will automatically get administrative support staff. This allows you to better focus on interacting with leads and closing deals instead of scheduling appointments or storing client data.
- As we have already mentioned, brokerage firms help you strategise and launch a better marketing plan than you could on your own. With better market visibility, you can easily get more leads and increase the number of transactions you make.
Final Thoughts!
Joining a real estate brokerage or working under a Broker is not a hard and fast rule in Canada. You can also work independently by getting a sponsorship from a licensed Broker. However, partnering with a brokerage firm offers you many benefits that can help you kickstart your career as a real estate agent.
| FEATURE | WORKING WITH A BROKERAGE | WORKING INDEPENDENTLY |
| Training and Support | Brokerages provide training and mentorship to sharpen skills. | Responsible for own training and have to seek out learning resources on your own. |
| Brand Recognition | Benefit from the reputation and brand recognition of the brokerage. | Must establish and build their own brand. |
| Marketing Resources | Access to high-quality marketing tools and resources. | Responsible for creating and funding their marketing campaigns. |
| Commission Structure | A portion of the commission goes out to the brokerage firm. | Retain 100% of the commission but bear the full costs of marketing and operating independently. |
| Focus on Sales | Can focus on sales and client interactions while the brokerage firm handles administrative tasks. | Need to juggle both sales and administrative tasks on its own. |
Ultimately, the decision to join a Broker or to work independently depends on your preferences and career goals. Make sure you consider both your short-term and long-term goals before deciding between the two.
