April 20238 By Sean Patrick Murphy, Vice President of Growth, eXp RealtyBUILT FORSUCCESSChoosing the right brokerage is one of the most important ­ and exciting ­ choices we can make as part of the real estate industry. Most of us have bought a product on the verge of obsolescence, such as an internal combustion car, incandescent light, CD or newspaper. You know there is a newer product being adopted by consumers. Still, you are either comfortable with the utility of the older product, or you are getting a superior value or savings by using an outdated model. The same thing happens in the brokerage business.Many agents discover their brokerage by word of mouth, brand marketing, and perhaps, online reviews. But there is a better way!What is startling is that after conducting thousands of interviews with real estate agents, I have not found one that asked to discuss my brokerage business plan or financial stability. What is the company's profitability? How many producing agents do you have? I have never had an agent ask for any proof that a brokerage knew how to run a business.What is real value in the brokerage business? Most experienced agents would say a superior financial model, company-paid support for their business and more opportunities that create revenue. Most newer agents would say initial and monthly cost, training, reputation and available opportunity when asked. The unacknowledged truth of the brokerage business is that the financial stability of the company leads to value adds for the agent. Have you noticed that most companies spend very free on systems, services and events when the market is hot? When the market is cooling, like it is now, companies cut staff, services and event spending. But the agents and associate brokers do not get a corresponding commission reduction for reduced services or systems.OPINIONIN MYSean Patrick Murphy
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