Finishing school and passing your exam for real estate licensing in Las Vegas is a major accomplishment. With experience, education and a license, you are ready to hit the ground running. Once you’ve completed the process for real estate licensing in Las Vegas, it’s time to make another major decision: which real estate brokerage should you join?
Here are some factors to consider as you evaluate the real estate brokerages in your area:
Working with a larger, more established brokerage can give you access to training programs as you get started. You can join a national brand, which can give you authority as you start to establish yourself in the area. The firm may even provide access to listings you wouldn’t see otherwise. Additionally, these firms may have clearly defined processes and procedures that will help you get started.
On the other hand, smaller brokerages may offer more individualized support and less pressure to quickly outperform the other agents you would compete with in a large firm. It may be harder to join one of these offices, as smaller forms are more selective. Here you would learn how to stand out without a brand behind you. Also, without a large staff of other agents to share leads, you may have more opportunities to get office leads.
Most brokerages offer high-split plans, traditional split plans or hybrid plans. High-split plans allow you to take home a larger portion of the commission paid to the brokerage, such as 80% of the commission. However, you are often charged monthly desk fees to be part of firms paid this way. Traditional split plans divides the commission evenly between you and the firm. With this model, you may not have monthly fees. With hybrid plans, you may make a smaller percentage of the commission up front, but later in the year – once the brokerage has received a set amount – your take home commission goes up.
With some exploration, you may find that becoming a broker will be your next goal for real estate licensing in Las Vegas. In the meantime, whether you choose a large or small brokerage firm, try to get a written offer outlining the terms of that business before joining. Pay attention to finer details, such as any additional franchise or advertising fees. Getting the bottom line can help clarify which brokerage is right for you.