Some Brokerages are better than others. There have been many smaller, boutique, or one person Brokerages springing up these past few years. It’s expensive to offer agents a place to hang a license, but really the requirements are very few. All you need is a commercial space, some telephones, computers, and a fax machine to have agents. A one person shop can be run out of a home.
The focus of a Brokerage should be the caliber of the agents. The relationship of the agents with the Brokerage is what makes all the difference. Loyalty is the word that I would use first. Trust between the agents and the Brokerage is another term that I think is essential. Finally, in my opinion, the honest desire to work in the clients best interest should be the bond that holds the agents, and Brokerage together.
Brokerages rise to the top by reputation. Word of mouth, and public perception is what opens the door for an agent to get your attention. You will hear about the Brokerage, in many cases, long before you know your agent. Chuck Cady, Steve Kennedy, or Mr. Magnolia, may be exceptions to this rule.
It’s in the best interest of the client to have both an agent, and Brokerage that are well respected. This is the part where the public gets confused by all the different components of the Real Estate community. 90% of residential Real Estate transactions will involve an agent. For all the talk about the duties an agent has, you, the consumer, are best served by an agent who is aligned with a reputable Brokerage.
In previous posts I’ve described how Brokerages compensate agents, and how agents pay the Brokerage. What should also be made clear is that both share a reputation, that each should nurture. When you look for services to buy or sell a home, the commission is best spent on an agent, who has the support of a good Brokerage, that will work in your best interest.
Combined they should have the reputation for doing good business in your area to help make your transaction run smoothly.
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In order to accomplish these projects, the fund will combine its capital with third party institutional partners to further augment its capital base.