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Advice for Choosing a Real Estate Broker
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Too many new real estate agents think a real estate broker choice is primarily based on commission splits. It’s not all about the split, as the final in-your-pocket income has to do with many variable services provided by brokers.
First, remember that you’re an independent contractor and own your own business. You may have to hang your shingle with a broker, but it’s your business and your success is up to you. However, the brokerage you choose can make a major difference in your lifestyle.
It’s Not All About the Agent-Broker Split
New agents shouldn’t focus too much on the commission split aspect when choosing a real estate broker. There are so many services that are available from brokers and they may be things that you really need to get your start in the business. The end income result can be more in your pocket with a lower split depending on leads provided and service fees.
In today’s Internet-dominated world, you’re in a bit of a dilemma. There’s something to be said for choosing a broker who is going to give you good exposure or a segment on their brokerage website. But, now the longer you stay, if it’s working for you, the more dependent you become on it. Even if you are offered a site, you really should be building your own that you can take with you as well.
Don’t assume that you’ll always be with that brokerage. In fact, the odds are that you will not. Just always remember that it’s your business.
Determine Your Expenses
Before you can accurately compare the service offerings and commission splits of two real estate brokerages, you first should know your income needs based on personal expenses and projected new real estate agent business expenses.
Using the link to the free spreadsheet, get an idea of what you’ll need to survive and move your business forward. Then you have the knowledge to make better brokerage comparisons.
Is the broker going to give you some print ad space in regular large brokerage newspaper and homes magazine ads? They may be contracted for large ads and you can get some of that space, especially valuable for your listings when you get some. Print advertising is expensive.
Compare Broker Lead Referrals
Using the income funnel approach and the spreadsheet in the link, you can ask real estate brokers how you’ll receive leads and prospects. What are their projections for floor time leads, phone leads on up-time, website leads, etc? Use these estimates to fill in your funnel sheet and see what income will come out the bottom.
As you’ll see, a 50/50 split in one place might be better than a 60/40 split in another based on the prospect leads you’ll be getting.
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Don’t Forget Incidental and Office Expenses
Even some of the traditional real estate brokerages are now beginning to charge for things like copies and certain phone services. That’s because they’re having a harder time with profitability in today’s market. Make sure you factor in what they’re going to charge you for those items as well as Errors and Omissions Insurance and any other per-transaction charges.
You may work with a more virtual oriented brokerage, doing almost all of your office work at home. You may get fewer services, but you may get a better commission split as well.
Mentoring and Training
Most new agents definitely need training in contracts, negotiating and procedures that are predominant in their market area. However, when it comes to sales/marketing training or motivational things, your needs can be quite different than those of the next person.
Generally, mentoring comes with a cost. It could be a temporary lower split or even a per-transaction charge or percentage. Determine your needs in this area and make your decision with this in mind. The most important thing to remember is that you are an independent contractor and running your own business. At any time you could decide to move your license for any reason, and you’ll want to have your own business presence on the Internet and your own marketing in place. So, never just accept broker marketing and do nothing else.
YOUR FUTURE BROKER IS HERE
Vision Realty Centers
At Vision Realty Centers we offer top quality training, support, and technology while having some of the best agent contract costs in the industry. Come talk to our broker and see for yourself why joining Vision is right for you.
- http://www.visionrealtycenters.com
- 877-787-6093
- [email protected]
- 33137 schoolcraft rd. Livonia MI, 48150
Vision Realty Centers
33137 schoolcraft rd.
Livonia, MI 48150
Phone : 877-787-6093
Michigan Homes Realty Group
200 E Big Beaver Rd Suite 154,
Troy,, MI 48083
Phone : 248-457-4572
KW METRO ROYAL OAK
423 S Washington Ave.
ROYAL OAK, MI 48067
Phone : 2482883500
Keller Williams Lakeside
45609 Village Blvd.
Shelby Township, MI 48315
Phone : 586.532.0200
Hinton Real Estate Group
36 North Washington Street
Ypsilanti, MI 48197
Phone : 734-480-8650
Realty Concierge Group
420 W. Main St.
Brighton, MI 48116
Phone : 800.417.0117
Bittinger Team, Realtors
5736 N Canton Center Road
Canton, MI 48187
Phone : 7342550222
Community Choice Realty
261 E Maple Rd
Birmingham, MI 48009
Phone : 248-729-0011 broker cell: 248-318-2064
New Michigan Realty
850 Stephenson Highway, Troy, MI, USA
Troy, MI 48083
Phone : 8446396424
Coldwell Banker Professionals
1122 South Lapeer Road
Lapeer, MI 48446
Phone : (810) 664-1811
EXP REALTY
637 E. Big Beaver Rd
troy, MI 48083
Phone : 5864805555
RE/MAX Select
1320 W. Hill Road
Flint, MI 48507
Phone : 810-238-8888
Berkshire Hathaway HS HWWB
133 W. Main Street
Northville, MI 48167
Phone : +12483051500
Market Elite Inc.
43260 Garfield Road, Suite 250
Clinton Twp, MI 48038
Phone : 5862263200
Real Estate One
38705 Seven Mile Road, Suite 150
Livonia, MI 48152
Phone : 7342375500
Realteam Real Estate
30825 Greenfield Rd
Southfield, MI 48076
Phone : 5866154343
EXIT Realty Select Partners
2337 Jolly Road
Okemos, MI 48864
Phone : 517-349-3948
Rayburn Real Estate
4229 Corunna Rd
Flint, MI 48532
Phone : 810-620-7999
Showtime Realty
14096 LAKESIDE BLVD N
SHELBY TWP, MI 48315
Phone : 5862624775
Dwellings by Rudy & Hall
487 Forest
Plymouth, MI 48170
Phone : 844-393-5564
Moving the Mitten Real Estate
337 MAIN
Belleville, MI 48111
Phone : 734-777-9094
Sun Wave Realty
39111 W Six Mile Road
Livonia, MI 48152
Phone : (734) 437 0180
Tremaine Real Estate
512 East Grand Blanc Road
Grand Blanc, MI 48439
Phone : 810-579-4663
Expert Realty Solutions
901 Tower Dr.
Troy, MI 48089
Phone : 248-983-1300
The Signature Group Realty
23420 Ford Road
Dearborn Heights, MI 48127
Phone : 313-565-0000
Keller Williams Somerset
901 Wilshire, Ste 125
Troy, MI 48084
Phone : 248-649-7200
Weichert,Realtors-Excel
47699 Van Dyke
Shelby Township, MI 48317
Phone : 586-598-5988
KWR
645 W. Grand River
Howell, MI 48843
Phone : 8102277387
New Century Realtors
755 W. Big Beaver #2020
Troy, MI 48084
Phone : 248-680-9191
BROOKSTONE REALTORS
3310 W. Big Beaver Suite 105
Troy, MI 48084
Phone : 2488905504
KW Professionals
789 W. Ann Arbor Tr
Plymouth, MI 48170
Phone : 734-459-4700
eXp Realty – Trenton, MI Branch
3277 West Rd
Trenton, MI 48183
Phone : 734-322-3302
BHHS Michigan Real Estate
536 Perry Road
Grand Blanc, MI 48439
Phone : (810) 695-1990
Century 21 Today
28544 Orchard Lake Road
Farmington Hills, MI 48334
Phone : 248 855 2000
eXp Realty LLC-Troy Branch
101 W Big Beaver Rd, Troy, MI, USA
Troy, MI 48084
Phone : 248-781-2156
NextHome All Pro Realty
332 East Main St
Northville, MI 48167
Phone : 248-308-3803
Real Estate Market Center
1977 E Wattles Rd.
Troy, MI 48085
Phone : 12488607273
Prime Real Estate Agency
3499 S. Linden Rd.
Flint, MI 48507
Phone : 810-820-4124
Keller Williams Legacy
22371 W. Village Dr.
Dearborn, MI 48124
Phone : 3137520000
Coldwell Banker Preferred
44644 Ann Arbor Rd.
Plymouth, MI 48170
Phone : 734-459-6000
RE/MAX Dream Properties
138 maincentre
northville, MI 48167
Phone : 248-374-7700
KW Showcase Realty
2730 Union Lake Road
Commerce, MI 48382
Phone : 248-406-2926
Tremaine Real Living – Fenton
1032 N. Leroy St.
Fenton, MI 48430
Phone : 8107504663
Weichert Realtors Select 1
2220 N. TELEGRAPH RD, SUITE 2
DEARBORN, MI 48128
Phone : 313-455-5550
Key Realty
745 S. Monroe
Monroe, MI 48161
Phone : 7346935696
American Associates, Inc
1453 N. Elms Rd.
Flint, MI 48532
Phone : 810-733-3435
Clients First, Realtors
44205 Ford Rd
Canton, MI 48187
Phone : 734-981-2900
Keller Williams Central
35427 Dodge Park
Sterling Heights, MI 48312
Phone : 586-979-4200
3DX Real Estate
42705 Grand River Ave, Suite 201
Novi, MI 48375
Phone : 888-304-1447
Vylla Home
9440 Elizabeth Lake Road
White Lake, MI 48386
Phone : 248-366-1100 x 701
CENTURY 21 Curran & Oberski
25636 Ford Rd.
Dearborn Heights, MI 48127
Phone : 313-274-7200
EXP Realty Michigan
40020 W 12 Mile Rd
Novi, MI 48377
Phone : 313-718-5000
Bynum Ward & Associates
2474 Orchard Lake Road
Sylvan Lake, MI 48320
Phone : (800) 633-0346
CENTURY 21 Signature Realty
8311 Office Park Drive
Grand Blanc, MI 48439
Phone : 810-695-3200
CENTURY 21 MARKET-TECH REALTOR
49940 Gratiot ave
Chesterfield two, MI 48051
Phone : 5869498300
Weichert Realtors-Cass Realty
7931 Allen Rd
Allen Park, MI 48101
Phone : 3133573800
Willingham Real Estate
9864 E. Grand River Ave Suite 110-109
Brighton, MI 48116
Phone : 734-564-7471
Next Level Realty & Investment
9130 Middlebelt Rd
Livonia, MI 48150
Phone : 7345060076
American Associates REALTORS
132 N Leroy St
Fenton, MI 48430
Phone : 810-733-3435
KELLER WILLIAMS HOME
30500 NORTHWESTERN HIGHWAY, STE 300
FARMINGTON HILLS, MI 48334
Phone : 248.626.2100
Real Estate For A CAUSE
545 E. Grand Blanc Rd. Suite 8
Grand Blanc, MI 48439
Phone : (810) 344-7275
Carol Bollo & Associates
8772 Macomb , MI 48138
Grosse Ile, MI 48138
Phone : 734-552-1234
Logik Realty LLC
415 S Main St. Suite G
Rochester, MI 48307
Phone : (586) 335-4555
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Rd.
Lansing, MI 48917
Phone : (517) 667-9182
Ann Arbor Keller Williams
2144 S State St
Ann Arbor, MI 48104
Phone : 734-669-0337
LandMark Realty
40600 Ann Arbor rd E, ste. 150
PLymouth, MI 48170
Phone : 734-981-5333
Woodward Square Realty
2609 CROOKS RD #256
TROY, MI 48084
Phone : 248-301-9444
Keller Williams Advantage
39500 Orchard Hill Place Suite 100
Novi, MI 48375
Phone : 248-504-6630
AMAZING! Real Estate Solutions
41800 Hayes Road, Ste. #552
Clinton Township, MI 48044
Phone : 833-933-6667 ext. 700
Remerica Preferred
32826 Five Mile Rd
Livonia, MI 48154
Phone : 734-525-9600
Mitten Realty Group, LLC
3275 Martin Parkway, Suite 125
Walled Lake, MI 48390
Phone : 248-294-7850
Keller Williams First Realty
10785 S. Saginaw Street
Grand Blanc, MI 48439
Phone : 810-515-1503
NextHome Suburban Realty-
32401 8 Mile Rd
Livonia, MI 48150
Phone : 734.470.4040
Keller Williams Realty Lansing
3490 Belle Chase Way
Lansing, MI 48911
Phone : 517-853-1200
Birmingham Market Center
210 S Old Woodward Ave Ste 200
Birmingham, MI 48009
How to Choose the Best Online Broker
There’s never been a better time to be an investor: Competition among online brokers is fierce, which means costs are coming down and services are being ramped up.
But picking the right brokerage account comes down to your individual priorities. Some investors are willing to pay higher trade commissions for a state-of-the-art platform; others count costs above all else. Here’s how to find the best online broker for you.
Choosing the best online broker
To evaluate brokers, you should look at the following factors:
Look at commissions on the investments you’ll use most
Brokers generally offer a similar menu of investment options: individual stocks, options, mutual funds, exchange-traded funds, and bonds. Some will also offer access to futures trading and forex (currency) trading.
The investments offered by the broker will dictate two things: whether your investment needs will be satisfied, and how much you’ll pay in commissions. Pay careful attention to the commissions associated with your preferred investments:
- Individual stocks: Some brokers still charge a commission to buy and sell stocks, either per trade or per share. However, there are several brokers that now charge no commission, including TD Ameritrade, E-Trade and Interactive Brokers.
- Options: Options trades often incur the stock trade commission plus a per-contract fee, which usually runs $0.15 to $1.50. Some brokers charge only a commission or only a contract fee.
- Mutual funds: Some brokers charge a fee to purchase mutual funds. You can limit mutual fund transaction costs or avoid them completely by selecting a broker that offers no-transaction-fee mutual funds. (Mutual funds also carry internal fees called expense ratios. These are charged not by the broker, but by the fund itself.)
- ETFs: ETFs trade like a stock and are purchased for a share price, so they are often subject to the broker’s stock trade commission. But many brokers also offer a list of commission-free ETFs. If you plan to invest in ETFs, you should look for one of these brokers.
- Bonds: You can purchase bond mutual funds and ETFs at no charge by using no-transaction-fee mutual funds and commission-free ETFs. Brokers may charge a fee to purchase individual bonds, with a minimum and maximum charge.
Pay attention to account minimums
You can find highly ranked brokers with no account minimum, including TD Ameritrade, Merrill Edge and Ally Invest. All three are on NerdWallet’s list of the best brokers.
But some brokers do require a minimum initial investment, and it can skew toward $500 or more. Many mutual funds also require similar minimum investments, which means even if you’re able to open a brokerage account with a small amount of money, it could be a struggle to actually invest it.
It isn’t impossible, however: We have strategies for how to invest $500 and how to invest $1,000.
Watch out for account fees
You may not be able to avoid account fees completely, but you can certainly minimize them. Most brokers will charge a fee for transferring out funds or closing your account. If you’re transferring to another broker, that new company may offer to reimburse your transfer fees, at least up to a limit.
Most other fees can be sidestepped by simply choosing a broker that doesn’t charge them, or by opting out of services that cost extra. Common fees to watch out for include annual fees, inactivity fees, trading platform subscriptions and extra charges for research or data.
Consider your trading style and tech needs
If you’re a beginner investor, you probably won’t need extras, like an advanced trading platform. But you may want an education and a little hand-holding. This could include videos and tutorials on the broker’s website, or in-person seminars at branches. Many brokers offer these services free to account holders.
Many brokers offer educational resources for new investors.
Active traders, on the other hand, will want to look for a brokerage that supports that kind of frequency. That includes weighing a broker’s trading platforms, analysis tools, research and data offerings in addition to commissions — including discounts for high-volume traders — and fees.
Plenty of high-quality online brokers offer access to trading platforms, tools and research for free, so beware of brokers that nickel and dime each feature; those costs can add up quickly.
Take advantage of promotions
Online brokers, like many companies, frequently entice new customers with deals, offering a number of commission-free trades or a cash bonus on certain deposit amounts. It isn’t wise to choose a broker solely on its promotional offer — a high commission over the long term could easily wipe out any initial bonus or savings — but if you’re stuck between two options, a promotion may sway you one way or the other.
NerdWallet’s online broker ratings
Reviewing brokers is what we do best. Our ratings are comprehensive, thorough and — most importantly — objective.
If you’re struggling to sort through the above, or just want the reassurance of an expert opinion, we’re here to help. Our team looks at all of the factors outlined above to select the best brokers for each type of investor. Here are some of our current favorites:
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