The new agent asks: "Will it damage my credibility to have my broker involved in my first listing?"
Yes, it might. Do it anyway.
There are variations on this theme - such as when a new agent objects to sharing his first few commissions with a mentor, or an experienced agent refuses to get help on his first short sale listing or commercial deal. After all, in today's market especially, we NEED every last penny of that commission!
But that's not really the point, is it?
We real estate agents charge a lot of money for what we do. Part of our fee includes a level of expertise that our clients have every right to expect from us. It's not their job to teach us our craft; no, that's OUR job - to learn it so we can be the experts our clients need us to be. Even if "learning it" takes money out of our pockets.
So, if you aren't yet the expert, it's simply the right thing to do to bring on someone who is. Yes, whether you've been selling real estate for weeks or decades. We owe it to our future adoring fans to take great care of them!
Get an autographed copy at www.SellwithSoul.com
p.s. back to the original question posted here - DOES it hurt an agent's credibility to have his broker involved? If so, any thoughts on how to mitigate the damage?
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The Daily Seduction
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Jennifer, I had my broker involved not only in my first transaction, but my first short sale as well. He is a very thoughtful and well-versed seasoned veteran. I do not believe that my sellers felt I was incompetent, but looking out for their best interests. It must have worked, I got referrals from both clients.
Jennifer...I'm the Managing Broker for my office, and would be please to help any agent new or old, that is my job. I wouldn't expect any share of the deal. The client would see a team approach as a seamless way to buddy up on the transaction and my agent would learn what I know as part of the training exercise.
It's hard to retain good talent and taking a share of their money isn't a good way to keep independent contractor's motivated in my mind.
Suzanne - that's great! But probably the exception... except for Steve, below!
Steve, I would be the same way if I were a managing broker, but I don't think most brokers feel the same way - or even if they do FEEL that way, they don't act on it. At least, that's the message I get day after day when rookies write to me.
In the beginning of my real estate career, I would have gladly paid my broker or a mentor to "train" me. Unfortunately, that didn't happen and I can think of two clients where I know I lost credibility with them because things did not go well. Thankfully, I am in an office now where both the broker and more experienced agents are always willing to help.
Clients can see right through the whole "fake it till you make it" stuff. I think most of them would think more highly of you if you were able to admit that you don't have all the answers so you are bringing in someone who can help. Think of other professions (yes, we are professionals!) where the intern is required to obtain hands on training with someone more experienced before they can go solo.
We've learned that it is always best to give our clients the best advice and representation possible. If that means co-listing with another agent or even referring out a client to another agent who has a specific area of expertise, your client will appreciate it. I see agents enter into transactions that they shouldn't because of money and it's tempting but not the best for the client. Thanks for the post.
don't see it as acreditability damager. Nothing that couldn't be overcome pretty quick anyway.
I am reading an autographed copy of your book now! We think allot alike. Thanks!
I have always had access to help whenever I needed it and never worried about asking for it. Most agents in my office and my broker are happy to assist.
I had/have a mentor who has been in the business for many years. We now help each other. In our office we are all willing to help. I do not think it hurts to have 2 agents show up at a listing.
When I first started in real estate the company I was with had a mentor program and I gave 10% of my commission to my mentor for the first 5 deals. I'm glad I was in that program and no I'm not being sarcastic. The experience of being in the program was well worth it to me. I'm still friends today with the Realtor who trained me even though we're at different companys.
As far as bringing your broker along with you, I think it's a great idea if the broker is willing and what about introducing yourselves as a team rather than a new agent and a trainer.
Love the picture in your post!
My first broker in charge didn't help me at all, but assigned us rookies "mentors", who were paid to help us. But my mentor refused to go to my first closisng with me because she thought it would make me look like I didn't know what I was doing. (I didn't!, but I'm sure there was a way that the mentor could have just let me look good).
At my next office, we "experience" agents were expected to help rookies through everything, for NO cut of the commission. That was time that we could have been working on our own clients. Many times we never even got a thank you.
My first listing came as a result of a desk duty call; the first question the caller asked was "how long have you been doing this?" I told her I had sold real estate in another state (true) so I was experienced but new to the area, consequently, I would, of course, be co-listing with another agent. She almost hung up upon hearing that (because her listing had expired in a HOT market due to an inexperienced agent - at least that was her opinion) but I convinced her to at least let us come talk to her. We did, we got the listing and sold it in 5 days. I cannot imagine not reaching out to an experienced agent at first...our clients deserve so much more than "on the job training."
I agree with you, except when an "expert" is brought in to "rescue a situation"...even when a "harmful situation" does not exist.....
Such was my first listing way back in 1997.......
Thank goodness others saw what happened......
=-)
Excellent post! Yes, our company is not a franchise but a large, privately-owned company w/ many different Brokers/Office Managers. All those Managers are non-competing and will help out at any time. I have gone to my Broker numerous times for (free!) help and he always, always helps with a smile. When I started w/ the company, I co-listed and co-sold with my Mentor (another experienced agent) from my office. Yes, it pained me to share what I considered "my" commission with her but it helped me in many ways, too. I like the analogy someone above posted about many professions utilizing Internships, which is a great way to learn/teach/become better with hands-on experience and not do any harm. :)
I find that when I don't have all the answers a more experienced agent will almost always help. Sometimes, admitting that you need assistance is the most difficult part.
I don't think that it is a matter of new agents so much seeking out the assistance of an experienced agent or their broker that is the issue, it is when to do it. Brokers are indeed helpful, but they have to be careful that their help is not construed as doubting the agent's competence or ability to handle the transaction; and depending on what type of transaction it is, it does behoove new agents to enlist the veteran agents' help.
Jennifer - I would think the clients would be that much more appreciate to have the extra experience and resources. Also, if the agent surrounds himself with the right people, chances are not too much of the commission would be given up. For example, the broker of the office gladly helps and I do the same for the agents on my team.
Even if an agent has been in the business a while, they may get a listing that is outside of their area of expertise (land, short sale, etc...) and in that case, it is wise to have someone assist them so their client gets the best service.
I learned my first year in the business that it was ok to NOT have all the answers. PROVIDING, you can get the answer and get back to some one fairly quickly. So OF course it is ok to ask for help. It is not possible to know everything in this business or in any business... And even if we are "super agent" or Super Experienced, it is possible to have a brain fart every now and then and need to bounce things off of some one else!
Hi Jennifer
New real estate professionals need to seek help to get them on the right track
Good luck and success
Lou Ludwig
Hi Jennifer!
An excellent post! I am also a new agent that seeks help often from the more experienced agents with our company and also from the principal broker. All are incredibly helpful and supportive. We have a small agency and it is so wonderful to have the help. The broker looks upon it as it is his job to help me in any way, and being that it is such a small agency, there is no big training program or mentor program...Everyone pitches in and is a mentor!
I suppose I am extremely lucky. I offered to split a listing with our most successful agent and she said she would NOT split it, but would just help anyway she could!
As far as my soulful side goes, I cannot abide that my inexperience would hurt a client. I do not care at this point about my credibility as far as I am concerned. I am going to work my tail off to win them over in the long run. It is all about long-term relationships.
To Jennifer and all the rest of you. Thanks!!!
My broker has sat on the phone with me and went over an entire contract during the evening. My mentor also is always there to help me with all of my questions. What can I say, I work in a great office!
Since the first transaction is usually with a friend or neighbor, they already know you are new. I don't think having a mentor or broker with you would damage your credibility with them. With all of the negative info on the web about new agents and dual career agents, I'm surprised that any new agent gets a fair shake. After all, seasoned agents were once rookies too!
Proud to be a rookie agent and hoping to become seasoned quickly!
Jennifer - Let's not forget that the broker typically gets a percentage of all agent's transactions. Even in a 100% commissioned office, that agent is paying a desk fee, or some sort of fee to the broker. Brokers are liable for their employees, and it only serves them to help out, and to make their agents become the best they can be. It's just good business all the way around.
Unfortunately there are many brokers that don't offer their expertise/assistance, and just want to sit back and collect their split/fee from their agent's closings.
I am fortunate to work with a fantastic broker who is more than generous with her time, training, and even allows me to get in on some of her deals to help me train. We operate much more like a team, and it is a great environment. She will never expect me to have to split a deal with her, but is more than willing to help throughout the entire process.
Jennifer, Thanks one more time for the wise advice.
Mark
New agents do need help all the time. Every transaction is different. I'm in my forth year and I still need my broker to bounce things off . It take time to feel confident and about the time you do you will get thrown another curve.
Liz