Want to be a Broker?
What does it take to become a Real Estate Broker in the Commonwealth of Virginia? A high school diploma and the following classes: Real Estate Brokerage, Real Estate Appraisal, Real Estate Finance, and Real Estate Law.
The 60 hour sales work week you were accustomed to is now 80 — and you find yourself getting less done …
And you have to have sold real estate as your primary vocation for 36 of the prior 48 months.
The Path to Broker
So what does that tell you? It tells me that each full time broker either a) is now struggling with being the elite salesperson they were before opening their own brokerage or b) has given up their sales career.
It also tells me that the industry does not equip their brokerages with nearly enough education and skills to lead the real estate brokerage industry into the coming era.
The Allure is Strong
The pathway to being a broker passes through sales and it takes the best of our salespeople and incentivizes them to become brokers. It is unfortunate as the time spent in running a brokerage comes at the expense of the time spent working with clients and on contracts, inspections and other sales activities.
But the allure of owing your own brokerage is strong and the brand freedom it provides can be empowering. Not having a corporate office edicts and broker mandated sales meetings that suck up valuable hours every week sounds great, but the reality is far different — and the newly minted broker figures this out quickly.
The Reality of Realty
Rent is expensive, and so are utilities, janitorial service, receptionist, copier, website and IT support. And that is before you pay accountant, lawyer, marketing firm, or any other administrative support like transaction coordination or MLS management.
And the agents that bought into your dream of a new brokerage model and happily followed you now need their questions answered at all hours. The 60 hour sales work week you were accustomed to is now 80 — and you find yourself getting less done.
At Covalence, we can be provide the brokerage functions so that you don’t have to. Imagine the benefits of ownership and the ability to direct your brand, but being free of the daily grind of management.
We can make it happen.