Starting Your Own Brokerage?
Whatever the reason, starting a brokerage and turning it into a money-making machine is not for the faint of heart. There’s a lot that can go wrong for those who jump in without the proper foresight and education.
We offer these tips for those wanting to go out on their own:
1. Determine Why You Want to Start Your Own Brokerage.
Determine what’s really driving you to do this. Starting a brokerage just because you’re a top producer, or because you have a desire to run a company and manage people, is a terrible idea. Carefully consider if you’re really up to the demands. Many brokerages are consolidating and forming mega companies with abundant resources. Do you have a plan for how to compete with them?
2. Policies and Procedures
To avoid legal trouble, you’ll need to have comprehensive policy and procedure manuals for how your brokerage. A policy procedure manual should cover potential issues regarding online communication, social media use, sexual harassment, advertising, disclosures, commission and fee structures, performance reviews, ethical standards, workplace privacy, and more.
3. Training and Education
Bad hires can cost you time, effort, and money. Education and training should be top-of-mind when starting your own brokerage. Business partners, team members, or sales associates should undergo training with you. Education is key to avoiding errors.
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