Top Questions to Ask Before Joining a 100% Commission Real Estate Brokerage

 

LoKation® Real Estate was one of the first 100% commission brokerages—we opened our doors in Fort Lauderdale in 2009 and now have thousands of Agents working with us all over Florida, Colorado, and Georgia.

Choosing which real estate brokerage to associate yourself with is a big decision. We’re dedicated to transparency and want to make sure you know how to weigh your options and choose the right brokerage for you.

Here are some questions we think you should ask any brokerage before signing up, along with our answers.

How long have you been in business?

We’ve been in this business since 2009. We were one of the very first real estate brokerages in the USA to migrate to the 100% commission business model.

As 100% commission brokerages gain traction among Realtors, a surge of traditional, high-commission companies have entered the market. Many advertise themselves as being a premier 100% commission company, but do your research before signing up.

When considering which company you affiliate with, make sure that you’re signing up with an established company with a proven track record of success, and at least 5 years of experience with this business model.

Be especially leery of companies advertising themselves as being an 100% commission company which use a P.O. Box or a home address as their corporate headquarters.

What is the broker's experience level? Are there other corporate employees to support the brokers?

Our Real Estate brokers are highly experienced. When you are in the midst of a transaction and an issue comes up, having access to an experienced and knowledgeable broker and support staff is invaluable.

Our philosophy has always been that just because you are earning 100% commission does not mean you should sacrifice support and guidance. When comparing brokerages, look for brokers with sales experience and a minimum of 7 years of experience (10+ years is ideal).

A hallmark of our agents’ success is the availability and experience of our Broker and Corporate Staff.

How many agents do you have?

The size of a brokerage—how many agents are with the company—is a good indicator of a company’s bona fides. Thriving, robust companies can offer extensive support, training, mentorship, and resources that help agents build successful real estate careers.

LoKation Real Estate has thousands of Agents working with us. Our company gets excellent reviews from Realtors, and our retention rate, which is over 85%, demonstrates that we’re doing it the right way.

How many real estate transactions does a company close per year?

Asking prospective brokerages how many transactions they close per year is a good indicator of the caliber of agents you will be affiliated with.

If an agency has 300+ agents but only closes 25 deals a year, then it’s more of a “License Repository” where people go to hang their license, and the Realtors in the company aren’t really meeting with success.

LoKation Real Estate has thousands of Agents and close on over 1 billion in sales each year. If you’re serious about success, align yourself with quality agents.

Are there any hidden fees?

While most 100% commission brokerages claim to have “no hidden fees,” in our experience it does not take much to ferret out the truth. A simple phone call with the brokerage usually reveals “services” that effectively reduce your commission, often significantly. These often take the form of broker assistance, technology fees, compliance fees, or incredibly high insurance rates. Another ploy is low monthly rates, but high transaction fees. These are marketing gimmicks that lead to high turnover rates.

LoKation Real Estate is a 100% commission brokerage that is 100% transparent. We maintain a retention rate that’s over 85%—we think this speaks volumes about how our business model benefits Realtors. We’re a brokerage built by agents, for agents.

What's the community and company culture like?

Every company has its own feel, and it’s important that you choose a brokerage that you want to be associated with.

LoKation has received awards for our support. We understand that it’s our agents which make us great company.

We recognize our agents in yearly award ceremonies, have a Top Producers VIP Club, and acknowledge LoKation Agents in our “Krushing It” series.

We exist to assist you in building a satisfying, lucrative career in real estate!