Choosing the right real estate broker to work with isn’t easy. There are several types to choose from, including a virtual real estate brokerage or online real estate brokerage.
When you decide you want to work for a virtual brokerage, it’s important to understand what you’re getting into. Here’s a quick look at what a virtual brokerage is, how it can benefit you, and what you should understand about working for an online real estate broker.
What is a Virtual Real Estate Brokerage?
A virtual brokerage is a real estate brokerage without a physical office or presence. This type of broker has the ability to offer the same services, support, and capacity as a brick and mortar broker, but without the overhead of a physical space.
Choosing a virtual real estate brokerage means you will likely gain access to training, support, marketing support, transaction management, and other necessary services. However, the fees are often lower due to the lower overhead necessary to run a virtual real estate brokerage.
A virtual brokerage is a real estate brokerage without a physical office or presence. This type of broker has the ability to offer the same services, support, and capacity as a brick and mortar broker, but without the overhead of a physical space.
Choosing a virtual real estate brokerage means you will likely gain access to training, support, marketing support, transaction management, and other necessary services. However, the fees are often lower due to the lower overhead necessary to run a virtual real estate brokerage.
Benefits for Real Estate Agents
As an agent, choosing the right type of brokerage and the right broker certainly makes a difference. Maybe you’ve worked for a brick and mortar broker for the majority of your career and you’re ready for a change. Choosing an online real estate broker comes with plenty of benefits.
Lower Fees
One of the biggest benefits to a virtual real estate brokerage is the lower fees. Since the overhead for the broker isn’t as high, the fees for agents are often much lower. Some virtual brokers will even make it simple and just charge one low monthly fee for their agents.
More Flexibility
Most virtual brokers will allow you to set your work schedule and do things on your terms. Those looking to truly work for themselves will enjoy the flexibility provided by a virtual real estate brokerage.
100% Commissions
With a traditional broker, you’ll likely lose a good portion of your commission to the split between you and your broker. When you choose a virtual online brokerage, this isn’t the case. Some will allow you to keep 100% of your commissions.
Understanding Your Virtual Real Estate Brokerage
Before you commit to an online real estate broker, you want to make sure you understand what you’re getting into. While the brokerage is virtual, it’s still run by humans and you will still have a sponsoring broker.
A human presence is still necessary for approving all the documents and making each transaction happen. However, the platform used by a virtual real estate brokerage makes the process much easier.
It’s also important to understand that not all virtual brokers are created equal. Some will still try to charge high fees, even though they are paying much less for their own overhead. Make sure you take the time to look closely at what you’re getting from your broker.
With a good virtual brokerage for real estate agents, you’ll get the necessary support you need. This may include marketing templates, your own website, a lead capture system, online resources, and more!
Take the time to consider your options and make sure you understand the type of broker you’ll be working with. A virtual real estate brokerage may be the right choice if you prefer flexibility and you like the idea of keeping 100% of your commissions.
