What is a broker affiliate? What do they do, and how can this job further your real estate savvy and strengthen your network? Below we will discuss this role, what skills you need to hone to excel in the industry, and how Money Management Investment Fund, LLC is the right fit for affiliates looking for huge opportunities to further their financial freedom.
A broker is a real estate agent with the further training and experience to manage their own business while a broker affiliate introduces leads to the principal broker for their company. Simply put, a broker affiliate works in conjunction with a DRE (Department of Real Estate) licensed broker who facilitates the actual financial transactions for acquisition. The role affords a level of flexibility which allows you to partner with a company while still building your own portfolio and also serves as an invaluable learning opportunity to see the finer points of how a deal is carried out and closed. Even if you are a seasoned broker, getting to see another company’s plan and execution can give you a new perspective that helps you develop your own strategy and real estate presence.
Anyone who has a mechanism to send or refer clients to a broker is eligible to be an affiliate. Thus, anyone who is willing to learn the ropes can dive into this business. Being able to add knowledge and certifications in real estate allows affiliates to strengthen their first job by attracting a new sector of clients in the real estate marketplace. There are some professions that overlap smoothly and generate real estate prospects by the nature of their business:
Real estate lawyers have a direct line to the developments and acquisitions going on in their community, making them an ideal candidate for being a broker affiliate. Many states legally require a real estate attorney to guide transactions and oversee the final signing/closing. Thus, these professionals have an intimate knowledge of each step and a built-in ability to cogently answer any questions investors might have.
A REIB (Real Estate Investment Banker) will advise individuals and entire companies on various ventures including development, homebuilding, real estate operating companies (REOCs), and other real estate services. REIBs study the trends of commercial real estate closely and through this job they develop a complex understanding of debt, equity, asset sales, acquisitions, and more.
Even if an accountant doesn’t work in the real estate sector, their job skills are highly-transferable. Tracking income and expenses, maintaining and expanding the financial health of a company are the expectations of any accountant. Thus, this job prepares potential affiliates to help prospective clients decide on the right property by analyzing the expenses of a property. While the affiliate ultimately passes the lead to a designated broker, they’re equipped to give clients a sense of calm and understanding of what it will take to maintain and expand their investment.
Assessing the needs of an individual or company, deciding what investments to make, and how to budget to build towards your goals are just some of the responsibilities of a financial advisor. These are also a 1:1 for the tasks a broker affiliate undertakes with both serving in a consultative capacity.
Serving on the frontlines of the real estate space, a successful agents’ best tool in their kit is their ability to communicate and negotiate with the customer. These individuals have a field-tested ability to track down leads and bring in prospective clients. With the ability to partner as an affiliate with a larger fund, an effective real estate agent can easily find themselves with some of the largest commissions of their career!
Overseeing the daily operations on a construction site is the primary responsibility of a general contractor. They must manage the various vendors and departments involved in the project and communicate pertinent information to all involved parties. This job equips one with an intimate knowledge of how much capital will be needed to complete a build from start to finish. Thus, general contractors who decide to become a broker affiliate have a unique perspective to advise clients on what investments to make.
These are some higher-end examples of transferable jobs for a broker affiliate but the most crucial feature all of these jobs share is a passionate work ethic and a fierce drive to learn more. Anyone who possesses those traits and has that fire inside of them has the capacity to become a broker affiliate. Below we will discuss the key components for one to succeed in this position.
At first glance, being a broker affiliate may sound like an entry-level position but requires you to have the same skill set and drive as a managing or principal broker. Getting to see how transactions and deals operate, the experience you gain will prepare you for managerial heights. Gaining this technical expertise will come with experience, but first must be proven as you gain your license to develop your career in this industry.
These delicate jobs require an effective communicator, listener, and writer. If a potential new client doesn’t feel that you are hearing their needs or conveying information concisely and constructively, a possible new connection could fall through. This is the ground level where networks are maintained or built, and buyer and seller needs must be understood and effectively described to brokers.
Juggling duties for multiple accounts will be the norm for a broker affiliate. You will need to finish reviewing contracts, attend meetings, and communicate with clients promptly. Thus, it is important to create a schedule/to-do list for yourself that you update regularly and set aside time to review at the beginning and end of your workday.
Two of the most technical functions of a broker affiliate’s job are reviewing contract documents and expense reporting on their firm’s budgeting and accounts. This requires you to stay up-to-date with your state/local real estate codes and collect and present data concisely and efficiently. In addition, you must constantly look for new tactics to save money and increase the funds available to your company.
In any business, being an asset means staying up to date with the latest trends and news in your industry. The recent pandemic lockdowns created a digitization boom across all markets. Now more than ever, the information you need to stay ahead of the curve is online, from bigger publications to smaller blogs. Additionally, attending conferences is a great way to network with other professionals and see how they conduct and structure their own business.
Our broker affiliate team at Money Management Investment Fund LLC offers more than just a job but provides you tools, education, and advancement opportunities that will help you excel and achieve your own financial freedom outside of the daily grind of traditional employment.
We offer certifications that allow you to develop in new directions that are cutting edge in the real estate field. We provide training in specific fields such as bridge loans that enable brokers to understand how to juggle numerous properties and coordinate assets into a bigger picture.
Why sign on with a company that only provides experience without the opportunity to continue your learning?
Looking to help yourself and your investor clients with business purpose loans?
At MMIFL, we are invested in our partners and provide the tools necessary to see our broker affiliates advance in their careers and reach new heights. Sign-up today to partner with us as a broker affiliate and see how we can boost your talents!
© 2021 All rights reserved. Ben Soifer
© 2021 All rights reserved. Ben Soifer