Here is Part 1 of 38 Questions to Ask When Interviewing a Sponsoring Real Estate Broker. When starting out as a new real estate agent, selecting the right brokerage to work for is one of the most important career decisions you will make.
The first thing to remember is that whichever brokerage you choose to join, it is not about your ego. This is a nonsalaried position. Unless you produce real sales, and close them…you will not make money.
That is why Knowing the best Questions to Ask When Interviewing a Sponsoring Real Estate Broker will help you avoid common mistakes and get off to a fast start.
Here is Part 1, Questions 1 to 19 of Questions to Ask When Interviewing a Sponsoring Real Estate Broker.
Do you provide training?
- How many days or hours of formal training?
- Will there be a cost to me?
- If so, how much?
- Who will be available to help me after the training?
- Is that person easily and readily available to me?
- What other “hats” does that person wear?
For an excellent guide to being a new realtor, please read: http://www.realtor.org/field-guides/field-guide-to-being-a-new-realtor
One of the most important Questions to Ask When Interviewing a Sponsoring Real Estate Broker is this. Do you have a mentor program where I can shadow a top producer for a period of time? To learn about the importance of working with an experience mentor, please read http://www.inman.com/2013/01/17/first-time-agents-need-mentors/
At what commission split will I begin?
- Do you provide a graduated commission split that pays me a higher percentage as my production goes up?
- If so, and say I reach 60%, do I go back to my beginning split at the end of a designated period?
- May I get a copy of the commission schedule?
Do you have any bonus programs such as; in house sales, exceeding goals, recruiting other agents, etc.?
What costs will I incur?
- Initial: Licensing, application, business cards, photo, name badge, dues, etc.
- On-going: Monthly or quarterly charges such as long distance calls, desk fees, franchise fees, (do you have) voice mail, etc.
- Per listing: Sign, lock box, advertising, etc.
- Per sale: Error and Omission Insurance
What media do you advertise in?
- How often do you advertise?
- Who pays for the ads?
- Who decides which listings get advertised?
- Who writes the ads?
Do I need specific liability insurance for my automobile?
When will I start property time?
- What is the minimum amount per month?
- Maximum amount per month?
- How many hours per shift are required?
My choices of farm areas are:
- 1st choice – _______________________
- 2nd choice – _______________________
- Are either available in this brokerage?
Will I be allowed to keep other agents listings “open” to attract buyers to help me get started? If yes, when?
Do all of your full time agents farm a territory? To learn about farming a territory: https://www.easyagentpro.com/blog/real-estate-farming/
What do I, or any other agent, need to do to have a protected territory?
Another of the Questions to Ask When Interviewing a Sponsoring Real Estate Broker is this. Please show me the examples of marketing materials available to me.
- Just listed
- Just sold
- Just participated in a sale
- Door hangers
- Free market analysis
- Brochure of the company
- Company letterhead
- Legal size pre-printed shells for my fliers
- Letter size, heavy shells for color brochures
- Is there a cost to me for this material? If so, how much?
- Who pays for the postage? (Bulk and Individual)
- Web pages
- Prospecting tools
Do you have a company policy manual? Will I have a copy if I sign on with you?
How many full time agents do you have??
- How many do you want?
- How many are part time?
- What is the agent turnover rate?
- What is the average tenure of agents?
What was your gross volume of sales last year?
- What was the average per full-time agent?How many computers do you have available to agents? Do I need to purchase my own computer and software?
Do I have to pay for my board MLS training?
Do you have a full time receptionist/secretary?
Would clerical assistance be available to me such as preparation of monthly mailers, typing letters, preparing fliers, entering and making changes in listings, etc.?
For some practical interview tips related to Questions to Ask When Interviewing a Sponsoring Real Estate Broker see http://www.crye-leike.com/careers/interviewtips.php