When choosing which real estate broker to work for, keep in mind that the real estate agent and brokerage business in New York City can be a tough slog, filled with hidden costs, clients who cancel at the last minute, and prolonged haggling over fees that make up the entirety of a broker’s income. Yet, for many who get started correctly, it can be very profitable.
Here is a monster list of twenty two questions to ask when choosing which real estate broker to work for.
1. Some brokers offer intensive training for new agents, while others provide little or no training at all. Brokers will also offer varying commission splits for new agents. For new agents, when choosing which real estate broker to work for, usually the less training and services offered, the smaller the portion of the commission the broker keeps.
2. Brokers also may offer office space to agents, administrative assistants, advertising and some brokers even pay for agents to get their license. Other brokers will pay for nothing, offer no office space, no office administration or help at all. The less services a broker offers, usually the less commission split they will keep.
3. How does a real estate agent know what broker is best for them?
When choosing which real estate broker to work for, your goals will largely influence what type of broker will work best. If you only plan to use your license for your own investments you may want to work with a broker that offers no services or training and provides the highest commission split. Some brokers only charge a small transaction fee on each closing, which leaves the investor agent with the most money. However these brokers offer almost no support and it will be up to the real estate agent to create all of their own business and train themselves.
For a good short overview of things to consider, please visit:
4. An inexperienced and brand new real estate agent who is choosing which real estate broker to work for will want a broker that provides ongoing training and accountability.
Also, check out http://www.realliving.com/pages/selecting-a-brokerage for a strong list of factors to evaluate when choosing which real estate broker to work for.
5. If a real estate agent has a team or is planning to create a team ask potential brokers how they set up teams. Some offices are very team friendly and others are not.
6. How do you find the best real estate broker?
Once you decide which real estate broker to work for, you will need to find some who meet your criteria. If brokerages are selling many houses, the community will recognize the company name. Buyers and sellers of homes want to make sure the agent or company they are working with does business and knows what they are doing. Another strength of offices that sell many houses or have many leads is they provide leads to their agents. Some even offer floor time or other lead services, which can be a big boon for a new agents business.
7. To find the offices of brokers that do the most business, look on http://zillow.com, http://trulia.com or another house listing site. Investigate which offices list the most houses in your area and start calling the offices. Most brokers are actively looking for new agents will be excited to talk to you.
8. You should be able to set up a meeting with a couple of brokers to seeing they are a good fit. If they aren’t what you are looking for, ask the broker what office they would suggest you work with. Don’t be shy to ask for help or suggestions.
9. Ask friends and family what real estate offices they have worked with
10. Check Facebook for real estate agent or office posts; they are all over the place!
11. Do a simple web search for real estate in your area and many offices will pop up
12. Ask title companies or lenders what agents or offices they work with
13. Ask the real estate school you took your training with who they recommend
14. After enough calls and meetings you should be able to find a broker that fits your needs and will help you succeed.
What should you ask a potential real estate broker?
15. What commission splits do you offer real estate agents? This can vary from 50/50 or less to 100% with a transaction fee. Commission splits can also vary based on how much business you do.
16. What services do you offer your real estate agents? Do they offer administrative assistants, a showing service to set up appointments on your listings, advertising, do they pay for signs, do they have a website for their agents, email addresses, office space, phone service, printers and paper, computers etc.
17. Do you charge buyers or sellers a transaction fee on top of the commission? Some offices do this and it is a surprise to the clients meaning the agent sometimes pays it.
18. Do you offer lead generation for the real estate agents? Is there floor time available, does the office work with Zillow or another lead generation source, how is it determined who gets these leads and floor time?
19. How much office time is an agent expected to put in? Is there an at home or part-time agent option (not suggested)?
20. What kind of training does the real estate broker offer? Do they have mentors, accountability, courses or other training for new agents and is it mandatory?
21. How many agents are in the office and is the office losing or gaining agents?
22. What if you choose the wrong broker to work with?
If you are already with a broker you do not like or choose a broker that is a bad fit; move!
For a review of some top brokerages in New York City to work for:
For a discussion of Fifteen Tips For Selecting A Real Estate Broker To Work For, please go to:
Choosing the right broker is a huge part of how successful agents are or are not. Take your time and do not choose a broker simply because they have the highest commission split to you.