In this episode I’m covering the most important questions you need to be asking brokerages before joining, aside from what’s your commission split.
Questions to Ask
‘Can you show me your training calendar?’
– How many days or hours of formal training?
– Is there 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?
– Does that person sell real estate also?
Do you have a mentor program where I can shadow a top producer for a period of time?
– At what commission split will I begin?
– Do you offer a graduated commission split that pays me a higher percentage as my production increases?
– If so, and say I reach 60%, do I go back to my beginning split at the end of a designated period?
– May I have a copy of the commission schedule?
Do you have any bonus programs or opportunities such as; sales contests, in house sales, exceeding goals, recruiting other agents, etc.?
What costs will I incur if I join your brokerage? Can I see a breakdown of these costs?
Do you advertise office listings? Where?
– How often?
– Who pays for it?
– Who determines which listings get advertised?
– Who writes the ads?
Do I need specific liability insurance on my automobile?
How does your office handle property time?
– What is the minimum amount per month?
– Maximum amount per month?
– How many hours per shift?
Will I be allowed to hold other agents listings “open” to attract buyers to help me get started? If so, how soon?
Please show me the examples of marketing materials available to me.
– Ex: Announcements, Just listed, Just sold, Door hangers, Free market analysis, Brochure of the company, Web Site(s)
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 part time agents?
– What is the agent turnover rate?
– What is the average tenure of agents?
Do you have a full time receptionist/secretary?
– Would clerical assistance be available to me such as preparation of monthly mailers, typing letters, preparing flyers, entering and making changes in listings, etc.?
– Do you offer leads to agents?
– What is the commission structure for office generated leads?
– What are the sources of the leads?
– Approximately how many leads do you give the agents per month?
How many listings does the office have?
– What is the normal amount?
– How many is that per full time agent?
– What is the average list price of the listings?
– What is the average sales price of the office?
– What percentage of listings are sold in house?
Regarding market share, compared to the top 10 companies in this area, what number is this office?
What are your expectations of me?
What is the average income per year of full time agents in this office?
Average gross volume per full-time agent?
Explain the advantages or disadvantages of an independent versus and franchise, or multiple office real estate company?
Does this office have a focus on teamwork, or does each agent operate pretty well on their own?
What is your definition of full versus part time agent?
Do you hire part time agents? If so, what do you expect from them?
Do you have a commercial department? Do you do property management?
– Will I receive referral fees from a business I may refer to?
Do you have in-house loan officers?
What is the policy on bonuses received on a sale I make?
– Do I get the total amount, or is it split with the company?
– If so, at what split?
What is the policy on referral fees I receive from sending outgoing referrals? Is it split with the company? If so, at what split?
Do you have weekly sales meetings and property tours?
– What day, time, and how long do the meetings usually last?
– Could I attend a meeting before I make a final commitment to come on board?
What are your office goals?
– Do you have expansion, move of office, or growth in your immediate plans?
What special rewards could I expect if I become top producer of your company?
Will I be reimbursed for expenses of my initial classes/training?
What is the business dress code for this office?
What are your commission splits?
Can I get a tour of the office and meet a few agents?
– Can I have the phone number of a few agents and reach out to them?