This is Part 2 of 38 Questions to Ask When Interviewing a Sponsoring Real Estate Broker. When beginning as a new real estate agent, choosing 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 an unpaid position. Unless you produce real sales, and close them…you will not make money.
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.
This is Part 2, Questions 20 to 38, of Questions to Ask When Interviewing a Sponsoring Real Estate Broker.
- When will I receive a referral?
- After I am eligible, how many can I expect per quarter, assuming I show I can well with them?
- What are the referral sources?
- Approximately how many referrals do you give your agents each month?
- Do you have a relocation department?
To read an interesting and personal article about referrals, go here: https://www.inman.com/2013/09/19/the-best-referrals-dont-come-from-other-real-estate-agents/
How many listings does the office have?
- What is the usual number?
- How many is that per full time agent?
- What is the average list price for the listings?
- What is the average sales price for the office?
- What percentage of listings are sold in house?
For an informative discussion of how many listings may be ideal, go here: http://www.trulia.com/voices/Home_Selling/How_many_listings_is_too_many_listings_for_a_realt-147763
Compared with the top ten brokers in this market, what is your share of the market?
- What are your expectations of me?
What is the average income per year of full time agents in this office?
Explain the pros and cons of an independent versus and franchise, or multiple office real estate company?
Does this office have a focus on team work, 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 yes, what are your expectations? For an interesting take on being a part time agent: http://www.agentharvest.com/blog/part-time-real-estate-agents-a-career-or-just-a-hobby/
Do you have a commercial department?
- Do you do property management?
- Will I earn 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 whole amount, or is it split?
- 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? For a legal primer on referral fees, please read http://realtormag.realtor.org/law-and-ethics/law/article/2001/06/law-you-dont-pay-illegal-referral-fees
I understand I will be an independent contractor, and that your contributions are limited by that status. However, some brokers offer benefits such as availability of health and life insurance, retirement, and other benefits. Do you offer anything like this?
Will work with a partner?
What commission does your company charge a seller for selling a home?
- What commission do you charge for undeveloped land or lots?
- Do I have the authority to list for less commission in certain situations?
- If yes, what are those?
- Could I list it for more?
Do you have weekly sales meetings and property tours?
- What day, time, and how long do the meetings usually last?
- Could I attend a sales meeting before I make a final commitment to work with you?
What are the goals for this office?
- Do you have expansion, office relocation or growth in your short term plans?
What special rewards do you offer your top producers?
Will I be reimbursed for expenses of my initial classes/training?
What is the business dress code for this office?