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#274636 - 02/09/09 02:17 PM What questions should I ask a broker?
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
Well I am going to interview with my first broker tomorrow. He is actually the teacher of the class I took. I was just wondering what are some of the questions I should ask him. Thanks!

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#274639 - 02/09/09 02:31 PM Re: What questions should I ask a broker? [Re: TravisF]
estatereal Online   content
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
commission split
mentor/training
how do increases in split work


to be very honest, statistically, you will not stay at your first broker for your entire career. get your training, learn the business and THEN find hte best deal/brokerage that you can.

it really depends on waht you are looking for.

i dont like structure. i dont like to sit and learn with everyone else (yes, i do share:-). i dont like low commission splits based on what someone says they will teach me or give me. i dont like broker rules (outside of realtor rules and state law).<<<an example of a broker rule would be that i cannot have a website or that i cannot call expireds. some brokers micromanage and i just want to be left alone as long as i stay within the rules.

i like having the control of paying for what i want. i like to decide what training i need (outside of my continuing education)i like learning fast. i like to learn on my own. i love reading (not writing:-). i want the highest split.


see, it depends on "how you are". i learned most of what i know through 3rd party sources (classes, books, reading the contract until i could recite much of it). i did not want a low split and then to go pay the 3rd party sources. i went for a high split and then paid for my own training. to this day i take advantage of calling the board legal hotline and talk to a re attorney for free. you get i think 2 calls per quarter! i go over scenarios so that i have a clear picture of how to deal with problems. the scenarios that i go over are either past deals, current deals, or deals from agent friends of mine and i do it so taht i can learn the in depth law behind how things work. i spend about an hour on the phone each time. there are many ways to learn in this business.

what is the best way to learn? depends on how you lean the best!

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#274644 - 02/09/09 02:49 PM Re: What questions should I ask a broker? [Re: estatereal]
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
Thanks alot! We think alot alike. Personal website is already one of my main questions. If I am not able to have one or there are restrictions I do not like I will move on. Thanks again for your input.

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#274646 - 02/09/09 02:56 PM Re: What questions should I ask a broker? [Re: TravisF]
estatereal Online   content
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
also....this is a pieve of mine.


do not go with the company email address. for example.... TravisF.

if you went with a broker named realty sells the website might be realtysells.com and the broker would "give" you an email address such as TravisF@realtysells.com<<<<<<<do not use that! instead purchase for a nominal fee from godaddy.com or any of those places(go daddy is the only one i use/know) a domain name and make your email your domain name....i personally like...

firstname@firstnamelastname.com example>>>>>

Travis@TravisFranklin.com


like i said earlier you will not be at your first brokerage forever. get an email address taht WILL be with you forever.


Edited by estatereal (02/09/09 02:57 PM)

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#274647 - 02/09/09 03:01 PM Re: What questions should I ask a broker? [Re: estatereal]
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
That is exactly what I was going to do. My own e-mail, my own phone number, and my own web site. So when I move or become a broker people still know me for me and not for someone else.

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#274652 - 02/09/09 03:40 PM Re: What questions should I ask a broker? [Re: TravisF]
TB in TX Offline
Major Contributor

Registered: 08/16/07
Posts: 2813
Loc: X
Mods, wouldn't it be great if we could make a sticky that addresses this - over in aspiring agents? We get this at least 3 times a week. Just a thought...

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#274732 - 02/09/09 07:38 PM Re: What questions should I ask a broker? [Re: TB in TX]
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
Oops.

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#274737 - 02/09/09 07:46 PM Re: What questions should I ask a broker? [Re: TB in TX]
Perky_REALTOR Offline
Mod Squad
Major Contributor

Registered: 11/27/06
Posts: 7688
Loc: PA
Done.

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#275036 - 02/10/09 11:47 PM Re: What questions should I ask a broker? [Re: Perky_REALTOR]
nwrealtor Offline
Junior Member

Registered: 01/25/09
Posts: 6
Loc: Seattle Area
I'm working on a list of questions that I will ask when I interview and so far this is what I've come up with (sources: this real estate forum and online):


1) Do you require a full-time commitment?

2) What type of training is offered for new agents?

3) Is the training "task" based or "skills" based? Does the program emphasize writing offers, filling out required disclosures, preparing CMA's (comparative market analysis) VS. an emphasis on where to get business, how to work with buyers & sellers, closing & sales skills?

4) Do you offer mentorship or shadowing programs?

5) Do you provide a detailed training manual?

6) Is training free or will I be expected to pay for all or a portion of the costs?

7) Do you have a full-time trainer or mentor (broker or experienced agent) for new agents?

8) If part of a franchise, are there local or regional training sessions for new agents? If so, who pays for the training?

9) How many new agents has the firm hired during the past year? How many of those agents are still with the firm?

10) Are all agents scheduled for floor duty, and if so, how often?

11) Are phone leads, walk-in customers, and referrals given to the agents on duty when those leads come in? If not, how are they distributed?

12) What commission rate do you offer? Are commissions paid on a sliding scale, with the percentage earned increasing as I bring more income to the firm?

13) Are commissions paid immediately upon closing?

14) What percentage of each commission earned is retained as a franchise fee (for franchised agency)?

15) Who pays for office expenses? Do you charge agents a flat monthly fee, or a percentage of certain expenses?

16) Can you give me an itemized list of start-up expenses?

17) Am I required to join local, regional, and national professional organizations? Are there recurring monthly or quarterly expenses for membership?

18) Do you pay for advertising expenses? How about for sale and other signs, do you provide them to agents free of charge?

19) Do you carry E&O (Errors & Omissions) insurance for your agents, or am I expected to purchase this liability insurance myself?

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#275037 - 02/10/09 11:50 PM Re: What questions should I ask a broker? [Re: nwrealtor]
TB in TX Offline
Major Contributor

Registered: 08/16/07
Posts: 2813
Loc: X
Excellent contribution, nwrealtor. This sticky thing might work after all! Thanks to Perky for putting it here!

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#275087 - 02/11/09 10:32 AM Re: What questions should I ask a broker? [Re: TB in TX]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
If you want all of that as a new agent look to be giving away a huge chunk of your commission in the beginning.

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#276720 - 02/18/09 11:34 PM Re: What questions should I ask a broker? [Re: super realtor]
Viktor Offline
Veteran Member

Registered: 09/23/07
Posts: 874
Loc: Dallas, TX
I think it is a good idea to give some chunk of the commission for good training and more support in the beginning. Then you go ahead by your own:-) Good luck!
_________________________
Viktor Taushanov
William Davis Realty
Dallas, TX
http://homesforsaleindfw.com
http://northdallas.blogspot.com
Viktor.RealtyBG@gmail.com
http://www.linkedin.com/in/viktortaushanov


I love referrals!

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#276991 - 02/20/09 09:18 AM Re: What questions should I ask a broker? [Re: TravisF]
Mr. Hundley Offline
Member

Registered: 02/12/09
Posts: 12
Loc: Los Angeles, CA
I'm in the same situation...I guess I need to create some branding, and that's a good idea

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#277037 - 02/20/09 12:19 PM Re: What questions should I ask a broker? [Re: Mr. Hundley]
estatereal Online   content
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
as a new agent, you can pay a % to a seasoned agent to have them come with you to write offers....

as a new agent, teh biggest "enemy" of your business in the re game is going to be a lack of clients!

you need to focus on waht it takes to get business! prospecting.

you can learn a contract verbatum, but if you put that cart in from of the horse, it is only you that knows how great your ability to learn the contract is becasue you dont have any CLIENTS.....learn to prospect to find clients.

many agents know more than i do, but lack teh ability to find business.

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#277750 - 02/24/09 11:02 AM Re: What questions should I ask a broker? [Re: estatereal]
DelCidsRealty Offline
Veteran Member

Registered: 02/04/05
Posts: 1002
Loc: CA
Don't be afraid to ask all the questions you want. Don't think you will offend anyone. You need to be sure you are going to go with a Broker that is going to benefit you and your success. Remember that if you prosper so does the Broker. All the insights from our fellow members have been good. In the end, it is you who must decide what you are comfortable with.

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